Hidden Challenges and Opportunities in Crypto Finance
Decentralized finance (DeFi) protocols running on smart contract blockchains. The establishment soon realized the threat looming from DeFi, even more so than Bitcoin as a digital property. The largest American banks saw that DeFi could be a one-way bridge, drawing out money from the banking sector into the decentralized blockchain space. DeFi dApps replicate the functions of the entire banking system, but without oversight from overbearing central bodies. The only stop-gap would be governmental regulation.
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