
TL;DR
This paper provides a comprehensive analysis of the DeFi ecosystem, highlighting its evolution, key concepts, participant roles, opportunities, and risks, with insights for sustainable development and regulation.
Contribution
It uniquely combines bibliometric and thematic analyses to map DeFi research trends, ecosystem components, and challenges, offering a holistic overview for stakeholders.
Findings
Research shifted from technological innovation to sustainability and regulation.
Key participants include developers, liquidity providers, auditors, and regulators.
Major risks involve smart contract vulnerabilities, liquidity issues, and regulatory uncertainties.
Abstract
This paper investigates the evolving landscape of decentralized finance (DeFi) by examining its foundational concepts, research trends, and ecosystem. A bibliometric analysis was conducted to identify thematic clusters and track the evolution of DeFi research. Additionally, a thematic review was performed to analyze the roles and interactions of key participants within the DeFi ecosystem, focusing on its opportunities and inherent risks. The bibliometric analysis identified a progression in research priorities, transitioning from an initial focus on technological innovation to addressing sustainability, environmental impacts, and regulatory challenges. Key thematic clusters include decentralization, smart contracts, tokenization, and sustainability concerns. The analysis of participants highlighted the roles of developers, liquidity providers, auditors, and regulators while identifying…
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Taxonomy
TopicsFinTech, Crowdfunding, Digital Finance · Microfinance and Financial Inclusion · Economic Growth and Development
