Universitas Islam Negeri Alauddin Makassar Proceedings, The 1st International Conference on Science and Islamic Studies (ICOSIS-2023)

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The trends of decentralized finance (DeFI) as the digital financial ecosystem of the Indonesian community in the metaverse era
Syahruddin Kadir, Muslimin Kara, Abd. Rauf Amin, Muzdalifah Muhammadun

Last modified: 2023-10-02

Abstract


Since post-covid-19, the world of technology has been growing, one of which is digital transformation in the metaverse era. In terms of the economy, there is great potential that if it is prohibited and not utilized it will result in many outgoing investments such as cryptocurrency transactions, and currently, the service is powered by blockchain technology with one of its capabilities, namely decentralized finance. This study aims to determine the concept and popularity of decentralized finance (Decentralized Finance/DeFi) in the metaverse era. The method used in this research is library research through secondary data collection and analysis using qualitative descriptive techniques. The results of this study explain that DeFi is a new ecosystem that has emerged in the world of digital technology powered by blockchain technology and operates without a central authority such as a bank and government interference. The DeFi system is very open to anyone who has an internet connection integrated with smart contracts, the ability of which can reduce costs. In Indonesia, the popularity of DeFi has increased through cryptocurrency trading, namely 17 million customers in 2023 compared to the previous year. Cryptocurrency trading has contributed to the Indonesian economy, namely for the period May - December 2022 in the amount of IDR 246.5 billion, taxes have been collected on cryptocurrency trading. So that in business in the metaverse era, DeFi has a good opportunity to become a new ecosystem to continue to contribute to the Indonesian economy and improve digital technology-based businesses in the metaverse era.

Keywords


Decentralized Finance (DeFi), blockchain; cryptocurrency; metaverse; ecosystem

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