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Crypto ecosystem: navigating the past, present, and future of decentralized finance

Author

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  • Paola Agnese Bongini

    (University of Milano Bicocca)

  • Francesca Mattassoglio

    (University of Milano Bicocca)

  • Alessia Pedrazzoli

    (University of Milano Bicocca)

  • Silvio Vismara

    (University of Bergamo
    IMT School for Advanced Studies Lucca)

Abstract

From Nakamoto’s genesis block, 15 years of technological advancements, new financial instruments, regulations, and emerging participants have defined the Crypto Ecosystem. This paper chronicles its development from the creation of Bitcoin to the present-day landscape of cryptocurrencies, tokens, and decentralized finance applications. It explores the foundational technologies, financial instruments, key players, and regulatory frameworks in Europe and the US. By critically assessing the current state of the crypto market, the paper identifies both the promises fulfilled and the challenges that remain. It contributes to the existing literature by providing a synthesized understanding of the crypto ecosystem, highlighting the interplay between technological advancements and financial market dynamics.

Suggested Citation

  • Paola Agnese Bongini & Francesca Mattassoglio & Alessia Pedrazzoli & Silvio Vismara, 2025. "Crypto ecosystem: navigating the past, present, and future of decentralized finance," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2054-2075, October.
    • Handle: RePEc:kap:jtecht:v:50:y:2025:i:5:d:10.1007_s10961-025-10186-x
    DOI: 10.1007/s10961-025-10186-x
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