美联储：分散金融（DeFi）：变革潜力和相关风险（英文版）

Decentralized finance (DeFi) refers to a set of newly emerging financial products and services that operate on decentralized platforms using blockchains to record and share data. DeFi products and services are conducted without a trusted central intermediary such as a bank, and they include payments, lending and borrowing, trading and investments, capital raising (crowdfunding), and insurance. DeFi is a natural historical progression of financial services offered on blockchains. Nakamoto (200