Umfang:
1 Online-Ressource (273 Seiten)
Ausgabe:
1st ed
ISBN:
9781394154999
Anmerkung:
Description based on publisher supplied metadata and other sources
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Cover Page -- Title Page -- Copyright Page -- Contents -- Acknowledgments -- Glossary -- Foreword -- Introduction -- I.1 Who Am I? -- I.2 How This Book Is Organized -- I.3 Scope of This Book -- I.3.1 In Scope -- I.3.2 Out of Scope -- I.4 Disclaimers -- I.5 Corrections -- Part I Crypto-native DeFi -- Chapter 1 What Is DeFi? -- 1.1 The Role of Intermediaries in TradFi -- 1.2 Definitions -- 1.3 Other Characteristics of DeFi -- 1.3.1 Interoperability / Composability -- 1.3.2 Transparency -- 1.3.3 Openness -- 1.3.4 Decentralized / Peer-to-peer -- 1.3.5 Unregulated -- 1.4 The DeFi Stack -- 1.5 Size of DeFi -- 1.6 Key Participants in DeFi -- 1.6.1 Developers and Entrepreneurs -- 1.6.2 Institutions -- 1.7 DeFi and FinTech -- 1.8 How Can I Try DeFi? -- 1.9 Where Does DeFi Meet TradFi? -- 1.9.1 Stablecoins -- 1.9.2 Central Bank Digital Currencies (CBDCs) -- 1.9.3 Real World Assets (RWA) and Tokenized Assets -- 1.9.4 Permissioned DeFi -- 1.10 What are the Risks of DeFi? -- 1.11 Chapter Summary -- Notes -- Chapter 2 Infrastructure and Instruments -- 2.1 The Infrastructure of DeFi -- 2.2 Basics of Blockchains -- 2.2.1 Components of Blockchains -- 2.2.2 Cryptography -- 2.2.3 Hash Functions -- 2.2.4 Public-key Cryptography and Digital Signatures -- 2.3 Bitcoin and Ethereum -- 2.4 Permissioned vs Public Blockchains -- 2.5 L1s and L2s -- 2.6 Accounts, Keys, Wallets, and Addresses -- 2.6.1 Accounts -- 2.6.2 Keys -- 2.6.3 Wallets -- 2.6.4 Addresses -- 2.7 Transactions -- 2.7.1 Block-by-block Settlement -- 2.7.2 Irrevocable -- 2.7.3 Composable -- 2.7.4 Atomic -- 2.7.5 Gas -- 2.7.6 Mempool / MEV -- 2.8 Smart Contracts -- 2.9 Clients and Nodes -- 2.10 Block Explorers -- 2.11 Custody -- 2.12 Oracles -- 2.13 RegTech -- 2.14 Identity -- 2.15 Bridges -- 2.16 DeFi Instruments -- 2.17 Stablecoins -- 2.18 Derivatives -- 2.19 Chapter Summary -- Notes
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Chapter 3 Activities and Applications -- 3.1 Trading / DEXs -- 3.1.1 Automated Market Makers (AMMs) -- 3.1.2 Aggregators -- 3.2 Overcollateralized Lending / Borrowing -- 3.3 Governance / DAOs -- 3.4 Undercollateralized Lending -- 3.4.1 Uncollateralized Lending to Real-world Borrowers -- 3.4.2 Uncollateralized Lending to Crypto Institutions -- 3.4.3 Real World Assets -- 3.4.4 Centrifuge -- 3.4.5 MakerDAO and RWA -- 3.4.6 SocGen Pilots and MakerDAO Collaboration -- 3.4.7 Smart Bonds -- 3.4.8 Credit Scoring -- 3.5 Investing -- 3.5.1 Index Products - Spot -- 3.5.2 Index Products - Perpetual Futures -- 3.5.3 Dashboards -- 3.6 Payments -- 3.6.1 Crypto Payment Gateways -- 3.6.2 Big Payments and Crypto -- 3.6.3 Crypto Debit / Credit Cards -- 3.6.4 On-off Ramps -- 3.6.5 Solana Pay and Circle -- 3.6.6 Bitcoin Payments -- 3.7 Insurance -- 3.8 Prediction Markets -- 3.9 Chapter Summary -- Notes -- Chapter 4 Risks and Mitigation -- 4.1 Types of Losses -- 4.2 Basic Terminology -- 4.3 Endogenous DeFi Risks -- 4.3.1 Smart Contract Risks: Code Exploit Example: The DAO Hack -- 4.3.2 Economic Exploit Example: Mango Markets -- 4.3.3 Operational Exploit Example: Ronin Bridge Hack -- 4.3.4 CeFi Contagion / Systemic Risk -- 4.4 Exogenous DeFi Risks -- 4.4.1 Financial Stability -- 4.4.2 Pronounced Risks in Developing Countries -- 4.4.3 Banking-to-Crypto Concentration Risks -- 4.4.4 Stablecoins -- 4.4.5 Market Integrity -- 4.4.6 Frontrunning -- 4.4.7 Market Manipulation -- 4.4.8 Money Laundering, Funding of Illicit Activity and Terrorism -- 4.4.9 Consumer Protection -- 4.4.10 Disclosure, or the Lack Thereof -- 4.4.11 Data Protection -- 4.5 Chapter Summary -- Notes -- Chapter 5 Regulation -- 5.1 Introduction -- 5.2 Global Nature of Crypto and DeFi -- 5.2.1 How this Chapter Is Organized -- 5.3 What Regulators Want -- 5.4 Are Tokens Securities? -- 5.5 The Travel Rule
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5.6 Prudential Treatment of Crypto-asset Exposures -- 5.7 SSBs, United States and European Union -- 5.7.1 BCBS: Prudential Treatment on Banks' Crypto-asset Exposures -- 5.7.2 CPMI - IOSCO: PFMI and Stablecoins -- 5.7.3 IOSCO -- 5.7.4 FATF - AML / CFT -- 5.7.5 Survey of Jurisdictions on the State of Crypto-asset Regulation -- 5.8 European Union - MiCA -- 5.9 United States -- 5.10 DeFi Specific Regulation -- 5.10.1 DEXs -- 5.10.2 Stablecoins -- 5.11 Chapter Summary -- Notes -- Part II DLT in Traditional Finance -- Chapter 6 Central Bank Digital Currencies -- 6.1 Introduction -- 6.2 Prologue: Libra -- 6.3 Role of the Central Bank -- 6.4 Structure of the Monetary System and a View Towards the Future -- 6.5 Central Bank Motivations and Considerations around CBDCs -- 6.6 Retail vs Wholesale CBDCs -- 6.7 Wholesale CBDCs -- 6.7.1 Domestic W-CBDCs -- 6.7.2 Bilateral W-CBDCs -- 6.7.3 Multilateral CBDCs (mCBDCs) -- 6.8 Case Study: Project mBridge -- 6.9 Retail CBDCs -- 6.10 Benefits and Risks of R-CBDCs -- 6.11 R-CBDC Design Choices -- 6.11.1 Nature of Claims and Role of the Central Bank -- 6.11.2 DLT or Conventional Centralized Ledger -- 6.11.3 Token- or Account-based Access -- 6.11.4 Cross-border -- 6.11.5 Holding and Transaction Limits -- 6.11.6 Interest Yielding -- 6.12 Types of R-CBDCs -- 6.12.1 Direct -- 6.12.2 Two-tier Models: Hybrid and Intermediated -- 6.12.3 Indirect / Synthetic -- 6.13 Examples of R-CBDCs -- 6.14 Case Study: Nigerian eNaira -- 6.15 Case Study: United States -- 6.16 Case Study: eCNY -- 6.17 Chapter Summary -- Notes -- Chapter 7 Asset Tokenization -- 7.1 What Is Asset Tokenization? -- 7.2 Benefits of Asset Tokenization -- 7.2.1 Efficiency Gains Due to Automation and Disintermediation -- 7.2.2 Enhanced Resilience -- 7.2.3 Transparency -- 7.2.4 Fractional Ownership -- 7.2.5 International Reach and Direct Access
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7.3 How is Tokenization Performed? -- 7.4 Considerations for Tokenization -- 7.5 DLT in Capital Markets -- 7.5.1 Primary Markets -- 7.5.2 Secondary Markets -- 7.5.3 Clearing and Settlement -- 7.5.4 Custody -- 7.6 Asset Servicing -- 7.6.1 Corporate Actions -- 7.6.2 Tax Withholding -- 7.6.3 Regulatory Reporting -- 7.7 Chapter Summary -- Notes -- Chapter 8 Deposit Tokens -- 8.1 What Are Deposit Tokens? -- 8.2 Benefits of Deposit Tokens -- 8.3 Deposit Token Projects -- 8.3.1 Regulated Liability Network (RLN) -- 8.3.2 Onyx by JP Morgan -- 8.3.3 German Banking Industry Committee -- 8.3.4 Swiss Banker's Association (SBA) -- 8.3.5 Other projects -- 8.4 Chapter Summary -- Notes -- Chapter 9 Institutional DeFi -- 9.1 Considerations for Institutions to Participate in DeFi -- 9.2 Institutional DeFi Examples -- 9.3 AMMs and FX -- 9.4 Considerations for AMMs and Tokenized Assets -- 9.5 Unified Ledger -- 9.6 Chapter Summary -- Notes -- Chapter 10 Conclusion -- 10.1 The Crypto-Fiat Innovation Dialectic -- 10.1.1 From Bitcoin to CBDCs -- 10.1.2 Can DeFi Advance Financial Inclusion? -- 10.1.3 DeFi as Global FinTech Sandbox -- 10.1.4 Cybersecurity -- 10.1.5 Moving Forward with Synthesis -- 10.2 Future Scenarios for DeFi: The Wild West, the Citadel, and the Bazaar -- 10.2.1 Path 1: Crypto-native DeFi / "Wild West" -- 10.2.2 Path 2: DLT-enabled TradFi / "Citadel" -- 10.2.3 Path 3: Crossover DeFi / "Bazaar" -- 10.3 The Future of Money -- Notes -- Bibliography and Online Resources -- Index -- EULA.
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe Bok, Kenneth Decentralizing Finance Newark : John Wiley & Sons, Incorporated,c2023 ISBN 9781394154975
Sprache:
Englisch
Fachgebiete:
Wirtschaftswissenschaften
Schlagwort(e):
Finanztechnologie
;
Virtuelle Währung
