Decentralized Finance (“DeFi”) refers to various financial products and services that allow people to transact directly with each other using blockchain technology instead of central intermediaries like traditional banks or stock exchanges. By eliminating central intermediaries, DeFi has the potential to increase the efficiency and speed of financial transactions, extend the reach of finance to those without access to traditional services, and enable direct transactions in a trustless and permissionless setting.
Although DeFi has great potential, it has certain limitations and risks. Built using code for blockchain technologies, DeFi applications are susceptible to coding errors, hacks, and service outages. In addition, people who custody their own digital assets must secure them against inadvertent loss and cyber-attacks without the help of a central actor to redress problems. Users of DeFi applications must likewise understand counter-party risks and liability issues before depositing their assets in a protocol. From a regulatory perspective, DeFi presents money laundering and illicit financing risks because it allows people to transact without disclosing their identities. Current DeFi protocols operate with little regulatory oversight, and important questions remain about how existing financial laws and regulations will be applied to DeFi. Lawmakers and regulators are grappling with how to address DeFi’s current limitations and risks while also allowing it to reach its full potential. Institutional investors are not yet ready to adopt DeFi until some of these limitations are addressed.
The objective of the 2023 FinAccelerate DeFi Challenge is to seek out innovative solutions to some or all of the limitations and risks associated with DeFi. The Challenge is open to any interested party (individual or entity) that can offer a solution to the limitations. Those solutions can be singular or a combination of the following:
Submissions for the Challenge to be no more than two (2) pages in length and in summary format (see form by clicking the SUBMIT button below).
Submissions can include:
Submissions that include the Required Information will be gathered, collated, and distributed to interested FinAccelerate program influencers (see: www.finaccelerate.com for influencer bios). Some of the collated submissions may also be published in a publication that will be distributed via email, website download, social media and press release. A judging panel described below will evaluate submissions and choose a number of participants to have virtual meetings with interested FinAccelerate influencers and others.Submit
The 2023 FinAccelerate DeFi Challenge (the “Challenge”) is organized by Jones Day (the “Organizer”). Any party that makes a submission to the Challenge or otherwise provides or shares any information or content with the Organizer in connection with the Challenge (such submission, information or content, a “Submission”) (the “Participant”) agrees to be bound by these Challenge Rules and Conditions (the “Rules”) in full and any decisions of the Organizer or Judges (defined below), which are binding and final on matters relating to this Challenge.