Trust is a key resource in financial transactions. Traditional financial institutions, and novel blockchain‐based decentralized financial (DeFi) services rely on fundamentally different sources of trust and confidence. The former relies on heavy regulation, trusted intermediaries, clear rules (and restrictions) on market competition, and long‐standing informal expectations on what banks and other financial intermediaries are supposed to do or not to do. The latter rely on blockchain technology to provide confidence in the outcome of rules encoded in protocols and smart contracts. Their main promise is to create confidence in the way the blockchain architecture enforces rules, rather than to trust banks, regulators, and markets. In this article, we compare the trust architectures surrounding these two financial systems. We provide a deeper analysis of how proposed regulation in the blockchain space affects the code‐ and confidence‐based architectures which so far have underwrote DeFi. We argue that despite the solid safeguards and guarantees which code can offer, the confidence in DeFi is still very much dependent on more traditional trust‐enhancing mechanisms, such as code governance, and antifraud regulation to address some of the issues which currently plague this domain, and which have no immediate, purely software‐based solutions. What is more, given the risks of bugs or scams in the DeFi space, regulation and trusted intermediaries may need to play a more active role, in order for DeFi to gain the trust of the next generation of users.

中文翻译：

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背景下的信任：监管对区块链和 DeFi 的影响


信任是金融交易中的关键资源。传统金融机构和基于区块链的新型去中心化金融 （DeFi） 服务依赖于根本不同的信任和信心来源。前者依赖于严格的监管、值得信赖的中介机构、明确的市场竞争规则（和限制），以及对银行和其他金融中介机构应该做什么或不做什么的长期非正式期望。后者依靠区块链技术为协议和智能合约中编码的规则的结果提供信心。他们的主要承诺是建立对区块链架构执行规则方式的信心，而不是信任银行、监管机构和市场。在本文中，我们比较了围绕这两个金融系统的信任架构。我们更深入地分析了区块链领域的拟议监管如何影响迄今为止支撑 DeFi 的基于代码和信心的架构。我们认为，尽管代码可以提供坚实的保障和保证，但对 DeFi 的信心仍然在很大程度上依赖于更传统的信任增强机制，例如代码治理和反欺诈监管，以解决目前困扰该领域的一些问题，并且没有直接的、纯粹基于软件的解决方案。更重要的是，鉴于 DeFi 领域存在漏洞或诈骗的风险，监管和受信任的中介机构可能需要发挥更积极的作用，以使 DeFi 获得下一代用户的信任。