The first comprehensive study on DeFi – From Origins to Mechanisms and New Finance

Want to learn all about DeFi, inside and out? Can you handle this market?

With year-to-date growth of more than 15 times the total blocked value, and more than $11 billion committed to protocols, decentralized finance (DeFi) has become a pillar in the crypto sector and a whole new industry. Meanwhile, their form as a concrete market has not been precisely defined.

A major weakness of DeFi research to date has been its focus on individual projects or simple metrics, as in traditional finance. A systematic overview that captures the essence of the industry and describes it in depth in a professional manner was lacking in the market. To address this, Cointelegraph Consulting and Byzantine Solutions conducted fundamental research on decentralized finance, from its origins to complex effects and existential risks.

The Redefine 2020: The Primer study. Where Decentralization Meets Finance aims to significantly improve the level of future DeFi research. It sets a precedent for analysis across the market, from key properties to complex inter-protocol effects and emerging dynamics.

The paper maps the industry through common conceptual patterns, recurring ideas, typical problems inherent in the decentralized environment, and approaches to solving them. The highlight of Redefine 2020 is the side-by-side comparison of traditional finance and its obstacles against the natural properties that decentralised finance can leverage to build a better and more resilient system with much greater accessibility and less friction.

Redefine 2020 is written by economists and industry professionals, uses professional terminology and assumes that readers are familiar with the concepts of blockchains and smart contracts as well as financial instruments and their applications.