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<span>Disadvantages</span> </div> </a> <ul id="toc-Disadvantages-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Degrees_of_decentralization" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Degrees_of_decentralization"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Degrees of decentralization</span> </div> </a> <ul id="toc-Degrees_of_decentralization-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Errors_and_hacking" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Errors_and_hacking"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Errors and hacking</span> </div> </a> <ul id="toc-Errors_and_hacking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Regulation</span> </div> </a> <ul id="toc-Regulation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" 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mw-first-heading"><span class="mw-page-title-main">Decentralized finance</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Gedesentraliseerde_finansies" title="Gedesentraliseerde finansies – Afrikaans" lang="af" hreflang="af" data-title="Gedesentraliseerde finansies" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%A8%D8%A7%D8%AF%D9%84_%D8%BA%D9%8A%D8%B1_%D9%85%D8%B1%D9%83%D8%B2%D9%8A" title="تبادل غير مركزي – Arabic" lang="ar" hreflang="ar" data-title="تبادل غير مركزي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/M%C9%99rk%C9%99zl%C9%99%C5%9Fdirilm%C9%99mi%C5%9F_maliyy%C9%99" title="Mərkəzləşdirilməmiş maliyyə – Azerbaijani" lang="az" hreflang="az" data-title="Mərkəzləşdirilməmiş maliyyə" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%94%D0%B5%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%B8%D0%B7%D0%B8%D1%80%D0%B0%D0%BD%D0%B8_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Децентрализирани финанси – Bulgarian" lang="bg" hreflang="bg" data-title="Децентрализирани финанси" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Decentralizovan%C3%A9_financov%C3%A1n%C3%AD" title="Decentralizované financování – Czech" lang="cs" hreflang="cs" data-title="Decentralizované financování" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Dezentrales_Finanzwesen" title="Dezentrales Finanzwesen – German" lang="de" hreflang="de" data-title="Dezentrales Finanzwesen" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Detsentraliseeritud_rahandus" title="Detsentraliseeritud rahandus – Estonian" lang="et" hreflang="et" data-title="Detsentraliseeritud rahandus" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Finanzas_descentralizadas" title="Finanzas descentralizadas – Spanish" lang="es" hreflang="es" data-title="Finanzas descentralizadas" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%85%D9%88%D8%B1_%D9%85%D8%A7%D9%84%DB%8C_%D8%BA%DB%8C%D8%B1%D9%85%D8%AA%D9%85%D8%B1%DA%A9%D8%B2" title="امور مالی غیرمتمرکز – Persian" lang="fa" hreflang="fa" data-title="امور مالی غیرمتمرکز" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Finance_d%C3%A9centralis%C3%A9e" title="Finance décentralisée – French" lang="fr" hreflang="fr" data-title="Finance décentralisée" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%83%88_%EC%A4%91%EC%95%99%ED%99%94_%EA%B8%88%EC%9C%B5" title="탈 중앙화 금융 – Korean" lang="ko" hreflang="ko" data-title="탈 중앙화 금융" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Keuangan_terdesentralisasi" title="Keuangan terdesentralisasi – Indonesian" lang="id" hreflang="id" data-title="Keuangan terdesentralisasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Finanza_decentralizzata" title="Finanza decentralizzata – Italian" lang="it" hreflang="it" data-title="Finanza decentralizzata" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/DeFi" title="DeFi – Japanese" lang="ja" hreflang="ja" data-title="DeFi" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Desentralisert_finans" title="Desentralisert finans – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Desentralisert finans" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Zdecentralizowane_finanse" title="Zdecentralizowane finanse – Polish" lang="pl" hreflang="pl" data-title="Zdecentralizowane finanse" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Finan%C3%A7as_descentralizadas" title="Finanças descentralizadas – Portuguese" lang="pt" hreflang="pt" data-title="Finanças descentralizadas" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Finan%C8%9Be_descentralizate" title="Finanțe descentralizate – Romanian" lang="ro" hreflang="ro" data-title="Finanțe descentralizate" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%94%D0%B5%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%B8%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%BD%D1%8B%D0%B5_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Децентрализованные финансы – Russian" lang="ru" hreflang="ru" data-title="Децентрализованные финансы" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Desentralisadong_pananalapi" title="Desentralisadong pananalapi – Tagalog" lang="tl" hreflang="tl" data-title="Desentralisadong pananalapi" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B9%81%E0%B8%9A%E0%B8%9A%E0%B9%84%E0%B8%A1%E0%B9%88%E0%B8%A3%E0%B8%A7%E0%B8%A1%E0%B8%A8%E0%B8%B9%E0%B8%99%E0%B8%A2%E0%B9%8C" title="การเงินแบบไม่รวมศูนย์ – Thai" lang="th" hreflang="th" data-title="การเงินแบบไม่รวมศูนย์" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Merkeziyetsiz_finans" title="Merkeziyetsiz finans – Turkish" lang="tr" hreflang="tr" data-title="Merkeziyetsiz finans" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%94%D0%B5%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%96%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D1%96_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Децентралізовані фінанси – Ukrainian" lang="uk" hreflang="uk" data-title="Децентралізовані фінанси" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D9%85%DB%95%D8%B1%D9%83%DB%95%D8%B2%D8%B3%D9%89%D8%B2%D9%84%DB%95%D8%B4%D8%AA%DB%88%D8%B1%DB%88%D9%84%DA%AF%DB%95%D9%86_%D9%BE%DB%87%D9%84-%D9%85%DB%87%D8%A6%D8%A7%D9%85%D9%89%D9%84%DB%95" title="مەركەزسىزلەشتۈرۈلگەن پۇل-مۇئامىلە – Uyghur" lang="ug" hreflang="ug" data-title="مەركەزسىزلەشتۈرۈلگەن پۇل-مۇئامىلە" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C3%A0i_ch%C3%ADnh_phi_t%E1%BA%ADp_trung" title="Tài chính phi tập trung – Vietnamese" lang="vi" hreflang="vi" data-title="Tài chính phi tập trung" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a 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Please do not remove this message until <a href="/wiki/Template:POV#When_to_remove" title="Template:POV">conditions to do so are met</a>.</span> <span class="date-container"><i>(<span class="date">November 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreliable_sources plainlinks metadata ambox ambox-content ambox-unreliable_sources" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Text_document_with_red_question_mark.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">Some of this article's <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">listed sources</a> <b>may not be <a href="/wiki/Wikipedia:Reliable_sources" title="Wikipedia:Reliable sources">reliable</a></b>.<span class="hide-when-compact"> Please help improve this article by looking for better, more reliable sources. Unreliable citations may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">March 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p> <b>Decentralized finance</b> (often stylized as <b>DeFi</b>) provides <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a> and services through <a href="/wiki/Smart_contract" title="Smart contract">smart contracts</a> on a programmable, permissionless <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>. This approach reduces the need for <a href="/wiki/Intermediary" title="Intermediary">intermediaries</a> such as <a href="/wiki/Brokerage" class="mw-redirect" title="Brokerage">brokerages</a>, <a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">exchanges</a>, or <a href="/wiki/Bank" title="Bank">banks</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> DeFi platforms enable users to lend or borrow funds, speculate on asset price movements using <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>, trade <a href="/wiki/Cryptocurrencies" class="mw-redirect" title="Cryptocurrencies">cryptocurrencies</a>, insure against risks, and earn <a href="/wiki/Interest" title="Interest">interest</a> in savings-like accounts.<sup id="cite_ref-Bloomberg_2020-08-26_2-0" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The DeFi ecosystem is built on a layered architecture and highly composable building blocks.<sup id="cite_ref-research_3-0" class="reference"><a href="#cite_note-research-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> While some applications offer high <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>,<sup id="cite_ref-Bloomberg_2020-08-26_2-1" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> they carry high risks.<sup id="cite_ref-Financial_Times_2019-12-30_4-0" class="reference"><a href="#cite_note-Financial_Times_2019-12-30-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Coding errors and hacks are a common challenge in DeFi.<sup id="cite_ref-Reuters_2020-08-26_5-0" class="reference"><a href="#cite_note-Reuters_2020-08-26-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_2020-08-26_2-2" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_DeFi_Stack_Figure.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/The_DeFi_Stack_Figure.jpg/220px-The_DeFi_Stack_Figure.jpg" decoding="async" width="220" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/The_DeFi_Stack_Figure.jpg/330px-The_DeFi_Stack_Figure.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/02/The_DeFi_Stack_Figure.jpg/440px-The_DeFi_Stack_Figure.jpg 2x" data-file-width="749" data-file-height="385" /></a><figcaption>Multi-layered Architecture of the DeFi Stack</figcaption></figure> <p><a href="/wiki/Decentralized_exchange" class="mw-redirect" title="Decentralized exchange">Decentralized exchanges</a> (abbreviated DEXs) are alternative payment ecosystems that use new <a href="/wiki/Decentralized_network_protocol" class="mw-redirect" title="Decentralized network protocol">protocols</a> for financial transactions. They emerged within decentralized finance (DeFi),<sup id="cite_ref-research_3-1" class="reference"><a href="#cite_note-research-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> a sector of <a href="/wiki/Blockchain_technology" class="mw-redirect" title="Blockchain technology">blockchain technology</a> and <a href="/wiki/Fintech" title="Fintech">fintech</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Centralized exchanges (CEXs), DEXs and DEX aggregators are all built on a multi-layered DeFi architecture, with each layer serving a well-defined purpose.<sup id="cite_ref-research_3-2" class="reference"><a href="#cite_note-research-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> (See Figure: <i>Multi-layered Architecture of the DeFi Stack</i>). </p><p>While they share common components of the first four layers, such as <i>the Settlement layer</i>, <i>Asset layer</i>, <i>Protocol layer</i> and <i>Application layer</i>, DEX aggregators have an additional component or <i>Aggregator layer</i>, which allows them to connect and interact with other DEXs via smart contracts. </p><p>The <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> blockchain popularized <a href="/wiki/Smart_contract" title="Smart contract">smart contracts</a>, which are the basis of DeFi, in 2017. Other blockchains have since implemented smart contracts. </p><p>MakerDAO is a prominent lending DeFi platform based on a <a href="/wiki/Stablecoin" title="Stablecoin">stablecoin</a> that was established in 2017.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> It allows users to borrow <a href="/wiki/Dai_(cryptocurrency)" title="Dai (cryptocurrency)">DAI</a>, a token pegged to the <a href="/wiki/United_States_dollar" title="United States dollar">US dollar</a>. Through a set of smart contracts that govern the loan, repayment, and liquidation processes, MakerDAO aims to maintain the stable value of DAI in a <a href="/wiki/Decentralization" title="Decentralization">decentralized</a> and autonomous manner.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In June 2020, Compound Finance, a decentralized finance protocol enabling users to lend or borrow cryptocurrency assets and which provides typical <a href="/wiki/Interest" title="Interest">interest</a> payments to lenders, started rewarding lenders and borrowers with a <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a> called Comp. This token, which is used for running Compound, can also be traded on <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">cryptocurrency exchanges</a>. Other platforms followed suit, leading to stacked investment opportunities known as "yield farming" or "liquidity mining", where speculators shift cryptocurrency assets between pools in a platform and between platforms to maximize their total <a href="/wiki/Yield_(finance)" title="Yield (finance)">yield</a>, which includes not only <a href="/wiki/Interest" title="Interest">interest</a> and fees but also the value of additional tokens received as rewards.<sup id="cite_ref-The_Washington_Post_2020-07-31_11-0" class="reference"><a href="#cite_note-The_Washington_Post_2020-07-31-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In July 2020, <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i> described decentralized finance techniques and the risks involved.<sup id="cite_ref-The_Washington_Post_2020-07-31_11-1" class="reference"><a href="#cite_note-The_Washington_Post_2020-07-31-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In September 2020, <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg</a> said that DeFi made up two-thirds of the <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a> market in terms of price changes and that DeFi collateral levels had reached $9 billion.<sup id="cite_ref-Bloomberg_2020-10-05_12-0" class="reference"><a href="#cite_note-Bloomberg_2020-10-05-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Ethereum saw a rise in developers during 2020 due to the increased interest in DeFi.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>DeFi has attracted <a href="/wiki/Venture_capital" title="Venture capital">venture capitalists</a> such as <a href="/wiki/Andreessen_Horowitz" title="Andreessen Horowitz">Andreessen Horowitz</a><sup id="cite_ref-Financial_Times_2019-12-30_4-1" class="reference"><a href="#cite_note-Financial_Times_2019-12-30-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Michael_Novogratz" title="Michael Novogratz">Michael Novogratz</a>.<sup id="cite_ref-Bloomberg_2020-09-29_14-0" class="reference"><a href="#cite_note-Bloomberg_2020-09-29-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p><i>The Economist</i> regarded the future of digital finance in 2022 as a "three-way fight" between: <a href="/wiki/Big_Tech" title="Big Tech">Big Tech</a>, such as <a href="/wiki/Facebook" title="Facebook">Facebook</a> with its digital wallet; "big rich countries" that have been testing their own digital currencies; and software developers "building all sorts of applications" to decentralize finance. Handling the risks presented by crypto-assets already valued at $2.5 trillion was a particular challenge for US regulators.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Key_characteristics">Key characteristics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=2" title="Edit section: Key characteristics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>DeFi revolves around <a href="/wiki/Decentralized_application" title="Decentralized application">decentralized applications</a>, also known as DApps, that perform financial functions on <a href="/wiki/Distributed_ledger" title="Distributed ledger">distributed ledgers</a> called blockchains, a technology that was made popular by <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a> and has since been adapted more broadly.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_2020-08-26_2-3" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Rather than transactions being made through a centralized intermediary such as a cryptocurrency exchange or a traditional securities exchange, transactions are directly made between participants, mediated by smart contract programs.<sup id="cite_ref-Financial_Times_2019-12-30_4-2" class="reference"><a href="#cite_note-Financial_Times_2019-12-30-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> These smart contracts, or DeFi protocols, typically run using <a href="/wiki/Open_source" title="Open source">open-source</a> software that is built and maintained by a community of developers.<sup id="cite_ref-Bloomberg_2020-09-11_17-0" class="reference"><a href="#cite_note-Bloomberg_2020-09-11-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>DApps are typically accessed through a browser extension or application. For example, <a href="/wiki/MetaMask" title="MetaMask">MetaMask</a> allows users to directly interact with Ethereum through a digital wallet.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Many of these DApps can be linked to create complex financial services.<sup id="cite_ref-Bloomberg_2020-08-26_2-4" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> For example, <a href="/wiki/Stablecoin" title="Stablecoin">stablecoin</a> holders can lend assets such as <a href="/wiki/USD_Coin" title="USD Coin">USD Coin</a> or DAI to a liquidity pool in a borrow/lending protocol such as Aave Protocol, and allow others to borrow those digital assets by depositing their own collateral.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The protocol automatically adjusts interest rates based on the demand for the asset.<sup id="cite_ref-Financial_Times_2019-12-30_4-3" class="reference"><a href="#cite_note-Financial_Times_2019-12-30-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Some DApps source external (off-chain) data, such as the price of an asset, through <a href="/wiki/Blockchain_oracle" title="Blockchain oracle">blockchain oracles</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Additionally, Aave Protocol popularized "flash loans", which are uncollateralized loans of an arbitrary amount that are taken out and paid back within a single blockchain transaction.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Max Wolff is credited with the original invention of flash loans with the original implementation released in 2018 by Marble Protocol.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Many exploits of DeFi platforms have used flash loans to manipulate cryptocurrency spot prices.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Another DeFi protocol is <a href="/wiki/Uniswap" title="Uniswap">Uniswap</a>, which is a <a href="/wiki/Decentralized_exchange" class="mw-redirect" title="Decentralized exchange">decentralized exchange</a> (DEX) set up to trade tokens issued on Ethereum. Rather than using a centralized exchange to fill orders, Uniswap pays users to form liquidity pools in exchange for a percentage of the fees collected from traders swapping tokens in and out of the liquidity pools. Because no centralized party runs Uniswap (the platform is governed by its users), and any development team can use the open-source software, there is no entity to check the identities of the people using the platform and meet <a href="/wiki/Know_your_customer" title="Know your customer">KYC/AML</a> regulations. As of 2020, it is not clear what position regulators will take on the legality of such platforms.<sup id="cite_ref-KhalifUni_26-0" class="reference"><a href="#cite_note-KhalifUni-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Decentralized_exchanges">Decentralized exchanges</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=3" title="Edit section: Decentralized exchanges"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Decentralized exchanges (DEX) are a type of <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">cryptocurrency exchange</a>, which allow for either direct <a href="/wiki/Peer-to-peer" title="Peer-to-peer">peer-to-peer</a>, or Automated Market Maker (AMM) liquidity pool cryptocurrency transactions to take place without the need for an intermediary. The lack of an intermediary differentiates them from centralized exchanges (CEX).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2024)">citation needed</span></a></i>]</sup> </p><p>In transactions made through decentralized exchanges, the typical third party entities which would normally oversee the security and transfer of <a href="/wiki/Asset" title="Asset">assets</a> (e.g. <a href="/wiki/Bank" title="Bank">banks</a>, <a href="/wiki/Stockbroker" title="Stockbroker">stockbrokers</a>, online <a href="/wiki/Payment_gateways" class="mw-redirect" title="Payment gateways">payment gateways</a>, government <a href="/wiki/Institution" title="Institution">institutions</a>, etc.) are substituted by a <a href="/wiki/Blockchain" title="Blockchain">blockchain</a> or <a href="/wiki/Distributed_ledger" title="Distributed ledger">distributed ledger</a>. Some common methods of operation include the use of <a href="/wiki/Smart_contracts" class="mw-redirect" title="Smart contracts">smart contracts</a> or <a href="/wiki/Order_book" title="Order book">order book</a> relaying – although many other variations are possible, with differing degrees of <a href="/wiki/Decentralization" title="Decentralization">decentralization</a>.<sup id="cite_ref-:0_27-0" class="reference"><a href="#cite_note-:0-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Because traders on a decentralized exchange often do not need to transfer their assets to the exchange before executing a trade, decentralized exchanges reduce the risk of theft from <a href="/wiki/Cryptocurrency_and_security" class="mw-redirect" title="Cryptocurrency and security">hacking of exchanges</a>,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> but liquidity providers do need to transfer tokens to the decentralized exchange. Decentralized exchanges are also more anonymous than exchanges that implement <a href="/wiki/Know_your_customer" title="Know your customer">know your customer</a> (KYC) requirements.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>There are some signs that decentralized exchanges have been suffering from low trading volumes and reduced <a href="/wiki/Market_liquidity" title="Market liquidity">market liquidity</a>.<sup id="cite_ref-wsj_32-0" class="reference"><a href="#cite_note-wsj-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/0x_(decentralized_exchange_infrastructure)" title="0x (decentralized exchange infrastructure)">0x project</a>, a protocol for building decentralized exchanges with interchangeable liquidity, attempts to solve this issue.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Disadvantages">Disadvantages</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=4" title="Edit section: Disadvantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Due to a lack of <a href="/wiki/Know_your_customer" title="Know your customer">KYC</a> processes, and no way to revert a transaction, users are at a loss if they are ever hacked for their passwords or private keys.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Additionally, liquidity providers staking in DeFi protocols can suffer what is called an impermanent loss if, when withdrawn, the token pairs they have invested have altered in value ratio significantly.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Although liquidity pool DEX are the most widely used, they may have some drawbacks. The most common problems of liquidity pool DEXes are <a href="/wiki/Market_impact" title="Market impact">market price impact</a>, <a href="/wiki/Slippage_(finance)" title="Slippage (finance)">slippage</a>, and <a href="/wiki/Front_running" title="Front running">front running</a>. </p><p>Price impact occurs because of the AMM (Automated Market Makers) nature itself — the larger the deal, the stronger impact it has on the price. For example, if the <a href="/wiki/Constant_function_market_maker" title="Constant function market maker">constant product AMM</a> is in use, every deal must keep the product xy = k constant, where x and y are quantities of two cryptocurrencies (or tokens) in the pool. Price impact is non-linear, so the larger is the input amount Δx, the lower is the final ratio y / x that gives an exchange price. The problem is mostly significant for relatively large deals versus the liquidity pool size.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="Instead of a primary pre-print, please cite a secondary source published in a reliable outlet (May 2023)">better source needed</span></a></i>]</sup> </p><p>Front running is a special type of attack in public blockchains when some participant (usually a miner) seeing an upcoming trading transaction puts his own transaction ahead (playing with a transaction fee for example), making the initial transaction less profitable or even reverted. To provide some protection against front running attacks, many DeFi exchanges offer a slippage tolerance option for end-users. This option serves as a safeguard, allowing users to set a limit on the worst acceptable price they are willing to accept from the time of transaction signing.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2023)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Degrees_of_decentralization">Degrees of decentralization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=5" title="Edit section: Degrees of decentralization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A decentralized exchange can still have centralized components, whereby some control of the exchange is still in the hands of a central authority. The governance of a DeFi platform, typically as part of a <a href="/wiki/Decentralized_autonomous_organization" title="Decentralized autonomous organization">Decentralized Autonomous Organization</a>, is done through tokens that grant voting rights and are distributed amongst participants. However, the majority of these tokens are often held by few individuals and are rarely used to vote.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>In July 2018, the decentralized exchange Bancor was reportedly hacked and suffered a loss of $13.5M in assets before freezing funds.<sup id="cite_ref-bancor-freeze-loss_40-0" class="reference"><a href="#cite_note-bancor-freeze-loss-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> In a Tweet, <a href="/wiki/Charlie_Lee_(computer_scientist)" title="Charlie Lee (computer scientist)">Charlie Lee</a>, the creator of <a href="/wiki/Litecoin" title="Litecoin">Litecoin</a> spoke out and claimed an exchange cannot be decentralized if it can lose or freeze customer funds.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Operators of decentralized exchanges can face legal consequences from government regulators. One example is the founder of EtherDelta, who in November 2018 settled charges with the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> over operating an unregistered securities exchange.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Errors_and_hacking">Errors and hacking</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=6" title="Edit section: Errors and hacking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Coding errors and hacks are common in DeFi.<sup id="cite_ref-Reuters_2020-08-26_5-1" class="reference"><a href="#cite_note-Reuters_2020-08-26-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_2020-08-26_2-5" class="reference"><a href="#cite_note-Bloomberg_2020-08-26-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Blockchain transactions are irreversible, which means that an incorrect or fraudulent DeFi transaction cannot be corrected easily. </p><p>The person or entity behind a DeFi protocol may be unknown and may disappear with investors' money.<sup id="cite_ref-Bloomberg_2020-09-11_17-1" class="reference"><a href="#cite_note-Bloomberg_2020-09-11-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Investor Michael Novogratz has described some DeFi protocols as "<a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi</a>-like".<sup id="cite_ref-Bloomberg_2020-09-29_14-1" class="reference"><a href="#cite_note-Bloomberg_2020-09-29-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>DeFi has been compared to the <a href="/wiki/Initial_coin_offering" title="Initial coin offering">initial coin offering</a> craze of 2017, part of a <a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">cryptocurrency bubble</a>. Inexperienced investors are at particular risk of losing money because of the sophistication required to interact with DeFi platforms and the lack of any intermediary with customer support.<sup id="cite_ref-Reuters_2020-08-26_5-2" class="reference"><a href="#cite_note-Reuters_2020-08-26-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> On the other hand, as the code for DeFi smart contracts is generally <a href="/wiki/Open-source_software" title="Open-source software">open-source software</a> that can be copied to set up competing platforms, experienced users and user-created bots might create instabilities as funds shift between platforms which share the same code.<sup id="cite_ref-Bloomberg_2020-09-11_17-2" class="reference"><a href="#cite_note-Bloomberg_2020-09-11-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> In addition, DeFi platforms might inadvertently provide incentives for cryptocurrency miners to destabilize the system.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>In 2021, half of cryptocurrency crime was related to DeFi. This rise has been attributed to a combination of developer incompetence and non-existent or poorly enforced regulations.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-combs_47-0" class="reference"><a href="#cite_note-combs-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Theft from DeFi can come from either external hackers stealing from vulnerable projects, or "rug pulls",<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> where the developers and influencers promote a project and then take the money, as a form of <a href="/wiki/Pump-and-dump" class="mw-redirect" title="Pump-and-dump">pump-and-dump</a>.<sup id="cite_ref-combs_47-1" class="reference"><a href="#cite_note-combs-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=7" title="Edit section: Regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In October 2021, the <a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">FATF</a> included DeFi in the guidance for crypto service providers, making the authority's aim to regulate this type of asset.They are expecting each individual country to determine if individuals involved in DeFi can be considered a virtual asset provider and be subjected to the FATF's guidelines. <sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Decentralized_finance&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output 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How does that work?"</a>. <i>Quartz</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190703161300/https://qz.com/1289262/what-are-centralized-and-decentralized-cryptocurrency-exchanges/">Archived</a> from the original on 3 July 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">3 December</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Quartz&rft.atitle=Coinbase+bought+a+%22decentralized%22+crypto+exchange.+How+does+that+work%3F&rft.date=2018-05-30&rft.aulast=Wong&rft.aufirst=Joon+Ian&rft_id=https%3A%2F%2Fqz.com%2F1289262%2Fwhat-are-centralized-and-decentralized-cryptocurrency-exchanges%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2017-09-28/upending-digital-currency-market-is-next-act-for-ex-virtu-trader">"This 31-Year-Old Is Trying to Revolutionize Cryptocurrency Trading"</a>. <i>Bloomberg.com</i>. 28 September 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191109003833/https://www.bloomberg.com/news/articles/2017-09-28/upending-digital-currency-market-is-next-act-for-ex-virtu-trader">Archived</a> from the original on 9 November 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">3 December</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=This+31-Year-Old+Is+Trying+to+Revolutionize+Cryptocurrency+Trading&rft.date=2017-09-28&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2017-09-28%2Fupending-digital-currency-market-is-next-act-for-ex-virtu-trader&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCastellanos2018" class="citation news cs1">Castellanos, Sara (6 March 2018). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/alexis-ohanians-vc-firm-invests-2-1-million-in-crypto-trading-platform-1520365270">"Alexis Ohanian's VC Firm Invests in Crypto Trading Platform"</a>. <i>Wall Street Journal</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201109011913/https://www.wsj.com/articles/alexis-ohanians-vc-firm-invests-2-1-million-in-crypto-trading-platform-1520365270">Archived</a> from the original on 9 November 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">11 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Alexis+Ohanian%27s+VC+Firm+Invests+in+Crypto+Trading+Platform&rft.date=2018-03-06&rft.issn=0099-9660&rft.aulast=Castellanos&rft.aufirst=Sara&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Falexis-ohanians-vc-firm-invests-2-1-million-in-crypto-trading-platform-1520365270&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSigalos2022" class="citation news cs1">Sigalos, MacKenzie (30 November 2022). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2022/11/30/bitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html">"Bitcoin Family is moving more than $1 million into decentralized exchanges after Sam Bankman-Fried's FTX disaster"</a>. <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230825043749/https://www.cnbc.com/2022/11/30/bitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html">Archived</a> from the original on 25 August 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">25 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNBC&rft.atitle=Bitcoin+Family+is+moving+more+than+%241+million+into+decentralized+exchanges+after+Sam+Bankman-Fried%27s+FTX+disaster&rft.date=2022-11-30&rft.aulast=Sigalos&rft.aufirst=MacKenzie&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2022%2F11%2F30%2Fbitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCalcaterraKaal2021" class="citation book cs1">Calcaterra, Craig; Kaal, Wulf (2021). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=8EkfEAAAQBAJ&pg=PT220"><i>Decentralization: Technology's Impact on Organizational and Societal Structure</i></a>. <a href="/wiki/De_Gruyter" title="De Gruyter">De Gruyter</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-11-067403-3" title="Special:BookSources/978-3-11-067403-3"><bdi>978-3-11-067403-3</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230825045501/https://books.google.com/books?id=8EkfEAAAQBAJ&pg=PT220">Archived</a> from the original on 25 August 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">25 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Decentralization%3A+Technology%27s+Impact+on+Organizational+and+Societal+Structure&rft.pub=De+Gruyter&rft.date=2021&rft.isbn=978-3-11-067403-3&rft.aulast=Calcaterra&rft.aufirst=Craig&rft.au=Kaal%2C+Wulf&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D8EkfEAAAQBAJ%26pg%3DPT220&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-wsj-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-wsj_32-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRussolilloJeong2018" class="citation news cs1">Russolillo, Steven; Jeong, Eun-Young (16 July 2018). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/why-cryptocurrency-exchange-hacks-keep-happening-1531656000">"Cryptocurrency Exchanges Are Getting Hacked Because It's Easy"</a>. <i>Wall Street Journal</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180911094757/https://www.wsj.com/articles/why-cryptocurrency-exchange-hacks-keep-happening-1531656000">Archived</a> from the original on 11 September 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">11 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Cryptocurrency+Exchanges+Are+Getting+Hacked+Because+It%27s+Easy&rft.date=2018-07-16&rft.issn=0099-9660&rft.aulast=Russolillo&rft.aufirst=Steven&rft.au=Jeong%2C+Eun-Young&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fwhy-cryptocurrency-exchange-hacks-keep-happening-1531656000&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://techcrunch.com/2018/07/16/0x/">"0x lets any app be the Craigslist of cryptocurrency"</a>. <i>TechCrunch</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201021134708/https://techcrunch.com/2018/07/16/0x/">Archived</a> from the original on 21 October 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">24 November</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=TechCrunch&rft.atitle=0x+lets+any+app+be+the+Craigslist+of+cryptocurrency&rft_id=https%3A%2F%2Ftechcrunch.com%2F2018%2F07%2F16%2F0x%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-01-30/record-crypto-heist-raises-the-appeal-of-a-new-type-of-exchange">"Bloomberg - Record Crypto Heist Raises the Appeal of a New Type of Exchange"</a>. <i>Bloomberg</i>. 30 January 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180130022220/https://www.bloomberg.com/news/articles/2018-01-30/record-crypto-heist-raises-the-appeal-of-a-new-type-of-exchange">Archived</a> from the original on 30 January 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">17 November</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg&rft.atitle=Bloomberg+-+Record+Crypto+Heist+Raises+the+Appeal+of+a+New+Type+of+Exchange&rft.date=2018-01-30&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-01-30%2Frecord-crypto-heist-raises-the-appeal-of-a-new-type-of-exchange&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis2023" class="citation book cs1">Lewis, Rhian (2023). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-9yzEAAAQBAJ&pg=PA76"><i>Understanding Decentralized Finance: How DeFi Is Changing the Future of Money</i></a>. <a href="/wiki/Kogan_Page" title="Kogan Page">Kogan Page</a>. p. 76. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-3986-0938-9" title="Special:BookSources/978-1-3986-0938-9"><bdi>978-1-3986-0938-9</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230824053618/https://books.google.com/books?id=-9yzEAAAQBAJ&pg=PA76">Archived</a> from the original on 24 August 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">24 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Understanding+Decentralized+Finance%3A+How+DeFi+Is+Changing+the+Future+of+Money&rft.pages=76&rft.pub=Kogan+Page&rft.date=2023&rft.isbn=978-1-3986-0938-9&rft.aulast=Lewis&rft.aufirst=Rhian&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-9yzEAAAQBAJ%26pg%3DPA76&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaHuang2022" class="citation book cs1">Ma, Winston; Huang, Ken (2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=v5SDEAAAQBAJ&pg=PT266"><i>Blockchain and Web3: Building the Cryptocurrency, Privacy, and Security Foundations of the Metaverse</i></a>. <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-119-89110-9" title="Special:BookSources/978-1-119-89110-9"><bdi>978-1-119-89110-9</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230824060032/https://books.google.com/books?id=v5SDEAAAQBAJ&pg=PT266">Archived</a> from the original on 24 August 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">24 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Blockchain+and+Web3%3A+Building+the+Cryptocurrency%2C+Privacy%2C+and+Security+Foundations+of+the+Metaverse&rft.pub=John+Wiley+%26+Sons&rft.date=2022&rft.isbn=978-1-119-89110-9&rft.aulast=Ma&rft.aufirst=Winston&rft.au=Huang%2C+Ken&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dv5SDEAAAQBAJ%26pg%3DPT266&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArslanian2022" class="citation book cs1">Arslanian, Henri (2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=QV1uEAAAQBAJ&pg=PA306"><i>The Book of Crypto: The Complete Guide to Understanding Bitcoin, Cryptocurrencies and Digital Assets</i></a>. <a href="/wiki/Springer_Nature" title="Springer Nature">Springer Nature</a>. pp. 306–307. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-030-97951-5" title="Special:BookSources/978-3-030-97951-5"><bdi>978-3-030-97951-5</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230824061523/https://books.google.com/books?id=QV1uEAAAQBAJ&pg=PA306">Archived</a> from the original on 24 August 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">24 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Book+of+Crypto%3A+The+Complete+Guide+to+Understanding+Bitcoin%2C+Cryptocurrencies+and+Digital+Assets&rft.pages=306-307&rft.pub=Springer+Nature&rft.date=2022&rft.isbn=978-3-030-97951-5&rft.aulast=Arslanian&rft.aufirst=Henri&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQV1uEAAAQBAJ%26pg%3DPA306&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJensenPourpounehNielsenRoss2021" class="citation arxiv cs1">Jensen, Johannes Rude; Pourpouneh, Mohsen; Nielsen, Kurt; Ross, Omri (2021). 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Retrieved <span class="nowrap">13 December</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ZDNet&rft.atitle=Another+hack+rocks+cryptocurrency+trading%3A+Bancor+loses+%2413.5+million&rft.aulast=Osborne&rft.aufirst=Charlie&rft_id=https%3A%2F%2Fwww.zdnet.com%2Farticle%2Fanother-hack-rocks-cryptocurrency-trading-bancor-loses-23-5-million%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://techcrunch.com/2018/07/10/bancor-loses-23-5m/">"The crypto world's latest hack sees Bancor lose $23.5M"</a>. <i>TechCrunch</i>. 10 July 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180710084932/https://techcrunch.com/2018/07/10/bancor-loses-23-5m/">Archived</a> from the original on 10 July 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">13 December</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TechCrunch&rft.atitle=The+crypto+world%27s+latest+hack+sees+Bancor+lose+%2423.5M&rft.date=2018-07-10&rft_id=https%3A%2F%2Ftechcrunch.com%2F2018%2F07%2F10%2Fbancor-loses-23-5m%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-etherdelta-sec/sec-etherdelta-founder-settle-charges-over-operating-unregistered-exchange-idUSKBN1ND2CC">"SEC, EtherDelta founder settle charges over operating unregistered exchange"</a>. <i>Reuters</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181108191257/https://www.reuters.com/article/us-etherdelta-sec/sec-etherdelta-founder-settle-charges-over-operating-unregistered-exchange-idUSKBN1ND2CC">Archived</a> from the original on 8 November 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">5 June</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Reuters&rft.atitle=SEC%2C+EtherDelta+founder+settle+charges+over+operating+unregistered+exchange&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-etherdelta-sec%2Fsec-etherdelta-founder-settle-charges-over-operating-unregistered-exchange-idUSKBN1ND2CC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBraunCohenXu2020" class="citation web cs1">Braun, Alexander; Cohen, Lauren H.; Xu, Jiahua (May 2020). <a rel="nofollow" class="external text" href="https://www.hbs.edu/faculty/Pages/item.aspx?num=56189">"fidentiaX: The Tradable Insurance Marketplace on Blockchain"</a>. Harvard Business School. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210127103118/https://www.hbs.edu/faculty/Pages/item.aspx?num=56189">Archived</a> from the original on 27 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">5 January</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=fidentiaX%3A+The+Tradable+Insurance+Marketplace+on+Blockchain&rft.pub=Harvard+Business+School&rft.date=2020-05&rft.aulast=Braun&rft.aufirst=Alexander&rft.au=Cohen%2C+Lauren+H.&rft.au=Xu%2C+Jiahua&rft_id=https%3A%2F%2Fwww.hbs.edu%2Ffaculty%2FPages%2Fitem.aspx%3Fnum%3D56189&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYaishTochnerZohar2022" class="citation book cs1">Yaish, Aviv; Tochner, Saar; Zohar, Aviv (12 July 2022). <a rel="nofollow" class="external text" href="https://doi.org/10.1145/3490486.3538250">"Blockchain Stretching & Squeezing: Manipulating Time for Your Best Interest"</a>. <i>Proceedings of the 23rd ACM Conference on Economics and Computation</i>. 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Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211028211606/https://www.insurancejournal.com/news/national/2021/05/14/613928.htm">Archived</a> from the original on 28 October 2021<span class="reference-accessdate">. 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Retrieved <span class="nowrap">28 October</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Tech+Times&rft.atitle=DeFi%2C+Crypto+Expansion+Puts+US+at+Risk+of+More+Ransomware+Attacks%3F&rft.date=2021-10-14&rft.aulast=Davis&rft.aufirst=Griffin&rft_id=https%3A%2F%2Fwww.techtimes.com%2Farticles%2F266652%2F20211014%2Fdefi-crypto-expansion-puts-risk-more-ransomware-attacks-new-study.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-combs-47"><span class="mw-cite-backlink">^ <a href="#cite_ref-combs_47-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-combs_47-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCombs2021" class="citation news cs1">Combs, Veronica (24 August 2021). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210827094330/https://www.techrepublic.com/article/dont-get-rugged-defi-scams-go-from-zero-to-129-million-in-a-year-to-become-top-financial-hack/">"Don't get rugged: DeFi scams go from zero to $129 million in a year to become top financial hack"</a>. <i>TechRepublic</i>. Archived from <a rel="nofollow" class="external text" href="https://www.techrepublic.com/article/dont-get-rugged-defi-scams-go-from-zero-to-129-million-in-a-year-to-become-top-financial-hack/">the original</a> on 27 August 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=TechRepublic&rft.atitle=Don%27t+get+rugged%3A+DeFi+scams+go+from+zero+to+%24129+million+in+a+year+to+become+top+financial+hack&rft.date=2021-08-24&rft.aulast=Combs&rft.aufirst=Veronica&rft_id=https%3A%2F%2Fwww.techrepublic.com%2Farticle%2Fdont-get-rugged-defi-scams-go-from-zero-to-129-million-in-a-year-to-become-top-financial-hack%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCerneraLa_MorgiaMeiSassi2023" class="citation book cs1">Cernera, F.; La Morgia, M.; Mei, A.; Sassi, F. (August 2023). <a rel="nofollow" class="external text" href="https://www.usenix.org/system/files/usenixsecurity23-cernera.pdf">"Token Spammers, Rug Pulls, and Sniper Bots: An Analysis of the Ecosystem of Tokens in Ethereum and in the Binance Smart Chain (BNB)"</a> <span class="cs1-format">(PDF)</span>. <i>32nd USENIX Security Symposium (USENIX Security 23)</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231011111054/https://www.usenix.org/system/files/usenixsecurity23-cernera.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 11 October 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">12 September</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Token+Spammers%2C+Rug+Pulls%2C+and+Sniper+Bots%3A+An+Analysis+of+the+Ecosystem+of+Tokens+in+Ethereum+and+in+the+Binance+Smart+Chain+%28BNB%29&rft.btitle=32nd+USENIX+Security+Symposium+%28USENIX+Security+23%29&rft.date=2023-08&rft.aulast=Cernera&rft.aufirst=F.&rft.au=La+Morgia%2C+M.&rft.au=Mei%2C+A.&rft.au=Sassi%2C+F.&rft_id=https%3A%2F%2Fwww.usenix.org%2Fsystem%2Ffiles%2Fusenixsecurity23-cernera.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2021.html">"Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers"</a>. <i>FATF</i>. 28 October 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230131193628/https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2021.html">Archived</a> from the original on 31 January 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">28 February</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FATF&rft.atitle=Updated+Guidance+for+a+Risk-Based+Approach+to+Virtual+Assets+and+Virtual+Asset+Service+Providers&rft.date=2021-10-28&rft_id=https%3A%2F%2Fwww.fatf-gafi.org%2Fcontent%2Ffatf-gafi%2Fen%2Fpublications%2FFatfrecommendations%2FGuidance-rba-virtual-assets-2021.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADecentralized+finance" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarbereauBodó2023" class="citation journal cs1">Barbereau, Tom; Bodó, Balázs (1 July 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.clsr.2023.105829">"Beyond financial regulation of crypto-asset wallet software: In search of secondary liability"</a>. <i>Computer Law & Security Review</i>. <b>49</b>: 105829. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.clsr.2023.105829">10.1016/j.clsr.2023.105829</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0267-3649">0267-3649</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:258733922">258733922</a>.</cite><span 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<li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li> <li><a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">Cryptographic hash function</a></li> <li><a class="mw-selflink-fragment" href="#Decentralized_exchanges">Decentralized exchange</a></li> <li><a class="mw-selflink selflink">Decentralized finance</a></li> <li><a href="/wiki/Distributed_ledger" title="Distributed ledger">Distributed ledger</a></li> <li><a href="/wiki/Fork_(blockchain)" title="Fork (blockchain)">Fork</a></li> <li><a href="/wiki/Lightning_Network" title="Lightning Network">Lightning Network</a></li> <li><a href="/wiki/MetaMask" title="MetaMask">MetaMask</a></li> <li><a href="/wiki/Non-fungible_token" title="Non-fungible token">Non-fungible token</a></li> <li><a href="/wiki/Smart_contract" title="Smart contract">Smart contract</a></li> <li><a href="/wiki/Web3" title="Web3">Web3</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Consensus_(computer_science)" title="Consensus (computer science)">Consensus</a> mechanisms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Proof_of_authority" title="Proof of authority">Proof of authority</a></li> <li><a href="/wiki/Proof_of_space" title="Proof of space">Proof of space</a></li> <li><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a></li> <li><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/SHA-2" title="SHA-2">SHA-256</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a></li> <li><a href="/wiki/Bitcoin_Cash" title="Bitcoin Cash">Bitcoin Cash</a></li> <li><a href="/wiki/Counterparty_(platform)" title="Counterparty (platform)">Counterparty</a></li> <li><a href="/wiki/LBRY" title="LBRY">LBRY</a></li> <li><a href="/wiki/MazaCoin" title="MazaCoin">MazaCoin</a></li> <li><a href="/wiki/Namecoin" title="Namecoin">Namecoin</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Titcoin" title="Titcoin">Titcoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Ethereum" title="Ethereum">Ethash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (1.0)</li> <li><a href="/wiki/Ethereum_Classic" title="Ethereum Classic">Ethereum Classic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Scrypt" title="Scrypt">Scrypt</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auroracoin" title="Auroracoin">Auroracoin</a></li> <li><a href="/wiki/Bitconnect" title="Bitconnect">Bitconnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/Dogecoin" title="Dogecoin">Dogecoin</a></li> <li><a href="/wiki/Litecoin" title="Litecoin">Litecoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Equihash" title="Equihash">Equihash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Gold" title="Bitcoin Gold">Bitcoin Gold</a></li> <li><a href="/wiki/Zcash" title="Zcash">Zcash</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">RandomX-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Monero" title="Monero">Monero</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Dash_(cryptocurrency)#X11" title="Dash (cryptocurrency)">X11</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dash_(cryptocurrency)" title="Dash (cryptocurrency)">Dash</a></li> <li><a href="/wiki/Petro_(cryptocurrency)" class="mw-redirect" title="Petro (cryptocurrency)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/AmbaCoin" title="AmbaCoin">AmbaCoin</a></li> <li><a href="/wiki/Firo_(cryptocurrency)" title="Firo (cryptocurrency)">Firo</a></li> <li><a href="/wiki/IOTA_(technology)" title="IOTA (technology)">IOTA</a></li> <li><a href="/wiki/Nervos_Network" title="Nervos Network">Nervos Network</a></li> <li><a href="/wiki/Primecoin" title="Primecoin">Primecoin</a></li> <li><a href="/wiki/Verge_(cryptocurrency)" title="Verge (cryptocurrency)">Verge</a></li> <li><a href="/wiki/Vertcoin" title="Vertcoin">Vertcoin</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorand" title="Algorand">Algorand</a></li> <li><a href="/wiki/Avalanche_(blockchain_platform)" title="Avalanche (blockchain platform)">Avalanche</a></li> <li><a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a></li> <li><a href="/wiki/EOS.IO" title="EOS.IO">EOS.IO</a></li> <li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (2.0)</li> <li><a href="/wiki/Gridcoin" title="Gridcoin">Gridcoin</a></li> <li><a href="/wiki/Injective_(blockchain)" title="Injective (blockchain)">Injective</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/Nxt" title="Nxt">Nxt</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Polkadot_(cryptocurrency)" class="mw-redirect" title="Polkadot (cryptocurrency)">Polkadot</a></li> <li><a href="/wiki/Solana_(blockchain_platform)" title="Solana (blockchain platform)">Solana</a></li> <li><a href="/wiki/Steemit" title="Steemit">Steem</a></li> <li><a href="/wiki/Tezos" title="Tezos">Tezos</a></li> <li><a href="/wiki/The_Open_Network" title="The Open Network">TON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/ERC-20" class="mw-redirect" title="ERC-20">ERC-20</a> tokens</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Augur_(software)" title="Augur (software)">Augur</a></li> <li><a href="/wiki/Aventus_Protocol" class="mw-redirect" title="Aventus Protocol">Aventus</a></li> <li><a href="/wiki/Brave_(web_browser)#Basic_Attention_Token" title="Brave (web browser)">Basic Attention Token</a></li> <li><a href="/wiki/Chainlink_(blockchain)" title="Chainlink (blockchain)">Chainlink</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/Minds_(social_network)" title="Minds (social network)">Minds</a></li> <li><a href="/wiki/Polygon_(blockchain)" title="Polygon (blockchain)">Polygon</a></li> <li><a href="/wiki/Shiba_Inu_(cryptocurrency)" title="Shiba Inu (cryptocurrency)">Shiba Inu</a></li> <li><a href="/wiki/The_DAO_(organization)" class="mw-redirect" title="The DAO (organization)">The DAO</a></li> <li><a href="/wiki/Tron_(cryptocurrency)" class="mw-redirect" title="Tron (cryptocurrency)">TRON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stablecoin" title="Stablecoin">Stablecoins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dai_(cryptocurrency)" title="Dai (cryptocurrency)">Dai</a></li> <li><a href="/wiki/Diem_(digital_currency)" title="Diem (digital currency)">Diem</a></li> <li><a href="/wiki/Paxos_Trust_Company#Paxos_Standard" title="Paxos Trust Company">Pax</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Terra</a></li> <li><a href="/wiki/Tether_(cryptocurrency)" title="Tether (cryptocurrency)">Tether</a></li> <li><a href="/wiki/USD_Coin" title="USD Coin">USD Coin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chia_(cryptocurrency)" title="Chia (cryptocurrency)">Chia</a></li> <li><a href="/wiki/Filecoin" title="Filecoin">Filecoin</a></li> <li><a href="/wiki/Hashgraph" title="Hashgraph">HBAR (Hashgraph)</a></li> <li><a href="/wiki/Helium_Network" title="Helium Network">Helium</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Luna</a></li> <li><a href="/wiki/MobileCoin" title="MobileCoin">MobileCoin</a></li> <li><a href="/wiki/Nano_(cryptocurrency)" title="Nano (cryptocurrency)">Nano</a></li> <li><a href="/wiki/NEO_(cryptocurrency)" title="NEO (cryptocurrency)">NEO</a></li> <li><a href="/wiki/SafeMoon" title="SafeMoon">SafeMoon</a></li> <li><a href="/wiki/Stellar_(payment_network)" title="Stellar (payment network)">Stellar</a></li> <li><a href="/wiki/WhopperCoin" title="WhopperCoin">WhopperCoin</a></li> <li><a href="/wiki/XRP_Ledger" title="XRP Ledger">XRP Ledger</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_cryptocurrencies#Inactive_currencies" title="List of cryptocurrencies">Inactive currencies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitconnect" title="Bitconnect">BitConnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/OneCoin" title="OneCoin">OneCoin</a></li> <li><a href="/wiki/Petro_(cryptocurrency)" class="mw-redirect" title="Petro (cryptocurrency)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Crypto service companies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperledger" title="Hyperledger">Hyperledger</a></li> <li><a href="/wiki/IQ.Wiki" class="mw-redirect" title="IQ.Wiki">IQ.Wiki</a></li> <li><a href="/wiki/Quahl" title="Quahl">Initiative Q</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Airdrop_(cryptocurrency)" title="Airdrop (cryptocurrency)">Airdrop</a></li> <li><a href="/wiki/BitLicense" title="BitLicense">BitLicense</a></li> <li><a href="/wiki/Blockchain_game" title="Blockchain game">Blockchain game</a></li> <li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Crypto-anarchism" class="mw-redirect" title="Crypto-anarchism">Crypto-anarchism</a></li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a></li> <li><a href="/wiki/Cryptocurrency_in_Nigeria" title="Cryptocurrency in Nigeria">Cryptocurrency in Nigeria</a></li> <li><a href="/wiki/Category:Cryptocurrency_scams" title="Category:Cryptocurrency scams">Cryptocurrency scams</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a></li> <li><a href="/wiki/Decentralized_autonomous_organization" title="Decentralized autonomous organization">Decentralized autonomous organization</a></li> <li><a href="/wiki/Decentralized_application" title="Decentralized application">Decentralized application</a></li> <li><a href="/wiki/Distributed_ledger_technology_law" title="Distributed ledger technology law">Distributed ledger technology law</a></li> <li><a href="/wiki/Double-spending" title="Double-spending">Double-spending</a></li> <li><a href="/wiki/Environmental_impact_of_cryptocurrencies" class="mw-redirect" title="Environmental impact of cryptocurrencies">Environmental impact</a></li> <li><a href="/wiki/Initial_coin_offering" title="Initial coin offering">Initial coin offering</a></li> <li><a href="/wiki/Initial_exchange_offering" title="Initial exchange offering">Initial exchange offering</a></li> <li><a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></li> <li><a href="/wiki/Token_money" title="Token money">Token money</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> 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