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The Evolution of Decentralized Finance and Its Potential Impact on the Global Financial System Abstract: The rise of blockchain technology has paved the way for the emergence of decentralized finance (DeFi). DeFi refers to the development of traditional financial services in a decentralized manner, utilizing smart contracts and blockchain networks. This paper aims to analyze the evolution of DeFi, explore its potential impact on the global financial system, and delve into the challenges and opportunities it presents. 1. Introduction: The traditional financial system has long been governed by centralized institutions, hindering financial inclusivity, transparency, and innovation. However, with the advent of blockchain technology, DeFi has emerged as a disruptive force, offering an alternative financial system with increased accessibility and efficiency. 2. Evolution of DeFi: 2.1 Initial Coin Offerings (ICOs): The introduction of ICOs enabled the fundraising of blockchain projects and la