Grasping decentralized finance through the lens of economic theory
本文用一个简单的抵押贷款模型，分析了去中心化金融（DeFi）的价值主张和局限，指出其能降低中介成本、促进金融包容，但面临加密抵押品波动、智能合约不完整等问题。
Abstract In this viewpoint article, we provide an analysis of the value proposition of decentralized finance (DeFi) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs associated with intermediated lending and improve financial inclusion. Limitations are the volatility of crypto collateral and stablecoins used for settlement, the possible incompleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limitations could improve the value of DeFi.