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Risk Management in DeFi: Analyses of the Innovative Tools and Platforms for Tracking DeFi Transactions

Author

Listed:
  • Bogdan Adamyk

    (Aston Business School, Aston University, Birmingham B4 7ET, UK)

  • Vladlena Benson

    (Aston Business School, Aston University, Birmingham B4 7ET, UK)

  • Oksana Adamyk

    (Loughborough Business School, Loughborough University, Loughborough LE11 3TU, UK)

  • Oksana Liashenko

    (Loughborough Business School, Loughborough University, Loughborough LE11 3TU, UK)

Abstract

Decentralized Finance (DeFi) is a recent advancement of the cryptocurrency ecosystem, giving plenty of opportunities for financial inclusion, innovation, and growth domains by providing services such as lending, borrowing, and trading without traditional intermediaries. However, inadequate regulatory oversight and technological vulnerabilities raise pressing concerns around market manipulation, fraud, and regulatory compliance, exposing a clear research gap in effective DeFi risk management. This paper addresses this gap by proposing a utility-based framework to evaluate six leading DeFi tracking platforms—Chainalysis, Elliptic, Nansen, Dune Analytics, DeBank, and Etherscan—focusing on two critical metrics: transaction accuracy and real-time responsiveness. Applying a mixed methods approach that combines a quantitative survey (n = 138) with qualitative interviews (n = 12), we identified critical platform features and found significant differences across these platforms with respect to compliance features, advanced analytics, and user experience. We used a utility-based model that links accuracy and responsiveness metrics, allowing us to adjust differing priorities and risk management needs for users. The results show the need for balanced, user-centric solutions that accommodate regulatory, technological efficiency and affordability requirements. Our study contributes to the growing knowledge base by providing a structured evaluation model and empirical insights, offering clear directions for practitioners, platform developers, and policymakers aiming to strengthen the DeFi ecosystem.

Suggested Citation

  • Bogdan Adamyk & Vladlena Benson & Oksana Adamyk & Oksana Liashenko, 2025. "Risk Management in DeFi: Analyses of the Innovative Tools and Platforms for Tracking DeFi Transactions," JRFM, MDPI, vol. 18(1), pages 1-31, January.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:1:p:38-:d:1568594
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    References listed on IDEAS

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    1. Tim Weingärtner & Fabian Fasser & Pedro Reis Sá da Costa & Walter Farkas, 2023. "Deciphering DeFi: A Comprehensive Analysis and Visualization of Risks in Decentralized Finance," JRFM, MDPI, vol. 16(10), pages 1-25, October.
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