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Figure 2.6: Screenshot of top assets in Aave. [12] By combining different protocols, new financial tools can be created. For example you can place your Ether in Market DAO, mint DAI and then use DAI in other protocols to receive loans or keep them in a non-custodial wallet. 2.3.5 Flash Loans Flash Loans are a new type of loan, exclusive to Ethereum DeFi, which enable instant borrowing, with no collateral, by anyone, as long as the principal amount is returned in the same block. In case the principal is not returned the transaction can be reverted as if it never took place. The novelties of flash loans are the following: [46] • No risk of default: as explained above, if the transaction fails due to the user defaulting on his loan, the flash loan is not granted. • No required collateral: Since there is no risk for the lender, there is no required collateral. • High Loan Size: The loan size can be as high as the liquidity pool it is taken from. There are vast use cases for Flash Loans and taking advantage of the "Money Lego" property of DeFi, can enable users to benefit from complex opportunities no matter what their address balance or trading history is. Some use cases of Flash Loans are the following: [46] • Arbitrage: Users can borrow liquidity and benefit from arbitrage opporuni- ties between DEXs, witout being exposed to any risk. If their trade is success- ful, they pay back the principal amount of the loan and any required interest. • Wash Trading: This is a type of trading aimed at manipulating trading volumes of assets and artificially increasing them using fake automated trades. Flash loans could be used for achieving this, without owning any of the assets traded, making use of the Lego Money property of DeFi and exchanging assets back and forth in one atomic transaction. • Collateral Swapping: CDPs, as used in MakerDAO for minting DAI, require locking collateral, in this case Ether, until the DAI is returned. 17PDF Image | NFT finance Leveraging Non-Fungible Tokens
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