1 DeFi的概念
DeFi:Decentralized Finance，去中心化金融或者分布式金融，是一场能够让用户在无需依靠中心化实体的情况下使用诸如借贷和交易等金融服务的运动，主要是为了解决市场摩擦、不可获取性和监管的不确定性等困扰当前银行系统的问题，让每个人都可以获取金融服务，而不接受任何形式的审查。它并非是单个的产品或公司，而是一些替代银行、保险、债券和货币市场等机构的产品和服务，主要运行在公链上(如以太坊)。
DeFi: Decentralized Finance, decentralized or distributed finance, is a movement that allows users to use financial services such as loans and transactions without relying on a centralized entity, primarily to address the problems that plague the current banking system, such as market friction, uncertainty of accessibility and regulation, so that everyone has access to financial services without being subjected to any form of censorship. It is not a single product or company, but rather a substitute for the products and services of institutions such as banks, insurance, bonds and money markets, which operate mainly on the public chain (e.g., the Taiwan).
2 DeFi的主要类别
(1)稳定币：去中心稳定币是通过超额抵押的方法以去中心化的形式创建，完全在区中心化账本上运行，由去中心化自治组织管理，而且其准备金可有任何人公开审计。
(1) Stable currency: Decentralized currency is created through over-collateralization and operates entirely on district centralized books, administered by decentralised self-governing organizations, and whose reserves are publicly audited by any person.
(2)借贷：去中心化借贷允许任何人抵押其数字资产，然后利用抵押资产获得贷款。同时用户还可以从他们的资产中获得收益，通过把资产注入借贷池赚取利息的方式参与贷款市场。通过去中心化借贷，借贷者不在需要银行账户或进行信誉检查。
(2) Lending: Decentralized lending allows anyone to encumber their digital assets and then use the mortgage assets to obtain a loan. At the same time, users can benefit from their assets and participate in the loan market by infusing the assets into the lending pool to earn interest.
(3)交易所：用户使用注入Coinbase等货币兑换，这类交易所为中心化交易所，意味着他们同时也是交易资产的中介和托管方。这类交易所的用户不能完全控制其资产，一旦交易所遭受的黑客攻击并导致其无法偿还债务时，用户将会面临巨大的损失。去中心化交易所旨在通过允许用户在不放弃其资产保管权的情况下交易加密货币来解决上述问题。由于无法像中心化交易所那样存入资金，用户也就无需信任交易所确保其偿还能力。
(3) Exchanges: Users use currency injections such as Coinbase, which are centralized exchanges, meaning that they are also intermediaries and custodians of traded assets. Users of such exchanges do not have full control over their assets and face significant losses in the event of a hacker attack on a transaction that results in their inability to pay their debts.
(4)衍生品：衍生品设计为无需实际执行操作即可复制持有的实际资产，或者模拟对基础资产进行投资的不同方式(即提供空头或杠杆敞口的衍生品)。
(4) Derivatives: derivatives are designed to replicate the actual assets held without actual execution or to simulate different ways of investing in the underlying assets (i.e. to provide derivatives that are empty or leveraged).
(5)基金管理：基金管理主要有主动性和被动型，主动型基金管理会有管理团队负责投资决策，被动型基金管理没有管理团队，而被设计为尽可能接近某一特定基准的表现，在DeFi中，一些项目已经开始允许以去中心化的方式实现被动型基金管理。
(5) Fund management: Fund management is primarily proactive and reactive, active fund management has a management team responsible for investment decision-making, passive fund management has no management team and has been designed to be as close as possible to the performance of a particular benchmark, and in DeFi some projects have begun to allow passive fund management to be achieved in a decentralized manner.
(6)支付：加密货币的一个关键作用是允许双方进行去中心化且无需信任的转账。
(6) Payments: A key role of encrypted currency is to allow both parties to make decentralized transfers without any need for trust.
(7)保险：保险是一种风险管理策略，当发生不幸事件，个人可以从保险公司获得财务保障和赔偿，个人为汽车家人健康和人寿购买保险是非常常见的，因此，DeFi中是否有去中心保险?由于导致大量资金转出，所有智能合约中锁定的代币都容易受到智能合约漏洞的影响，虽然大多数项目的代码库都经过审计，但是我们永远真正断定该智能合约是否真的安全，黑客攻击造成损失的可能性总是存在的，这些风险凸显了购买保险的必要性，尤其是当用户在DeFi上处理大量资金的时候。
(7) Insurance: Insurance is a risk management strategy. When an unfortunate event occurs, individuals can obtain financial security and compensation from insurance companies, and it is very common for individuals to buy insurance for the health and life of a car’s family. Therefore, is there any central insurance coverage in DeFi? Because of the large transfer of funds, the locked tokens in all smart contracts are vulnerable to smart contract loopholes. Although most projects have been audited, we always really determine whether the smart contract is really safe, and there is always a risk of loss as a result of hacking attacks, highlighting the need for insurance, especially when users deal with large amounts of money on DeFi.
(8)彩票：随着DeFi不断进化创造性和颠覆性的金融应用将出现，他们实现金融服务获取了大众化，并移除中介机构，结合DeFi的彩票，可将资金池的托管转移到以太坊智能合约上。
(8) Lottery: As the creative and subversive financial applications of DeFi evolve, they become popular in accessing financial services and remove intermediaries, and in conjunction with the DeFi lottery, the trustee of the pool can be transferred to the Etherno Smart Contract.
3 DeFi的主要项目
(1)MakerDAO
MakerDAO在DeFi领域是龙头老大，据DEFI PULSE的数据显示，DeFi锁仓总市值达到9.575亿美元，而MakerDAO就占了其中5.447亿美元，比重高达56.89%。MakerDAO 是建立在太坊上的去中心化的衍生金融体系，它采用了双币模式，一种为稳定币 Dai，另一种为权益代币和管理型代币 MKR。通过双币机制，MakerDAO使得整个去中心化的质押贷款体系得以运转。
MakerDAO is the leader in the DeFi field. According to DEFI PulSE, the total market value of the DeFi lockup was $957.5 million, of which MakerDAO accounted for $544.7 million, or 56.89 per cent. MakerDAO is a decentralized derivative financial system based on the Taiku, using a double currency model, one for stable currency, Dai, and the other for equity and management currency, MKR. Through the dual currency mechanism, MakerDAO has enabled the entire decentralised mortgage system to function.
(2)Compound
Compound协议打造的是一个借方获得利益，贷方支付利息的无中介贷款平台，它的新ERC-20代币简称cToken，可以使用户通过更简便的方式进行借贷操作。如支持cDAI与DAI交换，DAI持有者就可以将代币借给cDAI用户。
The Compoun agreement creates a non-intermediated lending platform for borrowers to obtain benefits, for lenders to pay interest, and its new ERC-20 proxies, cToken, allows users to borrow more easily. If the cDAI is supported in exchange with DAI, the DAI holder can lend the coin to the cDAI user.
(3)Synthetix
Synthetix是基于以太坊合成资产发行的协议，无须交易双方都存在，也不用担心流动性和滑点问题，可以直接以去中心化的模式在Synthetix上进行交易，这些交易都是通过智能合约执行的，是对智能合约的交易，而不是订单簿交易。因而其独特的交易体验和优势。
Synthetix is based on an agreement to issue synthetic assets in Taiku, without having to deal with both sides of the deal, without fear of liquidity and slide points, and can be traded directly on Synthetix in a decentralised manner, through smart contracts, transactions that are smart contracts, not purchase book transactions. Its unique trading experience and advantages are thus.
参考资料：Darren Lau,Dary Lau,Teh Sze Jin et al.How to DeFi（中文版）[M].由CoinGecko出品
References: Darren Lau, Dary Lau, Teh Sze Jin et al. How to DeFi [M]. by
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