By Ayomide Ogunsakin
In many world countries, banks and other centralized institutions primarily control all financial systems and activities.
However, Web3 envisions a future of Decentralization.
One where various sectors—education, politics, banking and finance— all operate in an autonomous fashion.
While Bitcoin may have introduced the financial revolution, DeFi is the gateway into a financial future void of central borders!
DeFi refers to the wide range of financial applications and services like trading, lending & borrowing protocols and Decentralized Exchanges (DEXs) built on blockchains — majorly Ethereum.
The term was coined by a group of entrepreneurs seeking to name a system that can 𝑑𝑒𝑓𝑦 traditional finance through blockchain.
How does this work?
DeFi relies on the blockchain to store digital records of transactions and execute autonomous agreements known as “smart contracts.”
Through these smart contracts, it creates a permissionless and transparent financial system which sets ablaze the need for centralized institutions.
This process gives individuals financial control, democratizes access to financial services, and fosters financial inclusion on a global scale!
With these innovative use cases and services, the DeFi era is taking the world by storm; one step at a time.
𝘼𝘽𝙊𝙐𝙏 𝙏𝙃𝙀 𝘿𝙀𝙁𝙄 𝙇𝘼𝙒 𝘿𝙄𝙂𝙀𝙎𝙏
The DeFi Law Digest (DLD) is a pioneering publication dedicated to exploring the legal arena of Cryptocurrency and Decentralized Finance.
Through our insightful content, we aim to navigate the legal intricacies of the dynamic Crypto, DeFi, NFTs, and related Web3 concepts, and shed light on the ever-evolving legal challenges and regulatory landscapes that are shaping these groundbreaking sectors.
Laws have always been the bedrock upon which economies and societies are built — the framework that establishes trust, enforces contracts and resolves disputes.
As DeFi evolves with innovative protocols and novel concepts that challenge the traditional systems of finance, it also ushers in a new era of opportunities, risks, and complexities that require legal insight.
Thus, the Law undeniably holds a significant future in DeFi and Web3, and more people need to be conversant with how this future will potentially shape the industry.
In recognition of this need, DLD sets out to publish content that will educate and equip DeFi users and enthusiasts with a comprehensive understanding of the legal and regulatory trajectory of DeFi.
The Law is poised to not only shape the decentralized economy but also become an architect for its global adoption — ensuring that the future of decentralization is safeguarded — and DLD will be your lens into this future.
Ayomide Ogunsakin is a law undergraduate of Obafemi Awolowo University (OAU), Ile-Ife. She can be reached on email: firstname.lastname@example.org
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