Decentralized finance as an alternative to traditional financial intermediation

Abstract

This article examines decentralized finance as an institutional and technological alternative to traditional financial intermediation in the Russian Federation. The economic nature of protocol-based liquidity redistribution, the role of smart contracts, tokenization, and digital financial assets are explored. It is demonstrated that decentralized instruments can reduce transaction costs, expand access to capital, and create new investment channels. However, they are accompanied by technological, legal, fiscal, and systemic risks that require balanced government regulation.