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Introduction

The search for a financial synthesis that seamlessly combines the traditional with the revolutionary has always defined the ultimate ambition of cryptocurrencies: reimagining monetary markets. We sought to capture this essence by integrating the established security of centralized finance (CeFi) with the unlimited potential of decentralized finance (DeFi), establishing the third kingdom, CeDeFi. The market has always been looking for fixed income opportunities for Bitcoin and dollar assets, a market worth several billion in traditional finance, projects like Ethena have also recognized this opportunity, with the goal of providing stable dollar returns with synthetic dollars such as USDe. Centralized finance, through platforms such as Coinbase and Binance, has brought structure and accessibility to cryptocurrency trading, attracting millions of users across the world. They are the ones who have the largest source of liquidity to date and are undisputed when it comes to efficient operations and ramp solutions. For most, they are the gateway to the space, the first step into FIAT assets, although CEXs provide the most efficient flow of money, they are not tamper-proof. They are in conflict with the very core of cryptocurrencies: sovereignty, transparency and decentralization.

DeFi has introduced a new layer of financial interaction, based on decentralized protocols that offer transparency and direct participation in financial markets without traditional intermediaries. It is often presented as the end of cryptocurrencies, however, there are obvious obstacles that have yet to be fully overcome. Smart Contract Security, Regulatory Uncertainty, and Questionable Scalability While it is not yet feasible to have a widely adopted monetary system that meets all of those ideals perfectly, it is possible to try to reach compromises that compensate for the shortcomings.