Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315792 
Year of Publication: 
2024
Citation: 
[Journal:] Electronic Markets [ISSN:] 1422-8890 [Volume:] 34 [Issue:] 1 [Article No.:] 29 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2024
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
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 by leveraging blockchain technology and smart contracts. Despite its growing importance, limited research has been conducted on the business models of DeFi services. This study aims to address this gap by examining the business models of various DeFi services, identifying key drivers of innovation, differentiation, and value creation. Using a rigorous taxonomy development framework, we identify 12 dimensions and 47 characteristics that operationalize business models in DeFi. Our findings contribute to a better understanding of the transformation of financial services through blockchain technology and provide valuable insights for DeFi entrepreneurs, investors, and policymakers.
Subjects: 
Decentralized finance
Blockchain
Business model
Taxonomy
Web3
JEL: 
G15
G23
O32
O33
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.