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DeFi in the future
finance is a set of
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four courses that I'm offering
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that focus on
decentralized finance.
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Let me set the stage.
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This course is about a forthcoming
revolution in finance.
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It's remarkable that are
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centralized financial
system has not
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substantially changed
over the past century,
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while there's digitization
with the same banks, brokers,
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exchanges, insurance companies,
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and central monetary
authorities.
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I will argue that the
current system is failing,
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why does it cost
300 basis points
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every time a credit
card is swiped?
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Why are savings rate
zero or negative?
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Why are barring rates so high?
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Why is the transfer of money
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expensive, slow, and insecure?
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How is it possible in the age
of the Internet that it can
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take two days to transfer
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the ownership after I
buy shares in a company?
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Why during the global financial
crisis that we have to
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bailout the very institutions
that caused the crisis?
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Why are there 1.7
billion people in
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the world that are unbanked
and many more under banked?
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Decentralized finance, or DeFi,
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is an emerging disruption.
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In decentralized
finance we interact
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amongst peers via
smart contracts.
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These algorithms do not carry
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the baggage of
traditional finance.
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There are no layers of bureaucracy
and back-office staff.
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When peers interact, there's
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no middle person making a
large spread or commission.
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Furthermore
decentralized apps are
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interoperable, for example,
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in centralized finance it
might take days to send
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money from your broker to
your bank or vice versa,
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no such delay exists in DeFi.
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Finally the current
system is very opaque.
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We rely upon
government regulators
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to watch for trouble in
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our financial sector and history
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suggests a dubious track
record of monitoring.
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In DeFi everything is transparent
a key characteristic,
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a block chain technology.
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Let me describe what we
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cover in this
learning experience.
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In the first course,
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DeFi Infrastructure we begin
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by exploring the origins of DeFi
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and take a broad
historical view from
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the earliest barter economies
to the present day.
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We then focus on
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the key infrastructure
components;
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blockchain, cryptocurrency,
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smart contracts,
oracles, stable coins,
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and decentralized
applications or dApps.
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Next, we focused on the
specific problems that
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DeFi is designed to solve;
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inefficiency, limited
access, opacity,
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centralized control, and
lack of interoperability.
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The second course is
called DeFi Primitives.
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Here we talk about
transaction mechanics,
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fungible and non-fungible
tokens or NFTs,
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custody, supply
adjustment, incentives,
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swaps, collateralized
loans, and flash loans.
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The third course is
called DeFi Deep Dive.
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It is the longest of
the four courses and
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focuses on some of
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the leading protocols
in the DeFi space.
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We will look at credit and
lending and feature makerDAO,
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compounds and Aave,
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decentralized exchange
with an analysis
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of how protocols like
Uniswap work, derivatives,
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featuring yield protocol dy,
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dx and synthetics and
tokenization with
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an analysis of the set protocol
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as well as wrapped Bitcoin.
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The final course is
called DeFi Risks.
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Any analysis of a
new technology must
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clearly gauge the
risks and challenges.
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The topics include;
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smart contract risk,
governance risk,
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oracle risk, scaling risk,
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decentralized
exchange or DEX risk,
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custodial risk,
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environmental risk as
well as regulatory risk.
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Let me also tell you
what this series is not.
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This set of courses
does not teach
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you how to trade Bitcoin,
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this is a course
about understanding
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the foundation of a
new financial system,
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it is a system of inclusion of
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financial democracy where all
peers are treated equally.
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Importantly the current
way of a fintech largely
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uses the current centralized
financial architecture.
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I believe many of these firms
are fleeting and they in
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turn will be replaced by
decentralized protocols.
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To be clear I'm not talking
about a renovation of
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our current financial system I'm
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talking about a complete
rebuild from the bottom-up.
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The course is largely
based upon my new book,
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DeFi and the Future of Finance,
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written with Ashwin
Ramachandran and Joe Santorum.
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If you want to be part of
this revolution in finance,
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a good starting point
is this course.
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