Our global financial infrastructure has failed to fully adapt to the digital era in which we live. DeFi (decentralized finance) has the potential to solve the significant problems of centralized finance, such as expanding access, making fair lending more available, and reducing inefficiencies and high costs for consumers and businesses alike. Decreasing the financial frictions in our current system could unlock economic growth and help promote equality of opportunity. What will the DeFi landscape look like in the future, and what are the leading ideas and opportunities in this emerging space? What are the risks in the DeFi ecosystem, and how can they be mitigated?