This article by Louis Lehot and Patrick D. Daugherty originally appeared on Foley.com on Dec 14, 2021: DeFi and the DAO: How the Law Needs to Change to Accommodate Decentralized Autonomous Organizations
Decentralized finance, short-handed as “DeFi”, refers to peer-to-peer finance enabled by Ethereum, Avalanche, Solana, Cardano and other Layer-1 blockchain protocols, as distinguished from centralized finance (CeFi) or traditional finance (TradFi), in which buyers and sellers, payment transmitters and receivers, rely upon trusted intermediaries such as banks, brokers, custodians and clearing firms.
