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Part 2: Evolusi Decentralized Finance (DeFi)

"DeFi adalah hasil dari 15 tahun inovasi teknologi yang memecahkan masalah-masalah fundamental sistem keuangan tradisional."

📚 Overview​

Di Part 1, kita melihat semua masalah sistem keuangan tradisional:

  • ❌ Centralized control
  • ❌ Inflation & money printing
  • ❌ Censorship & account freezing
  • ❌ Lack of transparency
  • ❌ Slow & expensive transactions
  • ❌ Financial exclusion

Di Part 2 ini, kita akan explore bagaimana teknologi blockchain & DeFi memecahkan masalah-masalah tersebut, satu per satu.

Durasi: 90 menit

🗓️ DeFi Timeline​

2009 ─────► 2015 ─────► 2017 ─────► 2018 ─────► 2020 ─────► 2021 ─────► 2022 ─────► 2023 ─────► 2024
Bitcoin    Ethereum   MakerDAO    Uniswap    DeFi       Layer 2    Liquid      Restaking   Maturity
                                             Summer                 Staking

1️⃣ 2009: Bitcoin - Digital Money​

🎯 The Problem Bitcoin Solved​

Question: Bagaimana membuat digital money yang:

  1. ✅ Tidak bisa di-double-spend (not copyable like MP3 files)
  2. ✅ Tidak butuh central authority (no bank, no government)
  3. ✅ Censorship-resistant (no one can freeze/reverse transactions)
  4. ✅ Fixed supply (tidak bisa diinflasi seperti fiat)

Before Bitcoin, ini dianggap IMPOSSIBLE! (Byzantine Generals Problem)

📜 The Genesis: October 31, 2008​

Satoshi Nakamoto (anonymous person/group) publish whitepaper:

"Bitcoin: A Peer-to-Peer Electronic Cash System"

Tanggal genesis block: January 3, 2009

Message di genesis block:

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

Context: UK government baru saja bailout banks (lagi) setelah 2008 financial crisis. Satoshi embed newspaper headline ini sebagai political statement - critique terhadap fiat money & bank bailouts.

Symbolic: Bitcoin launched sebagai alternative to traditional banking. 🚀

🔧 How Bitcoin Works​

Core Innovations:​

1. Blockchain (Distributed Ledger)

Analogi: Buku kas yang di-copy ke ribuan komputer sekaligus.

  • Setiap orang punya copy yang sama
  • Tidak ada satu "master copy" yang bisa dimanipulasi
  • Semua transaksi tercatat forever (immutable)

Benefits:

  • ✅ Transparent: Anyone can verify
  • ✅ Tamper-proof: Mengubah history requires majority consensus (practically impossible)
  • ✅ No single point of failure: Ribuan nodes, tidak ada yang bisa shutdown Bitcoin

2. Proof of Work (Consensus Mechanism)

Problem: Bagaimana ribuan komputer yang tidak saling kenal bisa agree on transaction history tanpa central authority?

Solution: Proof of Work (mining)

Cara kerja:

  1. Miners compete untuk solve puzzle matematika (sangat sulit)
  2. First miner yang solve → broadcast solution
  3. Other nodes verify solution (sangat mudah verify, sulit solve)
  4. Block accepted, miner dapat block reward (12.5 BTC di awal, sekarang 3.125 BTC)
  5. Repeat setiap ~10 menit

Incentive alignment:

  • ✅ Miners dibayar untuk honest work (secure network)
  • ❌ Attack network requires 51% computing power (billions of dollars, not worth it)

Analogy: Seperti lottery - semakin banyak komputer Anda, semakin besar chance menang. Tapi attacking requires lebih banyak power daripada seluruh network combined (impossibly expensive).

3. Fixed Supply (21 Million BTC)

Bitcoin Supply Schedule:

2009-2012: 50 BTC per block (~10 min) = 7,200 BTC per day
2012-2016: 25 BTC per block (halving #1)
2016-2020: 12.5 BTC per block (halving #2)
2020-2024: 6.25 BTC per block (halving #3)
2024-2028: 3.125 BTC per block (halving #4) ← We are here
...
~2140: Last bitcoin mined, total = 21,000,000 BTC

Halving terjadi setiap 210,000 blocks (~4 tahun).

Why 21 million?

  • Arbitrary choice oleh Satoshi
  • Bisa dibagi sampai 8 decimal places (1 BTC = 100,000,000 satoshis)
  • Scarcity adalah fitur, bukan bug (unlike fiat yang unlimited printing)

Impact: Bitcoin adalah deflationary asset (supply berkurang, demand naik → harga naik over time).

✅ What Bitcoin Achieved​

#1: Digital Scarcity

  • First time in history digital asset yang truly scarce
  • Cannot be copied (unlike MP3, JPG, PDF)
  • Cannot be printed more (unlike USD, IDR)

#2: Decentralization

  • No CEO, no company, no headquarters
  • ~16,000 nodes di 100+ countries
  • No one can shutdown (even if one country bans, it continues)

#3: Censorship Resistance

  • No bank can freeze your Bitcoin
  • No government can confiscate (if you control your private keys)
  • Transactions cannot be reversed (immutable)

#4: Permissionless

  • No KYC, no credit check, no bank account needed
  • Anyone with internet can use
  • 1.7 billion unbanked people suddenly have access to financial system

#5: Transparent

  • Every transaction visible on blockchain
  • Anyone can audit total supply (verify 21M cap)
  • No "trust us" like central banks

📊 Bitcoin By The Numbers (2024)​

  • Market Cap: ~$1.3 trillion (asset terbesar ke-9 di dunia, above silver!)
  • Daily Volume: ~$30-50 billion
  • Addresses: ~50 million active addresses
  • Nodes: ~16,000 full nodes globally
  • Hash Rate: 600+ EH/s (exahashes per second) - computing power yang mengamankan network
  • Countries with legal tender: 2 (El Salvador 2021, Central African Republic 2022)

Bitcoin is NOT an experiment anymore. It's infrastructure. 💪

❌ Bitcoin's Limitations​

Tapi... Bitcoin punya keterbatasan:

  1. ❌ Slow: ~7 transactions per second (TPS) vs Visa 65,000 TPS
  2. ❌ Expensive: $2-50 transaction fee saat network congested
  3. ❌ Not programmable: Cannot build complex financial applications on Bitcoin
  4. ❌ Volatility: Harga swing wild (not ideal for everyday purchases)

Bitcoin = Digital Gold (store of value) ✅ Bitcoin ≠ Programmable Money ❌

For DeFi, we need something more... 🤔

2️⃣ 2015: Ethereum - Smart Contracts & Programmable Agreements​

🧑‍💻 The Visionary: Vitalik Buterin​

2013: Vitalik Buterin (programmer muda, 19 tahun) realize Bitcoin's limitations.

Question:

"Bagaimana jika blockchain tidak hanya transfer money, tapi juga bisa menjalankan CODE?"

2013 November: Vitalik publish Ethereum Whitepaper

2014: Ethereum crowdsale (ICO) - raise $18 million

July 30, 2015: Ethereum mainnet launch 🚀

💡 Core Innovation: Smart Contracts​

Smart Contract = Program komputer yang berjalan di blockchain

Analogi: Vending machine

Traditional contract:

  • Anda sign perjanjian dengan lawyer
  • Butuh trust bahwa pihak lain akan fulfill
  • Jika breach → sue ke court (mahal, lambat)

Smart contract:

  • Anda write contract dalam code (Solidity)
  • Deploy ke blockchain
  • Contract automatically execute ketika conditions met
  • Trustless - tidak perlu trust pihak lain, trust the code
  • Immutable - tidak bisa diubah setelah deploy

Example:

// Traditional: "If user deposits ETH, I will give them tokens"
// (requires trust)

// Smart Contract:
function deposit() public payable {
    require(msg.value > 0, "Must send ETH");
    uint256 tokenAmount = msg.value * 100; // 1 ETH = 100 tokens
    token.transfer(msg.sender, tokenAmount); // Automatic!
}
// No trust needed - code will execute exactly as written

🔥 Ethereum Virtual Machine (EVM)​

EVM = "World Computer" yang menjalankan smart contracts

Karakteristik:

  • Turing-complete: Bisa menjalankan any computation (unlike Bitcoin Script)
  • Deterministic: Same input = same output, always
  • Replicated: Code execute di thousands of nodes sekaligus
  • Paid execution: Every computation cost gas (prevent spam & infinite loops)

Gas System:

Simple transfer: ~21,000 gas
Token transfer: ~65,000 gas
Complex DeFi swap: ~150,000 gas

Gas price = market-driven (supply & demand)
Typical: 20-100 gwei (0.00000002 - 0.0000001 ETH per gas unit)

Total fee = gas used × gas price
Example: 65,000 gas × 50 gwei = 0.00325 ETH (~$8 saat ETH=$2,500)

🌟 What Ethereum Unlocked​

#1: Decentralized Applications (DApps)

Sekarang developers bisa build:

  • Decentralized Exchanges (DEX)
  • Lending/Borrowing protocols
  • Stablecoins
  • NFT marketplaces
  • DAOs (Decentralized Autonomous Organizations)
  • Games, social networks, insurance, dll

#2: Composability ("Money Legos")

Smart contracts bisa call other smart contracts!

Example:

  1. You call Uniswap to swap ETH → USDC
  2. Uniswap automatically calls another contract to check price
  3. Then calls token contracts to transfer
  4. All in one transaction, atomic (either all succeed or all fail)

Analogy: Lego blocks - combine different protocols to create new functionality.

This is REVOLUTIONARY! Traditional finance APIs cannot do this (setiap platform closed, tidak interoperable).

#3: Open Financial Primitives

Ethereum provides building blocks untuk finance:

  • Tokens (ERC-20, ERC-721, ERC-1155)
  • Automated Market Makers
  • Lending pools
  • Oracles (price feeds)
  • Governance systems

Anyone can combine these to create new financial products without permission.

Traditional finance: Need banking license, regulatory approval (10+ years, millions $) DeFi: Deploy smart contract (10 minutes, $50 gas fee) ✅

📊 Ethereum By The Numbers (2024)​

  • Market Cap: ~$400 billion (#2 crypto)
  • Daily Transactions: ~1.2 million
  • Smart Contracts Deployed: 60+ million
  • TVL (Total Value Locked in DeFi): ~$80 billion
  • DApps: 4,000+ active
  • Developers: 200,000+ (largest blockchain dev community)

Ethereum = Operating system for decentralized finance 🖥️

⚙️ The Merge (2022): Proof of Stake​

September 15, 2022: Ethereum transitioned dari Proof of Work → Proof of Stake

Benefits:

  • ✅ 99.95% less energy consumption (environmental concern solved)
  • ✅ Lower issuance: ~1,600 ETH per day (was ~13,000) → deflationary pressure
  • ✅ Staking rewards: ETH holders dapat ~4-5% APR untuk stake

Proof of Stake:

  • Validators stake 32 ETH (collateral)
  • Randomly selected untuk propose blocks
  • Malicious behavior → slash stake (lose ETH)
  • Much more capital efficient & environmentally friendly

3️⃣ 2017: MakerDAO - Collateralized Debt & Stablecoins​

🎯 The Stablecoin Problem​

Problem: Crypto sangat volatile

Bitcoin:
- 2017: $1,000 → $19,000 (19x) → $3,000 (down 85%)
- 2021: $10,000 → $69,000 (7x) → $16,000 (down 77%)

Ethereum:
- 2017: $10 → $1,400 (140x) → $80 (down 94%)
- 2021: $700 → $4,800 (7x) → $900 (down 81%)

Impact:

  • ❌ Cannot price goods/services (harga berubah setiap menit)
  • ❌ Merchants tidak mau accept (terlalu risky)
  • ❌ Cannot use as unit of account
  • ❌ Tidak bisa saving (nilai bisa hilang 50% overnight)

We need "stable" cryptocurrency yang track USD/fiat! 🎯

💵 Stablecoin Solutions​

Approach #1: Centralized (USDT, USDC)​

Cara kerja:

  • Company (Tether, Circle) pegang USD di bank
  • Issue 1 USDT/USDC untuk setiap 1 USD
  • Redeemable 1:1

Benefits:

  • ✅ Simple
  • ✅ Capital efficient (1 USD = 1 stablecoin)

Problems:

  • ❌ Centralized: Company could freeze your funds
  • ❌ Trust required: Do they ACTUALLY have USD backing? (many doubts about Tether)
  • ❌ Censorship: USDC blacklisted 100+ addresses (Tornado Cash users)
  • ❌ Bank risk: If bank fails, backing is lost

This is NOT truly decentralized! 😞

Approach #2: Algorithmic (Luna/UST, Basis Cash)​

Cara kerja:

  • No collateral, pure algorithm
  • Mint/burn mechanism untuk maintain peg

Example (Luna/UST):

  • If UST > $1 → Anyone can burn $1 LUNA, mint 1 UST, sell for profit → UST supply naik → price turun ke $1
  • If UST < $1 → Anyone can buy UST cheap, burn for $1 LUNA → UST supply turun → price naik ke $1

Result: FAILED SPECTACULARLY! 💀

  • May 2022: UST de-pegged 0.90 → 0.60 → $0.10 in 3 days
  • $40 billion value lost (one of biggest crypto crashes ever)
  • Luna (LUNA token) went $119 → $0.0001 (99.9999% loss)

Lesson: Algorithmic stablecoins dengan no collateral = death spiral waiting to happen.

Approach #3: Over-Collateralized (MakerDAO/DAI) ✅​

December 2017: MakerDAO launch DAI stablecoin

Core Concept: DAI is backed by crypto collateral (ETH, BTC, other tokens)

🏦 How MakerDAO Works​

Analogy: Decentralized pawn shop

Traditional pawn shop:

  • You bring gold
  • Pawn shop kasih loan (cash)
  • You pay back loan + interest → get gold back
  • You default → pawn shop keep gold

MakerDAO:

  • You deposit ETH (collateral)
  • Smart contract mint DAI untuk Anda (loan)
  • You pay back DAI + interest → get ETH back
  • You default (ETH price turun terlalu banyak) → Liquidation, ETH dijual untuk cover DAI

Step-by-step Example:

1. Open Vault (Collateralized Debt Position)

You deposit: 10 ETH (worth $25,000 @ $2,500/ETH)
Collateralization ratio required: 150% minimum
Max DAI you can borrow: $25,000 / 1.5 = $16,666 DAI
You decide borrow: $10,000 DAI (safe, 250% ratio)

2. Use DAI

  • Trade on DEX
  • Provide liquidity
  • Buy more crypto
  • Whatever you want!

3. Pay Back

You return: $10,000 DAI + interest (5% APR = $500 per year)
You get back: 10 ETH

4. Liquidation Risk

If ETH price drops dari $2,500 → $1,600:
Your collateral value = 10 ETH × $1,600 = $16,000
Your debt = $10,000 DAI
Collateralization ratio = $16,000 / $10,000 = 160%

If drops to 150% → LIQUIDATION!
Bot akan buy your ETH to repay DAI debt
You lose 13% penalty + your ETH sold

Incentive: Keep ratio high (200%+) untuk safety!

✅ Why DAI is Revolutionary​

#1: Decentralized

  • No company behind it
  • Governed by MakerDAO (token holders vote on parameters)
  • Smart contracts are transparent (anyone can audit)

#2: Censorship-Resistant

  • No one can freeze your DAI (unlike USDC)
  • Permissionless - anyone can mint

#3: Over-Collateralized = Stable

  • Even if ETH drops 40%, DAI is safe (liquidations cover)
  • Proven through multiple crashes (2020 Black Thursday, 2022 bear market)

#4: Composable

  • Use DAI in other DeFi protocols (Uniswap, Aave, Compound)
  • "Money legos"

📊 MakerDAO By The Numbers (2024)​

  • DAI Supply: ~5 billion (3rd largest stablecoin)
  • Collateral Types: 20+ (ETH, WBTC, USDC, real-world assets)
  • TVL: ~$8 billion
  • Stability Fee (interest): 3-8% APR (voted by governance)
  • Users: 100,000+ vaults opened

DAI proved decentralized stablecoins CAN work! 🎉

4️⃣ 2018: Uniswap V1 - Automated Market Makers (AMM)​

🎯 The DEX Problem​

Before Uniswap, decentralized exchanges (DEX) used Order Books:

Order Book Model (like traditional exchanges):

Buyers place bids: "I want buy ETH @ $2,400"
Sellers place asks: "I want sell ETH @ $2,420"
When bid & ask match → trade execute

Problems with Order Books on Blockchain:

  1. ❌ Gas intensive: Every order placement/cancellation = transaction (expensive!)
  2. ❌ Slow: Ethereum blocks every ~12 seconds (cannot do high-frequency trading)
  3. ❌ Poor UX: Need to wait untuk order fill (might never fill)
  4. ❌ Liquidity fragmentation: Different prices on different DEXs
  5. ❌ Front-running: Bots can see your pending transaction & front-run you

Order books work great on centralized exchanges (Coinbase, Binance) dengan off-chain matching. Tapi di blockchain? Terrible. 😞

💡 Hayden Adams & The Birth of Uniswap​

2018: Hayden Adams (mechanical engineer, baru di-fired dari job) belajar Solidity

Inspiration: Vitalik's post tentang "x * y = k" automated market maker formula

July 2018: Hayden launch Uniswap V1 - hanya 300 lines of Solidity code!

Revolutionary idea: No order book. Use liquidity pools instead!

🏊 How Uniswap Works (AMM Model)​

Automated Market Maker (AMM):

  • Liquidity Pool holds 2 tokens (e.g., ETH/DAI)
  • Formula x * y = k determines price algorithmically
  • Anyone can trade instantly (no waiting untuk order match)
  • Anyone can provide liquidity (become "market maker")

Key Roles:

1. Liquidity Providers (LPs):

  • Deposit token pair (e.g., 10 ETH + 25,000 DAI)
  • Receive LP tokens (proof of deposit)
  • Earn trading fees (0.3% dari setiap swap)

2. Traders/Swappers:

  • Swap token instantly (ETH → DAI)
  • Pay 0.3% fee (goes to LPs)
  • Price determined by pool ratio

📐 The Magic Formula: x * y = k​

Constant Product Formula:

x = jumlah Token A di pool
y = jumlah Token B di pool
k = konstanta (harus selalu tetap)

x × y = k

Example:

Initial state:

Pool: 100 ETH × 250,000 DAI = 25,000,000 (k)
Price: 250,000 / 100 = 2,500 DAI per ETH

Trader wants swap 10 ETH → DAI:

New ETH amount: 100 + 10 = 110 ETH
To keep k same: 110 × y = 25,000,000
y = 25,000,000 / 110 = 227,273 DAI (remaining)

DAI given to trader: 250,000 - 227,273 = 22,727 DAI

Effective price: 22,727 / 10 = 2,272.7 DAI per ETH
(Cheaper than initial 2,500 because of price impact!)

New pool state: 110 ETH × 227,273 DAI = 25,000,000 ✅

Price automatically adjusts based on supply & demand! 📊

Kita akan deep dive lebih dalam di Part 3 dengan analogi petani!

✅ Why Uniswap is Revolutionary​

#1: Instant Liquidity

  • No waiting untuk order match
  • Every trade execute immediately
  • Works 24/7 (tidak ada "market closed")

#2: Permissionless Listing

  • Anyone can create pool untuk any token (no listing fee!)
  • Contrast: Binance charge $100,000+ untuk list token

#3: Passive Income untuk LPs

  • Earn fees dari trading volume
  • Like being market maker (previously only for professionals)
  • APRs: 5-100%+ depending on pair

#4: Censorship-Resistant

  • No one can delist token
  • No KYC required
  • Smart contract tidak bisa di-shutdown

#5: Transparent

  • All prices & liquidity on-chain
  • Cannot manipulate (unlike CEX wash trading)

#6: Composable

  • Other protocols bisa integrate Uniswap (aggregators, wallets, other DeFi)
  • "Money legos" effect

📊 Uniswap By The Numbers (2024)​

Uniswap V2 (2020) & V3 (2021) improvements:

  • All-time volume: $2+ trillion 🤯
  • Daily volume: $1-3 billion
  • TVL: $5-6 billion
  • Tokens listed: 5,000+
  • Liquidity providers: 500,000+
  • Market share: 60-70% dari DEX volume (dominant!)

Uniswap = paling sukses DeFi protocol ever! 🏆

UNI token:

  • Market cap: ~$7 billion
  • Governance: UNI holders vote on protocol upgrades
  • Fee switch: Potential untuk activate protocol fee (revenue to UNI holders)

5️⃣ 2020: DeFi Summer - Composability & "Money Legos"​

🌞 The Explosion​

June-September 2020: DeFi TVL (Total Value Locked) explode dari $1 billion → $15 billion (15x dalam 4 bulan!)

What Happened?

🧬 Key Protocols Launch​

Compound Finance (COMP Token Launch)

  • June 2020: Compound launch liquidity mining (yield farming)
  • Lend/borrow protocol yang bayar user dengan COMP token
  • APYs: 50-200% (insane!)

Mechanism:

You deposit 100 USDC to Compound
You earn interest: 3% APR dari borrowers
PLUS you earn COMP tokens: 30% APR (worth $300)
Total APY: 33% 🤑

Result: Everyone deposit semua uang mereka → TVL explode!

Yearn Finance (YFI Token)

  • July 2020: Andre Cronje launch Yearn
  • Automated yield farming aggregator
  • YFI token launched dengan NO pre-mine, NO VC, NO founder allocation (fair launch!)
  • YFI price: $0 → $40,000 dalam 6 minggu (infinity% gain!) 🚀

SushiSwap (SUSHI Token)

  • August 2020: Anonymous dev ("Chef Nomi") fork Uniswap
  • Added token incentives (vampire attack!)
  • Attracted $1.5 billion liquidity dari Uniswap dalam 1 minggu
  • Drama: Chef Nomi dump $14M → community takeover → successful (masih ada sampai sekarang)

Aave, Curve, Synthetix, Balancer...

  • Dozens protokol launch dalam months
  • Each dengan token incentives
  • Total TVL: $15B+ by September 2020

🪙 Yield Farming & Liquidity Mining​

Yield Farming = menggunakan crypto untuk earn maksimum rewards

Example strategy (2020):

Step 1: Deposit ETH di Aave → earn interest + AAVE tokens
Step 2: Borrow DAI (using ETH collateral) → earn AAVE tokens for borrowing!
Step 3: Provide DAI/USDC liquidity di Curve → earn trading fees + CRV tokens
Step 4: Stake CRV → earn veCRV (voting power) + boost rewards
Step 5: Deposit Curve LP tokens di Yearn → earn YFI tokens

Total APY: 200-500% (minus gas fees & risks)

Insane complexity, tapi yields are crazy! 🌾

🏗️ Composability: "Money Legos"​

Composability = kemampuan untuk combine multiple protocols dalam satu transaction

Example - 1 transaction doing:

  1. Flash loan 10,000 ETH dari Aave (no collateral!)
  2. Swap di Uniswap: ETH → DAI
  3. Provide liquidity di Curve: DAI/USDC
  4. Stake LP tokens di Yearn
  5. Repay flash loan + fee (0.09%)

All in less than 13 seconds, atomically! (Either all succeed or all fail, no in-between)

This is IMPOSSIBLE in traditional finance! Bank APIs cannot talk to each other like this. 🤯

📊 DeFi Summer Impact​

TVL Growth:

Jan 2020: $700 million
Jun 2020: $1 billion
Sep 2020: $15 billion
Nov 2021: $180 billion (peak!)

Cultural Impact:

  • "Ape into farms" meme culture
  • Discord/Telegram degenerate culture
  • Anonymous devs launching protocols
  • Fair launches (no VCs)
  • Community governance

Innovation:

  • Flash loans
  • Liquidity mining
  • Vote escrow tokenomics (veCRV model)
  • Protocol-owned liquidity
  • Real yield vs ponzinomics

DeFi tidak lagi eksperimen. It's a parallel financial system! 💪

6️⃣ 2021: Layer 2 Scaling - Cheaper Transactions​

⛽ The Gas Fee Problem​

Problem: Ethereum mainnet terlalu mahal!

2021 Bull Run Gas Prices:

Simple ETH transfer: $20-50
Token swap di Uniswap: $100-200
Complex DeFi transaction: $500-1,000
NFT mint: $200-500

Absurd! Hanya orang kaya yang bisa afford. DeFi not accessible untuk retail. 😞

🚀 Layer 2 Solutions​

Layer 2 (L2) = blockchain yang run on top of Ethereum (Layer 1)

How it works:

  1. Transactions execute di L2 (fast & cheap)
  2. L2 periodically submit "rollup" dari banyak transactions ke Ethereum L1
  3. Ethereum secure semua L2 transactions (inherit Ethereum security)

Types:

Optimistic Rollups:

  • Optimism, Arbitrum, Base
  • Assume transactions valid (optimistic!)
  • 7-day challenge period (anyone can prove fraud)
  • Gas: ~10-50x cheaper than Ethereum

Example:

  • Mainnet swap: $100
  • Optimism swap: $5-10 ✅

ZK-Rollups:

  • zkSync, StarkNet, Polygon zkEVM, Scroll
  • Use zero-knowledge proofs (cryptographic math)
  • Instant finality (no challenge period)
  • Gas: ~100-500x cheaper than Ethereum

Example:

  • Mainnet swap: $100
  • zkSync swap: $0.20-1 ✅

Side Chains:

  • Polygon PoS, BSC, Avalanche
  • Separate blockchain (less secure, more centralized)
  • Very cheap ($0.01-0.10 per transaction)

📊 L2 Adoption (2024)​

Top L2s by TVL:

  1. Arbitrum: ~$18B TVL
  2. Optimism: ~$7B TVL
  3. Base (Coinbase L2): ~$10B TVL
  4. Polygon zkEVM: ~$1B TVL

Total L2 TVL: ~$40B (hampir 50% dari Ethereum mainnet!)

Transaction volume:

  • Ethereum L1: ~1.2M tx/day
  • All L2s combined: ~5M+ tx/day

L2s are scaling Ethereum successfully! 🎉

🏦 Impact on DeFi​

Benefits:

  • ✅ Affordable untuk retail users ($1-5 per transaction)
  • ✅ Fast (instant confirmations)
  • ✅ Same security as Ethereum (untuk Optimistic & ZK rollups)
  • ✅ All major DeFi protocols ada di L2 (Uniswap, Aave, Curve, dll)

Lisk is also an L2! (OP Stack Optimistic Rollup)

  • 97% cheaper than Ethereum
  • EVM-compatible (semua Ethereum smart contracts compatible)

7️⃣ 2022: Liquid Staking - Productive Capital​

🔒 The Staking Problem​

After The Merge (Sept 2022), Ethereum use Proof of Stake:

Regular staking:

  • Stake 32 ETH → become validator
  • Earn ~4-5% APR
  • Problem: ETH is LOCKED (cannot withdraw until Shanghai upgrade, 6+ months away)
  • Problem: Cannot use in DeFi while staked

Opportunity cost: If you stake, you lose DeFi yields (Uniswap LP, Aave lending, dll). 😞

💧 Liquid Staking Tokens (LSTs)​

Solution: Lido Finance & Liquid Staking Derivatives

How it works:

  1. You deposit ETH to Lido
  2. Lido stake your ETH ke validators
  3. You receive stETH (liquid staking token)
  4. stETH earns staking rewards automatically (balance increases)
  5. You can use stETH in DeFi (trade, provide liquidity, use as collateral)

Magic: Your ETH is staked (earning rewards) AND liquid (can use in DeFi)! 🪄

Example:

You have: 10 ETH

Option A (Regular Staking):
- Stake 10 ETH → earn 4.5% APR = 0.45 ETH/year
- Locked, cannot use ❌

Option B (Liquid Staking via Lido):
- Deposit 10 ETH → receive 10 stETH
- stETH earns 4.5% APR staking rewards (auto-compounds)
- Provide stETH/ETH liquidity di Curve → earn 2% APR trading fees + CRV rewards
- Borrow DAI against stETH di Aave → use for more yield farming
- Total APY: 4.5% + 2% + more = 8-15% 🚀

Productive capital! ETH not idle, working multiple jobs. 💪

📊 Liquid Staking Protocols (2024)​

Lido Finance:

  • TVL: ~$25B (largest DeFi protocol!)
  • Market share: 30% dari semua ETH staked
  • stETH supply: ~9.5 million stETH
  • Use cases: Collateral di Aave/Maker, LP di Uniswap/Curve, leverage strategies

Other LST protocols:

  • Rocket Pool (rETH): Decentralized alternative to Lido
  • Frax Ether (frxETH): Stablecoin issuer's LST
  • Coinbase Wrapped Staked ETH (cbETH): Centralized option

Total Liquid Staked ETH: 12 million ETH ($30B)

Liquid staking dominates Ethereum staking! Most people prefer liquidity over slightly higher native staking yield.

8️⃣ 2023-2024: Restaking - Securing Multiple Protocols​

🔐 The Security Problem​

New blockchain protocols need security:

Traditional approach:

  • Launch own token
  • Incentivize staking untuk secure network
  • Problem: Hard untuk bootstrap initial security (chicken-egg problem)
  • Problem: Each network has separate security (fragmented)

Example:

  • New oracle network needs validators
  • New L2 needs decentralized sequencers
  • New bridge needs guardians

Each butuh large token market cap untuk security. Tidak efisien! 😞

🔄 EigenLayer: Restaking Innovation​

June 2023: EigenLayer launch mainnet

Core Idea: "Reuse" Ethereum's security untuk secure other protocols

How Restaking Works:

Step 1: Stake ETH di Ethereum (or use stETH dari Lido)

Step 2: Restake di EigenLayer

  • Opt-in to secure "Actively Validated Services" (AVS)
  • AVS examples: Oracles, bridges, sequencers, coprocessors

Step 3: Earn Additional Rewards

  • Base Ethereum staking: 4.5% APR
  • Restaking rewards dari AVS: 2-10% APR additional
  • Total: 6.5-14.5% APR 🤑

Step 4: Risk

  • If validator misbehave (on Ethereum OR on AVS) → slash (lose stake)
  • Higher reward = higher risk (need to validate multiple protocols correctly)

Benefits:

For Stakers:

  • ✅ Earn more yield from same capital
  • ✅ Support new protocols

For AVS (new protocols):

  • ✅ Instant security (leverage Ethereum's $50B+ staked)
  • ✅ Tidak perlu bootstrap own validator set
  • ✅ Cheaper (pay rewards, tapi tidak perlu high token price untuk security)

For Ethereum:

  • ✅ More use cases untuk ETH
  • ✅ Stronger ecosystem (more protocols secured by Ethereum)

📊 EigenLayer By The Numbers (2024)​

  • TVL: ~$15B (fastest-growing DeFi protocol!)
  • Restaked ETH: ~5.5 million ETH
  • Operators (validators): 500+
  • AVS launched: 20+ (oracles, bridges, ZK provers, dll)

Protocols using EigenLayer:

  • EigenDA (data availability layer)
  • Hyperlane (interoperability)
  • AltLayer (rollup-as-a-service)
  • Many more coming...

🎯 The Vision: "Cryptoeconomic Security as a Service"​

Future:

  • Ethereum becomes security layer for all Web3
  • Any protocol can "rent" security dari ETH stakers
  • More efficient capital allocation
  • Stronger ecosystem effects

Risks:

  • Systemic risk (cascading slashing if validators fail multiple AVS)
  • Complexity (validators need run multiple software)
  • Centralization risk (large operators have advantage)

Still early, tapi promising innovation! 🚀

🎯 DeFi Today: Mature & Institutional​

📊 DeFi Statistics (2024)​

Total Value Locked (TVL):

  • Peak (Nov 2021): $180B
  • Bear market low (Nov 2022): $40B
  • Current (2024): $80-100B

Top Protocols by TVL:

  1. Lido: ~$25B (liquid staking)
  2. EigenLayer: ~$15B (restaking)
  3. Aave: ~$12B (lending)
  4. MakerDAO: ~$8B (stablecoin)
  5. Uniswap: ~$6B (DEX)

Daily Trading Volume: $5-10B Unique Active Wallets: 5-10M monthly Total Transactions: 100M+ per month (across all chains)

🏦 Institutional Adoption​

Major Institutions in DeFi:

2024 Headlines:

  • BlackRock tokenize $100M money market fund di Ethereum
  • JP Morgan use blockchain untuk collateral settlement
  • Goldman Sachs explore DeFi for repo markets
  • Franklin Templeton launch tokenized fund
  • Visa settle USDC transactions on-chain

Regulatory Progress:

  • MiCA (EU): Comprehensive crypto regulation passed
  • Hong Kong: Retail crypto trading licensed
  • Singapore: DeFi not considered securities (clarity!)

DeFi tidak lagi underground. It's going mainstream! 🌐

🧠 Key Lessons: The DeFi Stack​

DeFi adalah hasil dari layers of innovation:

Layer 7: Restaking (EigenLayer)
           ↓
Layer 6: Liquid Staking (Lido, Rocket Pool)
           ↓
Layer 5: Layer 2 Scaling (Arbitrum, Optimism, Base, Lisk)
           ↓
Layer 4: Composability & Yield (Aave, Curve, Yearn)
           ↓
Layer 3: DEX & AMMs (Uniswap, SushiSwap)
           ↓
Layer 2: Stablecoins (MakerDAO/DAI, USDC)
           ↓
Layer 1: Smart Contracts (Ethereum)
           ↓
Layer 0: Digital Money (Bitcoin)

Each layer builds on previous layers! 🏗️

✅ What DeFi Achieved (vs TradFi Problems)​

Recall Part 1 problems:

TradFi ProblemDeFi Solution✅
Centralized controlDecentralized protocols✅
Censorship & freezingPermissionless, immutable✅
Inflation (money printing)Fixed supply tokens (BTC, ETH post-merge deflationary)✅
No transparencyAll on-chain, auditable✅
Slow & expensive (intl)Near-instant, cheap (especially L2)✅
Financial exclusionAnyone with internet can participate✅
Too big to fail (bailouts)No bailouts (code is law)✅
Intermediaries take cutsDirect peer-to-peer (or peer-to-smart-contract)✅
No privacyOptional privacy (Tornado Cash, zk-proofs)⚠️ (still developing)
Fractional reserve riskTransparent reserves, over-collateralization✅

DeFi successfully solved MOST of TradFi's problems! 🎉

🔜 The Future: What's Next?​

Trends to watch:

1. Real-World Assets (RWAs)

  • Tokenize real estate, bonds, commodities
  • Bring trillions dari TradFi on-chain
  • Protocols: Centrifuge, Goldfinch, Ondo Finance

2. Account Abstraction (ERC-4337)

  • Smart wallets (gasless, social recovery, batching)
  • Improve UX drastically
  • We're using this in Kelas Rutin (Panna SDK)! ✅

3. Privacy (ZK-proofs)

  • Private DeFi transactions
  • Regulatory-compliant privacy
  • Protocols: Aztec, Railgun

4. Cross-chain Interoperability

  • Seamless transfers across chains
  • Unified liquidity
  • Protocols: LayerZero, Wormhole, Axelar

5. On-chain Identity & Credit

  • Decentralized identity (DID)
  • On-chain credit scores
  • Undercollateralized loans
  • Protocols: Worldcoin, Polygon ID

🎓 Conclusion​

From 2009 to 2024, DeFi evolved from "magic internet money" (Bitcoin) to a $100B+ parallel financial system dengan:

  • ✅ Stablecoins ($180B market cap)
  • ✅ DEXs ($5-10B daily volume)
  • ✅ Lending/borrowing ($20B+ TVL)
  • ✅ Liquid staking ($30B+ TVL)
  • ✅ Institutional adoption (BlackRock, JP Morgan, dll)

The innovations:

  • 2009: Bitcoin (digital money)
  • 2015: Ethereum (smart contracts)
  • 2017: MakerDAO (decentralized stablecoins)
  • 2018: Uniswap (AMMs)
  • 2020: DeFi Summer (composability)
  • 2021: Layer 2s (scalability)
  • 2022: Liquid Staking (capital efficiency)
  • 2023: Restaking (shared security)

Each solved critical problems & unlocked new possibilities! 🚀

🔜 Next Up: Deep Dive into AMM​

Di Part 3: Understanding Automated Market Makers →, kita akan:

  • Explore x * y = k formula secara detail
  • Analogi petani dari Whiteboard Crypto (apel & kentang)
  • Calculate swaps step-by-step
  • Understand slippage & price impact
  • Learn tentang Liquidity Providers & incentives
  • Understand Impermanent Loss (biggest risk untuk LPs!)

Sekarang kita punya context. Time to deep dive into HOW it actually works! 💪

📚 Further Reading & Resources​

Articles​

Podcasts​

  • Bankless (best DeFi podcast, daily episodes)
  • The Defiant (weekly DeFi news)
  • Unchained (Laura Shin, interviews with founders)

Books​

  • "How to DeFi" by CoinGecko (beginner-friendly)
  • "The Infinite Machine" by Camila Russo (Ethereum history)

Play & Learn​

Ready untuk deep dive into AMM? Let's go! Part 3 → 🚀