Term Structure's slides for ETH Taipei 2023.

1. 1
Evolution of DeFi :
Fixed Income Protocols
https://termstructure.com/
ETH Taipei 2023

2. 2
Building Blocks in TradFi and DeFi

3. 3
Potential Market Size
Fixed Income
USD 100+ trillion
Interest Rate Derivatives
USD 600+ trillion
Top 10 DeFi
Lending
Total Value Locked
USD 12 billion

4. 4
DeFi Product Complexity Curve
Discount
Factor
Interest Rate
Parity
Black-Scholes
Model
Bond Markets
Interest Rate Swaps
Forwards
Term Futures
Options
Structured Products
Money Markets

5. 5
Making Market Structure Complete
Primary
Dealers
Fixed
Rates
Repurchase
Markets
Fixed
Maturity
Secondary
Markets
Market
Driven
Primary
Markets
Fixed Income
Markets

6. 6
Lost in Maze ?
AMM
Peer to Pool
L3
Gas Fee
Withdraw
L1
Composability
L2 Privacy
Data Integrity
Peer to Peer
ZK Rollup

7. Primary Markets
Secondary Markets
Repo Markets
Auction
Orderbook
Data
Availability
zkTrue-up
ERC 20
Composability
Reopen &
Primary Dealership
Solution
Unlock
DeFi
7

8. 8
Evolution of Lending Protocols
P2Pool + AMM
P2P + AMM
P2P + ZK Order Book
Customized ZK
Layer 2 Fees
Gas Fees
Custodial Wallet
Non-custodial Wallet
Non-custodial Wallet + ZK
V1 V2 V3
C
o
s
t
Efficiency
Security with Scalability

9. Use Cases
Primary Markets
Secondary Markets
Repo Markets
Term Futures
Stablecoin
Issuers
Crypto
Service Providers
Account
Receivables
Real World
Asset Investors
Miners
Option Traders
Investors
Margin
Investors
Forwards
9

10. TradFi Precedents
Mint
Mint
10
Payment Investment Reserve
Money Markets
Foreign Exchange
Fixed Income
Equity
Structured Products
Aave
Compound
Curve
CNY
Clearing Banks
Off-Chain Assets
Uniswap Term Structure
Native
Cryptos
CNH
USD
Stables

11. Regulation Web3 Community Developers
A Brighter Future
Financial Inclusion
DeFi as a Service DeFi as a Product
Fintech Innovation Real Economic Assets Token Circulation Market Infrastructure
11

12. 12
Thank you
jerry.li@termstructure.com
Making DeFi Complete
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