The evolution of DEFI

2026

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AI-generated summary

1) This paper critically examines the evolution of DeFi, questioning the inherent trustlessness of stablecoins and proposing a more robust, verifiable system for modern financial transactions.
2) * Explores the historical parallels of decentralized finance, tracing its roots back to physical currency.
* Analyzes the trust dependencies and risks within stablecoin workflows, both on-chain and off-chain.
* Compares stablecoins with traditional payment systems and Payall's Global Single Shared Platform, highlighting areas for improvement in transparency, security, and efficiency.
3) DeFi, Stablecoins, Trust, Risk, Financial Systems

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