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| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | A taxonomy for decentralized finance |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | International Review of Financial Analysis |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 1057-5219 |
| Volume | 92 |
| Page Range | 103083 |
| Date | 2024 |
| Abstract Text | 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. |
| Free access at | DOI |
| Related URLs | |
| Digital Object Identifier | 10.1016/j.irfa.2024.103083 |
| Other Identification Number | merlin-id:24295 |
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| Keywords | Economics and Econometrics, Finance |
| Additional Information | Bereits als Working Paper in SSRN No. 4360067 erschienen: https://doi.org/10.2139/ssrn.4360067. |