.MorganStanley says it has not seen much evidence that DeFi protocols are more efficient than the current financial system, reports willcanny99.
The exponential growth seen in in recent years may be set to slow owing to hurdles such as regulation and overcollateralization, Morgan Stanley said in a research report.
DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without needing to use traditional intermediaries. “Rather Defi protocols often seem to us as a way to attract cash flow to enrich the protocol operators,” the report said. “DeFi is hack-prone and at risk of financial crime given anonymity is a key feature.”
KYC is the process of identifying and verifying a client’s identity, and is used to combat fraud as well as money laundering.
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