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Abstract
In recent years, the financial system of Kazakhstan has undergone significant technological changes and is moving from a regulated banking infrastructure to open, flexible and fast digital platforms. However, the most unusual of these trends is the gradual integration of the decentralized finance (DeFi) system into the environment of the domestic economy. On the one hand, if the DeFi architecture is presented as a new tool for reducing the impact of financial intermediaries and reducing the volume of transaction costs; on the other hand, the volatility of open code systems, imperfect regulation and lack of continuity of assets with specific laws and regulations, which are not normal for Kazakhstan, bring additional risks. Such issues indicate that the topic is relevant, requiring deep research. The purpose of the study is to digitally assess the evolution of the decentralized financial market in the country over the past five years, to demonstrate its impact on the stability of the banking system by multi – stage modeling of volatility and regulatory barriers. Within the framework of the chosen goal, the objectives of the scientific work are as follows: - to study the history of the formation and development of the DeFi market; - to consider decentralized finance in the context of domestic scientists, economists, financiers; - a comprehensive study of the main channels and threats of influence of the decentralized finance (DeFi) market in Kazakhstan; - to make forecasts using The scientific novelty of the research work is the assessment of the development trajectory of the DeFi market in Kazakhstan using digital modeling. In other words, a multidimensional analytical method was used, which correlates the limited share of users, the volatility of protocols, the dynamics of transactions and the influence of the regulatory system. In particular, with the help of real Monte Carlo simulation, stochastic modeling, Fuzzi-AHP and financial risk assessment methods, it was possible to understand the existing connections between DeFi and the banking system. The hypothesis of the article is the integration of the DeFi market into the financial system of Kazakhstan, the possibility of improving transactional efficiency and expanding financial inclusion. But the shortcomings of its regulation and asset volatility put additional pressure on the stability of the domestic banking system. This hypothesis requires research based on market facts and occupies a relevant place in the structure of its study.