Ernst & Young – DeFi is one of the latest and possibly the most significant milestones in the evolution of internet-based digital assets and finance. Over time, this decentralized ecosystem and its participants will converge with experienced institutions, who act as the trusted gatekeepers of the traditional financial system. Whether or not institutions prepare to fight or embrace this new technology and form of intermediation will have significant impacts on how they operate and their prolonged success in the emerging digital economy.