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DeFi risks and the decentralisation illusion

Citations

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Cited by:

  1. BELAŞCU Lucian & HOROBEȚ Alexandra & MNOHOGHITNEI Irina, 2022. "Bitcoin is so Last Decade – How Decentralized Finance (DeFi) could Shape the Digital Economy," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 01, March.
  2. Read, Oliver, 2025. "Decentralised finance: Growth, risks and regulation of a shadow financial system with crypto-assets," wifin Working Paper Series 18/2025, RheinMain University of Applied Sciences, Wiesbaden Institute of Finance and Insurance (wifin), revised 2025.
  3. Katja Neugebauer & João Almeida & João Alves & Carlos Bettencourt & Maria Bettencourt & Madalena Borges & Filipa Castilho & Sónia Correia & Gisela Fonseca & Mariana Júdice & André Leal & Afonso Marque, 2024. "Occasional paper on Decentralised Finance," Working Papers o202402, Banco de Portugal, Economics and Research Department.
  4. Jonathan Chiu & Charles M. Kahn & Thorsten V. Koeppl, 2022. "Grasping decentralized finance through the lens of economic theory," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(4), pages 1702-1728, November.
  5. Kanis Saengchote, 2022. "Decentralized lending and its users: Insights from Compound," Papers 2212.05734, arXiv.org.
  6. Jacopo Temperini & Marcella Corsi, 2023. "Democratizing money? The role of cryptocurrencies," PSL Quarterly Review, Economia civile, vol. 76(304), pages 51-66.
  7. Rik Ghosh & Samrat Gupta & Arka Datta & Abhimanyu Nag & Sudipan Sinha, 2024. "Compound V3 Economic Audit Report," Papers 2410.04085, arXiv.org.
  8. Bernhard Haslhofer & Burkhard Raunig & Pietro Saggase & Esther Segalla & Michael Sigmund & Felix Zangerl, 2023. "Assessing the Solvency of Virtual Asset Service Providers: Are Current Standards Sufficient? (Pietro Saggese, Esther Segalla, Michael Sigmund, Burkhard Raunig, Felix Zangerl, Bernhard Haslhofer)," Working Papers 248, Oesterreichische Nationalbank (Austrian Central Bank).
  9. Carlo Campajola & Marco D'Errico & Claudio J. Tessone, 2022. "MicroVelocity: rethinking the Velocity of Money for digital currencies," Papers 2201.13416, arXiv.org, revised May 2023.
  10. 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.
  11. Grobys, Klaus & Junttila, Juha-Pekka & Kolari, James W., 2025. "A stablecoin that’s actually stable: A portfolio optimization approach," Journal of Financial Stability, Elsevier, vol. 81(C).
  12. Vidal-Tomás, David, 2025. "Centralized exchanges & proof-of-solvency: The guardians of trust," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 103(C).
  13. Saengchote, Kanis, 2023. "Decentralized lending and its users: Insights from compound," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
  14. C, Viviana Alfonso & Kamin, Steven & Zampolli, Fabrizio, 2025. "Central bank digital currencies (CBDCs) in Latin America and the Caribbean," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 6(1).
  15. Raffaella Barone & Friedrich Schneider, 2026. "Beyond the veil: unpacking money laundering through economic models, emerging technologies, and government capture," Economics of Governance, Springer, vol. 27(1), pages 1-29, December.
  16. Vidal-Tomás, David & Aste, Tomaso, 2025. "Integration or separation? Examining the dynamic relationship between crypto and traditional finance," Finance Research Letters, Elsevier, vol. 86(PG).
  17. Carlo Campajola & Raffaele Cristodaro & Francesco Maria De Collibus & Tao Yan & Nicolo' Vallarano & Claudio J. Tessone, 2022. "The Evolution Of Centralisation on Cryptocurrency Platforms," Papers 2206.05081, arXiv.org, revised May 2023.
  18. Luis Gutiérrez de Rozas, 2022. "The first ten years of the European Systemic Risk Board (2011-2021)," Financial Stability Review, Banco de España, issue Spring.
  19. Raphael Auer & Bernhard Haslhofer & Stefan Kitzler & Pietro Saggese & Friedhelm Victor, 2024. "The technology of decentralized finance (DeFi)," Digital Finance, Springer, vol. 6(1), pages 55-95, March.
  20. Şoiman, Florentina & Dumas, Jean-Guillaume & Jimenez-Garces, Sonia, 2023. "What drives DeFi market returns?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
  21. Ghaemi Asl, Mahdi & Ben Jabeur, Sami, 2024. "Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  22. Saengchote, Kanis & Samphantharak, Krislert, 2024. "Digital money creation and algorithmic stablecoin run," Finance Research Letters, Elsevier, vol. 64(C).
  23. Vidal-Tomás, David, 2023. "The illusion of the metaverse and meta-economy," International Review of Financial Analysis, Elsevier, vol. 86(C).
  24. Pietro Saggese & Esther Segalla & Michael Sigmund & Burkhard Raunig & Felix Zangerl & Bernhard Haslhofer, 2025. "Assessing the solvency of virtual asset service providers: are current standards sufficient?," Applied Economics, Taylor & Francis Journals, vol. 57(49), pages 8178-8193, October.
  25. Florentina c{S}oiman & Guillaume Dumas & Sonia Jimenez-Garces, 2022. "The return of (I)DeFiX," Papers 2204.00251, arXiv.org.
  26. Aquilina, Matteo & Frost, Jon & Schrimpf, Andreas, 2024. "Tackling the risks in crypto: Choosing among bans, containment and regulation," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
  27. Nadia Pocher & Mirko Zichichi & Fabio Merizzi & Muhammad Zohaib Shafiq & Stefano Ferretti, 2023. "Detecting anomalous cryptocurrency transactions: An AML/CFT application of machine learning-based forensics," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-17, December.
  28. Bhambhwani, Siddharth M. & Huang, Allen H., 2024. "Auditing decentralized finance," The British Accounting Review, Elsevier, vol. 56(2).
  29. Andry Alamsyah & Gede Natha Wijaya Kusuma & Dian Puteri Ramadhani, 2024. "A Review on Decentralized Finance Ecosystems," Future Internet, MDPI, vol. 16(3), pages 1-29, February.
  30. Kliber, Agata, 2022. "Looking for a safe haven against American stocks during COVID-19 pandemic," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
  31. Claudio Impenna, 2023. "The Crypto Ecosystem: Prospects and Challenges for Regulators," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 297-310.
  32. Arindam Misra, 2024. "Tax Policy Handbook for Crypto Assets," Papers 2403.15074, arXiv.org, revised Oct 2024.
  33. Vidal-Tomás, David & Briola, Antonio & Aste, Tomaso, 2023. "FTX's downfall and Binance's consolidation: the fragility of centralised digital finance," LSE Research Online Documents on Economics 119902, London School of Economics and Political Science, LSE Library.
  34. David Vidal-Tom'as & Antonio Briola & Tomaso Aste, 2023. "FTX's downfall and Binance's consolidation: The fragility of centralised digital finance," Papers 2302.11371, arXiv.org, revised Dec 2023.
  35. Lioba Heimbach & Wenqian Huang, 2024. "DeFi leverage," BIS Working Papers 1171, Bank for International Settlements.
  36. Cornelli, Giulio & Gambacorta, Leonardo & Garratt, Rodney & Reghezza, Alessio, 2025. "Why DeFi lending? Evidence from Aave V2," Journal of Financial Intermediation, Elsevier, vol. 63(C).
  37. Giorgio Abate & Nicola Branzoli & Raffaele Gallo, 2023. "Crypto-asset markets: structure, stress episodes in 2022 and policy considerations," Questioni di Economia e Finanza (Occasional Papers) 783, Bank of Italy, Economic Research and International Relations Area.
  38. Born, Alexandra & Gati, Zakaria & Lambert, Claudia & Naeem, Mahvish & Pellicani, Antonella, 2026. "Who to regulate? Identifying actors within DeFi’s governance," Working Paper Series 3208, European Central Bank.
  39. Fantacci, Luca & Lorenzini, Marcella, 2024. "Technology versus trust: Non-bank credit systems from notarized loans in Early Modern Europe to cryptolending," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 83-95.
  40. Siddharth M. Bhambhwani, 2026. "Governing Decentralised Finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 553-583, January.
  41. Sabrina Aufiero & Silvia Bartolucci & Fabio Caccioli & Pierpaolo Vivo, 2025. "Mapping Microscopic and Systemic Risks in TradFi and DeFi: a literature review," Papers 2508.12007, arXiv.org.
  42. Grande, Mar & Borondo, Javier, 2025. "Trust as a driver in the DeFi market: Leveraging TVL/MCAP bands as confidence indicators to anticipate price movements," Finance Research Letters, Elsevier, vol. 75(C).
  43. Luis Gutiérrez de Rozas, 2022. "The first ten years of the European Systemic Risk Board (2011-2021)," Financial Stability Review, Banco de España, issue Spring.
  44. Giorgio Abate & Nicola Branzoli & Raffaele Gallo, 2023. "Crypto-Asset Markets: Structure, Market Developments in 2022 and Policy Considerations," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 353-386.
  45. Lukasz A. Drozd & Marina Tavares, 2024. "Generative AI: A Turning Point for Labor’s Share?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 9(1), pages 2-11, March.
  46. Igor Makarov & Antoinette Schoar, 2022. "Cryptocurrencies and Decentralised Finance," BIS Working Papers 1061, Bank for International Settlements.
  47. Mauro Aliano & Stefania Ragni, 2026. "Game-based modeling of delayed risk contagion in cryptocurrency exchanges," Annals of Operations Research, Springer, vol. 356(1), pages 277-299, January.
  48. Florentina Șoiman & Jean-Guillaume Dumas & Sonia Jimenez-Garces, 2022. "The return of (I)DeFiX [Le rendement de (I)DeFiX]," Working Papers hal-03625891, HAL.
  49. Saengchote, Kanis & Putniņš, Talis & Samphantharak, Krislert, 2023. "Does DeFi remove the need for trust? Evidence from a natural experiment in stablecoin lending," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
  50. Cevik, Emrah Ismail & Gunay, Samet & Zafar, Muhammad Wasif & Destek, Mehmet Akif & Bugan, Mehmet Fatih & Tuna, Fatih, 2022. "The impact of digital finance on the natural resource market: Evidence from DeFi, oil, and gold," Resources Policy, Elsevier, vol. 79(C).
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