Writing a guide on decentralized finance is a bit like describing a riddle, wrapped in a thriller inside an enigma, to borrow from Winston Churchill. First, one should summarize the origins of recent decentralized finance, then the mechanics of the blockchain know-how that gives the sector’s spine, and solely then do you arrive at DeFi’s infrastructure. All of it needs to be completed in 191 pages, too, together with glossary, notes and index. It isn’t an endeavor for the faint of coronary heart.
Thankfully, the authors of DeFi and the Way forward for Finance — Duke College finance professor Campbell Harvey, Dragonfly Capital normal accomplice Ashwin Ramachandran, and Fei Labs founder Joey Santoro — have been as much as the duty. After recapitulating the “5 flaws of conventional finance” — inefficiency, restricted entry, opacity, centralized management and lack of interoperability — they go on to elucidate how DeFi improves upon the established order.
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