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A taxonomy for decentralized finance

Puschmann, Thomas; Huang-Sui, Marine (2024). A taxonomy for decentralized finance. International Review of Financial Analysis, 92:103083.

Abstract

Decentralized Finance (‘DeFi’) has gained tremendous momentum over the past three years by using novel approaches to disintermediating financial institutions in the provision of financial services. However, empirical research in this field is still rare, and a more comprehensive understanding of the domain is a missing component in academic research. This paper develops a taxonomy based on a comprehensive literature analysis to structure this emerging field systematically. The taxonomy includes three perspectives (strategy, organization, technology) and seven dimensions (blockchain, value proposition, token type, business process, price mechanism, protocol type, integration type) as well as thirty-six characteristics. The application of the taxonomy to 278 DeFi start-ups reveals that most of the DeFi start-ups focus on Ethereum (36.3%) and have a focus on analytics and automation (52%), while, surprisingly only a few incorporate decentralized governance approaches (3.3%), provide decentralized exchanges (14%) or integrate off-chain data.

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Economics and Econometrics, Finance
Scope:Discipline-based scholarship (basic research)
Language:English
Date:1 March 2024
Deposited On:25 Jan 2024 13:35
Last Modified:30 Jan 2025 02:39
Publisher:Elsevier
ISSN:1057-5219
Additional Information:Bereits als Working Paper in SSRN No. 4360067 erschienen: https://doi.org/10.2139/ssrn.4360067.
OA Status:Hybrid
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1016/j.irfa.2024.103083
Related URLs:https://www.zora.uzh.ch/id/eprint/236068/
https://doi.org/10.2139/ssrn.4360067
Other Identification Number:merlin-id:24295
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  • Language: English
  • Licence: Creative Commons: Attribution 4.0 International (CC BY 4.0)

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