Overview

A Practitioner's Guide to Decentralized Finance (DeFi), Digital Assets, and Distributed Ledger Technology In Decentralizing Finance: How DeFi, Digital Assets and Distributed Ledger Technology Are Transforming Finance, blockchain and digital assets expert Kenneth Bok offers an insightful exploration of the current state of decentralized finance (DeFi). As distributed ledger technology (DLT) increasingly optimizes and democratizes financial ecosystems worldwide, this book serves as a comprehensive guide to the most salient aspects of the ongoing transformation. The text delves into both crypto-native DeFi and DLT applications in regulated financial markets, providing: Comprehensive analysis of crypto-native DeFi across key areas such as its competitive landscape, infrastructure, financial instruments, activities, and applications Coverage of key risks, mitigation strategies, and regulatory frameworks, analyzed through the perspective of international financial standard-setting bodies Insight into how DLT is reshaping traditional financial systems through innovations like central bank digital currencies (CBDCs), tokenized assets, tokenized deposits, and institutional-grade DeFi platforms In a world where financial technology is rewriting the fundamental code of digital currency, the future of money is undeniably DLT-centric. How will this seismic shift interact with existing financial infrastructures? Can decentralization and traditional banking coexist and potentially synergize? This book endeavors to answer these pressing questions for financial professionals navigating these transformative times. Authored by a former Goldman Sachs trader, past Head of Growth at Zilliqa, and an early Ethereum investor with extensive experience in both traditional finance and the crypto ecosystem, Decentralizing Finance provides you with an insider's perspective on the revolution that is DeFi.

Full Product Details

Author:   Kenneth Bok (Imperial College London, UK; California Institute of Integral Studies, USA)
Publisher:   John Wiley & Sons Inc
Imprint:   John Wiley & Sons Inc
Dimensions:   Width: 15.80cm , Height: 2.80cm , Length: 23.40cm
Weight:   0.454kg
ISBN:  

9781394154975

ISBN 10:   1394154976
Pages:   272
Publication Date:   21 December 2023
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

                Acknowledgments                 Glossary                 Foreword                 Introduction                       Part I     Crypto-native DeFi 1              What is DeFi?                                 1.1 The Role of Intermediaries in TradFi                                 1.2 Definitions                                 1.3 Other Characteristics of DeFi                                 1.4 The DeFi Stack                                 1.5 Size of DeFi                                 1.6 Key Participants in DeFi                                 1.7 DeFi and FinTech                                 1.8 How Can I Try DeFi?                                 1.9 Where Does DeFi Meet TradFi?                                 1.10 What are the Risks of DeFi?                                 1.11 Chapter Summary 2              Infrastructure and Instruments                                 2.1 The Infrastructure of DeFi                                 2.2 Basics of Blockchains                                 2.3 Bitcoin and Ethereum                                 2.4 Permissioned vs Public Blockchains                                 2.5 L1s and L2s                                 2.6 Accounts, Keys, Wallets, and Addresses                                 2.7 Transactions                                 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 3              Activities and Applications                                 3.1 Trading / DEXs                                 3.2 Overcollateralized Lending / Borrowing                                 3.3 Governance / DAOs                                 3.4 Undercollateralized Lending                                 3.5 Investing                                 3.6 Payments                                 3.7 Insurance                                 3.8 Prediction Markets                                 3.9 Chapter Summary 4              Risks and Mitigation                                 4.1 Types of Losses                                 4.2 Basic Terminology                                 4.3 Endogenous DeFi Risks                                 4.4 Exogenous DeFi Risks                                 4.5 Chapter Summary 5              Regulation                                 5.1 Introduction                                 5.2 Global Nature of Crypto and DeFi                                 5.3 What Regulators Want                                 5.4 Are Tokens Securities?                                 5.5 The Travel Rule                                 5.6 Prudential Treatment of Crypto-asset Exposures                                 5.7 SSBs, United States and European Union                                 5.8 European Union – MiCA                                 5.9 United States                                 5.10 DeFi Specific Regulation                                 5.11 Chapter Summary Part II    DLT in Traditional Finance 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                                 6.8 Case Study: Project mBridge                                 6.9 Retail CBDCs                                 6.10 Benefits and Risks of R-CBDCs                                 6.11 R-CBDC Design Choices                                 6.12 Types of R-CBDCs                                 6.13 Examples of R-CBDCs                                 6.14 Case Study: Nigerian eNaira                                 6.15 Case Study: United States                                 6.16 Case Study: eCNY 数字人民币                                 6.17 Chapter Summary 7              Asset Tokenization                                 7.1 What is Asset Tokenization?                                 7.2 Benefits of Asset Tokenization                                 7.3 How is Tokenization Performed?                                 7.4 Considerations for Tokenization                                 7.5 DLT in Capital Markets                                 7.6 Asset Servicing                                 7.7 Chapter Summary 8              Deposit Tokens                                 8.1 What are Deposit Tokens?                                 8.2 Benefits of Deposit Tokens                                 8.3 Deposit Token Projects                                 8.4 Chapter Summary 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 10           Conclusion                                 10.1 The Crypto–Fiat Innovation Dialectic                                 10.2 Future Scenarios for DeFi: The Wild West, the Citadel, and the Bazaar                                 10.3 The Future of Money   Bibliography and Online Resources Index

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Author Information

KENNETH BOK is Managing Director of Blocks.sg, a digital assets advisory firm based in Singapore. He started his career in finance as an equities derivatives trader for Goldman Sachs. He was previously Head of Growth and Strategy at Zilliqa, where he led ecosystem and business development, and lead organiser for De/Centralize 2018, a groundbreaking conference on digital assets and blockchain.

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