Name: Defi：加密貨幣在金融的邊境擴展（DeFi: Crypto’s ‘Wild West’ of Finance | WSJ）
Uploaded: 2022-09-18T14:08:51.000Z
Duration: 6 min 18 s
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- [Narrator] A rapidly growing financial trend

is attempting to turn traditional banking on its head.

It's called decentralized finance, or DEFI.

but with no middlemen and almost no barriers to entry.

this idea has really mushroomed within the crypto market.

but a conservative one says the total value locked in DEFI

reached $114 billion in November this year.

compared with traditional banking, DEFI is growing quickly.

It has increased more than 1,200% since June, 2020.

Here's why some are calling DEFI the Wild West of finance,

where investors are entering uncharted territory

to take on big risks for the chance of even bigger rewards.

When we talk about DEFI, we're not talking

about a specific financial product or service.

of this grand experiment in cryptocurrencies,

the financial system in a digital online format.

- [Narrator] Paul Vigna has been reporting

on the equities market for almost 25 years,

and has been covering cryptocurrencies since 2013.

- Anything you could do at a bank or a brokerage

is handled rather than through an individual

and a corporation, it's handled through a computer program.

- [Narrator] You can think of the emergence of DEFI

like this, a dusty town in the wild American West,

where there's no sheriff, no bank, and no cash.

and do pretty much anything else normally done at a bank.

It isn't owned by a single person or entity.

And unlike traditional finance, trades that happen here

are verified out in the open where everyone can see.

that takes place at the Trading Post is lending.

the borrower gives collateral for the loan.

The lender then earns interest off this deal

Transactions like this are all recorded on a public ledger

In the world of DEFI, this ledger is called a blockchain,

so that all of the data is open, all of it is public.

from a traditional stock trade, which works like this.

- I have a broker, the other party has a broker,

all these different intermediaries have their own ledgers,

where they're recording the transactions.

that anybody can track the progress of that trade.

which also hosts the cryptocurrency Ether.

It's one of the most commonly traded cryptos in DEFI,

which are pegged to currencies, like the dollar.

And the mechanism that allows them to work

- Smart contract as an idea have been around for years.

It's another app that is focused on a bank-like service.

and sticking them into fields and automating it

- And because all the parameters were being inputted

into a program, ostensibly it's more secure

because there shouldn't be any real debate or contradiction

- [Narrator] Despite this layer of security,

decentralized finance carries a lot of risk.

the people facilitating DEFI transactions are anonymous.

A poorly created smart contract could have loopholes

or other design flaws that affect the value of assets.

And because most DEFI services aren't insured,

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Defi：加密貨幣在金融的邊境擴展（DeFi: Crypto’s ‘Wild West’ of Finance | WSJ）

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