Cryptocurrencies have become more popular and established in recent years. Simultaneously, crypto financial services, like lending, have also emerged. Given the increasing importance of digitalisation, it is fair to ask whether these digital decentralised services will become established and normalised. In this episode of The sound of economics, Giuseppe Porcaro invites Maria Demertzis and Catarina Martins to discuss the current and future role of decentralised finance in the financial system. Together they examine whether and how the crypto world contributes to the main objectives of the financial system: reducing search costs and financing growth. Relevant publication: Demertzis, M. and C. Martins (2023) ‘Decentralised finance: good technology, bad finance’ Policy Brief 09/2023, Bruegel