graduate student
The subject of this study is the general macro trends in the development of the financial relations system and the specifics of decentralized finance (DeFi) as their most radical and logical manifestation. DeFi is considered not as an isolated technological phenomenon, but as a natural stage in the evolution of the financial system, determined by global trends. These include the total dematerialization of assets, the deep digitalization of all economic processes, the deconstruction of traditional institutional intermediaries, increased transparency of operations through open registries, and a shift in focus towards a seamless customer experience. The research focuses on identifying the architectural essence, basic principles of operation, and key segments of the DeFi market, such as lending, stock trading, and the creation of synthetic assets. The central task is to conduct a comparative analysis of DeFi with traditional (TradFi) and digital (FinTech) financial models. This will allow us to identify its unique characteristics, assess its potential contribution to improving the efficiency and inclusiveness of financial services, and determine its likely place in the future architecture of the global financial system. The research methodology is based on comparative, systemic and structural-functional analysis, as well as abstraction and modeling, used for a comprehensive study of DeFi in the context of the evolution of financial relations. The scientific novelty of the study lies in a fundamentally new perspective of the DeFi phenomenon: not as an isolated technological breakthrough represented by blockchain, but as a natural product of macroeconomic and institutional evolution. This approach allows us to identify the deep connection between decentralized finance and global trends in digitalization, deconstruction of traditional hierarchies and the growing demand for transparency. The key conclusion of the work is that DeFi is not just a new technology, but a holistic innovation paradigm that transforms the very foundation of financial interactions. This is achieved through the fundamental abandonment of a trusted intermediary, replaced by algorithmic protocols (smart contracts), ensuring unprecedented transparency of all operations, and creating an open access system that knows no geographical or administrative boundaries. However, the potential of this paradigm faces systemic limitations: its development is hindered by a complex of serious barriers, the key among which are the continuing regulatory uncertainty that creates risks for users and investors, as well as the inherent technical risks associated with vulnerabilities in the code and protocol operation.
Decentralized finance, financial relations, blockchain, smart contracts, financial innovation, digitalization, financial services
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