Explore the world of Decentralized Finance (DeFi) in this comprehensive blockchain research seminar presented by Lewis Gudgeon from Imperial College London. Delve into the fundamental concepts of DeFi, including its noncustodial nature, permissionlessness, and composability. Examine the growth of DeFi and its various primitives, such as smart contracts, protocols, and on-chain asset exchanges. Gain insights into the design and security aspects of DeFi systems, including technical and economic security measures. Analyze the Maker DAO as a case study and discuss potential risks associated with governance, market manipulation, and privacy in the DeFi ecosystem. Understand the implications of DeFi as a potential evolution of traditional finance and its impact on the future of blockchain technology.