The work provides a method for classifying blockchains and crypto-assets, facilitating their comparison for business and regulatory purposes. Blockchains - and more generally systems based on Distributed Ledger Technology (DLT) - adopt different technologic configurations, each distinguished by...

Composability - open interactions between assets and protocols - facilitates a modular financial architecture. I document the emergence of composed asset transformation, where tokenized assets are rebundled to alter access, liquidity, and risk characteristics to broaden and enhance the set of...

Decentralised finance (DeFi) has attracted attention from investors and regulators, as the latest and arguably most innovative development in the crypto area. This article assesses the development of DeFi, its distinctive features, and the risks it raises to ESMA's objectives, with a view to...

In this work, we systematically analyse the differences and similarities between CeFi (Centralised Finance) and DeFi (Decentralised Finance). Financial technology is rapidly expanding, and large technology firms are making advances in credit markets. The Internet of Value (IOV), with its...

In this work, we systematically analyse the differences and similarities between TradFi (Traditional Finance) and DeFi (Decentralised Finance). Financial technology is rapidly expanding, and large technology firms are making advances in credit markets. The Internet of Value (IOV), with its...

This paper empirically explores the early development of insurance projects in the decentralized finance (DeFi) industry, which is based on disruptive technologies like blockchain and smart contracts. A brief history of DeFi is narrated stressing four risks of DeFi (volatility risk, cyberattack...

This paper examines the dynamic interplay between the global geopolitical risk and eleven decentralized finance (DeFi) digital currencies during the inflationary burden caused by the Russia-Ukraine war episodes. Daily data spanning from 13 October 2021 to 29 October 2024 and the innovative...

Blockchain technology is being increasingly deployed to store and process transactions and information in the global financial sector. Blockchain underpins cryptocurrencies such as Bitcoin and facilitates decentralized finance (DeFi), representing a paradigm shift in the global financial...

This editorial introduces the Special Issue on Emerging Digital Platforms and Non-Fungible Tokens (NFTs). The collected articles explore how disintermediation through blockchain technology is redefining value creation, ownership models, financial stability, and decentralized governance. Key...

This paper examines the dynamic interplay between the global geopolitical risk and eleven decentralized finance (DeFi) digital currencies during the inflationary burden caused by the Russia-Ukraine war episodes. Daily data spanning from 13 October 2021 to 29 October 2024 and the innovative...

Swiss banks are at a pivotal moment as digital assets gain traction, presenting both challenges and opportunities. This study examines how Swiss banks can leverage their internal resources and capabilities to establish a competitive advantage in the digital asset ecosystem. Using the...

This paper empirically explores the early development of insurance projects in the decentralized finance (DeFi) industry, which is based on disruptive technologies like blockchain and smart contracts. A brief history of DeFi is narrated stressing four risks of DeFi (volatility risk, cyberattack...

The constant evolution of Decentralized Finance (DeFi) calls for the continuous monitoring of its developments and implications through a critical review of the academic literature. While DeFi holds promise for enhancing economic activity by expanding market access for enterprises and promoting...

In this conceptual paper, we discuss four future scenarios of the financial industry, illustrating a potential industry configuration. We take a legitimacy-based perspective on future business models, highlighting interdependencies between legitimacy, regulation policy, and industry structure....

Oracles are software components that enable data exchange between siloed blockchains and external environments, enhancing smart contract capabilities and platform interoperability. Oracles play key roles in decentralized finance and blockchain applications in centralized finance. We find that...

Tokens offer convenience in digital networks and earn rewards when staked for consensus generation or economic activities. In our continuous-time model, agents dynamically allocate wealth over on-platform transactions and staking. Aggregate staking ratio crucially shapes platform productivity,...

"As the blockchain and decentralized finance industry crosses the $3 trillion-mark, market distortions and anticompetitive practices are starting to emerge. In this decentralized economy, antitrust and competition law are called to play a major role in preserving healthy competition and consumer...

The paper provides an overview of cryptocurrencies and decentralized finance. The discussion lays out potential benefits and challenges of the new system and presents a comparison to the traditional system of financial intermediation. Our analysis highlights that while the DeFi architecture...

Recently, the looming bankruptcy of Credit Suisse, which ultimately led to its merger with UBS, has intensified the discussion surrounding the need for more transparent and democratic financial markets. Decentralized finance (DeFi) represents a departure from traditional financial intermediation...

The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides...

Amidst rapid developments in digital financial technologies, the need for effective Decentralized Finance (DeFi) regulation is at the center of discussions. This paper aims to develop a comprehensive taxonomy for DeFi that brings to the forefront the diverse structures and characteristics of...

Purpose - The description of 'blockchain banking', the determination of 'the sub-processes' of 'blockchain banking' as a 'business process', and the assessment of 'maturity level' in Parsian Bank. Design/methodology/approach - Theoretical sources on 'blockchain banking' were initially...

DeFi blockchain technology, known as decentralized finance today, separates from the traditional financial ecosystem and ushers the new financial landscape onto digital platforms. In decentralized financial applications, all digital assets are safeguarded by blockchain technology. Thanks to this...

The 2008-2009 global financial crisis resulted in a loss of trust in traditional financial systems and the need to decentral- ize and democratize finance. This coincided with the birth of blockchain technology, marked by creating the pioneer cryptocurrency, bitcoin (BTC), in 2009. As blockchain...

This study proposes a quote-driven predictive automated market maker (AMM) platform with on-chain custody and settlement functions, alongside off-chain predictive reinforcement learning capabilities, to improve the liquidity provision of real-world AMMs. The proposed architecture augments...

Protocols for Postcapitalist Expression, the Economic Space Agency's latest experiment in radical economic design, explores the possibility of designing a digitally native economy that is geared towards care, the arts, and the environment, and which not only refuses to give up on the financial...

Amidst rapid developments in digital financial technologies, the need for effective Decentralized Finance (DeFi) regulation is at the center of discussions. This paper aims to develop a comprehensive taxonomy for DeFi that brings to the forefront the diverse structures and characteristics of...

The explosive growth of decentralized finance (DeFi) has revolutionized the accessibility and functionality of financial services. To gain valuable insights into this evolving ecosystem, analyzing transaction data using network analysis methodology proves to be highly effective. Network analysis...

The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides...