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The decentralized and trustless nature of cryptocurrencies and blockchain technology leads to a shift in the digital world. The possibility to execute small programs, called smart contracts, on cryptocurrencies like Ethereum opened doors to countless new applications. One particular exciting use case is decentralized finance (DeFi), which aims to revolutionize traditional financial services by founding them on a decentralized infrastructure. We show the potential of DeFi by analyzing its advantages compared to traditional finance. Additionally, we survey the state-of-the-art of DeFi products and categorize existing services. Since DeFi is still in its infancy, there are countless hurdles for mass adoption. We discuss the most prominent challenges and point out possible solutions. Finally, we analyze the economics behind DeFi products. By carefully analyzing the state-of-the-art and discussing current challenges, we give a perspective on how the DeFi space might develop in the near future.
Decentralized Finance (DeFi), a blockchain powered peer-to-peer financial system, is mushrooming. One year ago the total value locked in DeFi systems was approximately 700m USD, now, as of April 2021, it stands at around 51bn USD. The frenetic evolut
Recently emerging Decentralized Finance (DeFi) takes the promise of cryptocurrencies a step further, leveraging their decentralized networks to transform traditional financial products into trustless and transparent protocols that run without interme
Decentralized finance, i.e., DeFi, has become the most popular type of application on many public blockchains (e.g., Ethereum) in recent years. Compared to the traditional finance, DeFi allows customers to flexibly participate in diverse blockchain f
The rapid growth of Decentralized Finance (DeFi) boosts the Ethereum ecosystem. At the same time, attacks towards DeFi applications (apps) are increasing. However, to the best of our knowledge, existing smart contract vulnerability detection tools ca
Credit allows a lender to loan out surplus capital to a borrower. In the traditional economy, credit bears the risk that the borrower may default on its debt, the lender hence requires upfront collateral from the borrower, plus interest fee payments.