Title: Bringing clarity to the DeFi sector: A cross-sector proposal for a unified DeFi definition
Authors: Mariana de la Roche W. and Dr. Mirko Zichichi, IOTA Foundation
The rapid growth of the Web3 industry has brought forth DeFi, a transformative financial ecosystem that operates without intermediaries. However, the lack of a clear definition has posed challenges for regulators and industry participants.
The report's foundation lies in an extensive literature review, analyzing DeFi-related papers and reports, including publications from DG FISMA, EUBOF, EBA, BIS, and ACPR. Additionally, we engaged with 141 participants through an open survey, representing diverse stakeholder groups, including crypto communities, industry professionals, and investors. The insights from this survey helped shape three main definitions of DeFi. Furthermore, we sought valuable input from esteemed professors worldwide, members of the Academic Advisory Board of INATBA. Their feedback refined the definition, resulting in a consolidated understanding of DeFi as a paradigm operating through various technologies, creating a global and borderless financial ecosystem.
This report is a pioneering effort that set the milestones for the future of DeFi definition. With this comprehensive report, we aim to foster regulatory clarity, innovation, and the limitless potential of a decentralized financial future.
Read and download the report here.
Read and download the report summary here.
Details
- Publication date
- 8 August 2023