Analyzing Opportunities and Threats of Decentralized Finance (DeFi)

Year 2024, Volume: 6 Issue: 1, 32 - 50, 09.02.2024

Nurgün Komşuoğlu Yılmaz

https://doi.org/10.47103/bilturk.1322994

Abstract

With the expansion of digitalization into the financial sector, emerging technology has also demonstrated new applications within the traditional financial system. This rapid change in the financial system was not limited only to the applications in the central financial system and the emergence of financial assets, but then steps were taken to the decentralized financial system. The aim of this study is to examine the Decentralized Finance (DeFi) system, which has emerged as an independent alternative to the traditional finance system, and to reveal the opportunities and threats in this field. In this context, the focus was first on the traditional central financial system, which consists mostly of banking and financial institutions. Then, digital assets, cryptocurrencies, FinTech and RegTech which are the antecedents of decentralized finance system were explained. This study examines DeFi, an independent and pioneering technology, highlighting its distinctive features and explaining the opportunities and threats it presents. While the important opportunities emerging with DeFi are accessibility, globality, cost effectiveness and transparency, the main threats are listed as exclusion of the central financial system, volatility, legal problems and security risk.

Keywords

Fintech, DeFi, RegTech

Merkezi Olmayan Finans’ın (DeFi) Fırsat ve Tehditlerinin Analizi

Abstract

Dijitalleşmenin finans sektörüne yayılmasıyla birlikte gelişen teknoloji, geleneksel finansal sistem içinde de yeni uygulamalar ortaya çıkarmıştır. Finansal sistemdeki bu hızlı değişim, yalnızca merkezi finansal sistemdeki uygulamalar ve finansal varlıkların ortaya çıkmasıyla sınırlı kalmamış, daha sonra merkezi olmayan finansal sisteme yönelik adımlar atılmıştır. Bu çalışmanın amacı, geleneksel finans sistemine bağımsız bir alternatif olarak ortaya çıkan Merkezi Olmayan Finans (DeFi) sistemini incelemek, bu alandaki fırsat ve tehditleri ortaya koymaktır. Bu kapsamda ilk olarak çoğunluğu bankacılık ve finans kuruluşlarından oluşan geleneksel merkezi finansal sistem üzerine odaklanılmıştır. Daha sonra merkezi olmayan finans sisteminin öncülleri olan dijital varlıklar, kripto paralar, FinTech ve RegTech anlatılmıştır. Bu çalışma, bağımsız ve öncü bir teknoloji olan DeFi'yi inceleyerek, ayırt edici özelliklerini vurgulamakta ve sunduğu fırsat ve tehditleri açıklamaktadır. DeFi ile ortaya çıkan önemli fırsatlar erişilebilirlik, küresellik, maliyet etkinliği ve şeffaflık iken, başlıca tehditler merkezi finansal sistemin dışlanması, oynaklık, hukuki sorunlar ve güvenlik riski olarak sıralanmaktadır.

Keywords

Fintech, DeFi, RegTech

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