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MERKEZİYETSİZ FİNANS (DEFİ) EKOSİSTEMİ: SİSTEMATİK BİR İNCELEME VE BİBLİYOMETRİK ANALİZ

Year 2024, Issue: 16, 56 - 70, 07.01.2025

Abstract

Bu makale, merkeziyetsiz finans (DeFi) alanındaki araştırmaları bibliyometrik metodolojiyle analiz ederek literatürdeki eğilimleri ve bilgi boşluklarını değerlendirmeyi amaçlamaktadır. Web of Science (WoS) veri tabanında “(TS=("Decentralized Finance" OR "Defi")” anahtar kelimesiyle taranan 301 yayının dağılımı, alıntı ağları, yazar işbirlikleri ve tematik yoğunlaşmaları detaylı bir şekilde incelenmiştir. Bulgular, DeFi’nin blokzincir teknolojisinin benimsenmesinde ve finansal sistemlerin dönüşümünde önemli bir rol oynadığını göstermektedir. Mevcut bankacılık sistemine uygulanabilir bir alternatif sunma potansiyeline sahip olan DeFi, teknolojik altyapı, düzenleyici çerçeveler ve risk yönetimi gibi kritik alanlarda yoğun akademik ilgi görmektedir.

References

  • Aramonte, S., Doerr, S., Huang, W., & Schrimpf, A. (2022). DeFi lending: Intermediation without information? Bank for International Settlements.
  • Caldarelli, G., & Ellul, J. (2021). The blockchain oracle problem in decentralized finance—a multivocal approach. Applied Sciences, 11(16), 7572.
  • Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13.
  • Chohan, U. W. (2021). Decentralized finance (DeFi): An emergent alternative financial architecture. Critical Blockchain Research Initiative (CBRI) Working Papers. Retrieved from https://ssrn.com/abstract=3791921
  • Corbet, S., Goodell, J. W., Gunay, S., & Kaskaloglu, K. (2023). Are DeFi tokens a separate asset class from conventional cryptocurrencies?. Annals of Operations Research, 322(2), 609- 630.
  • Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105(3), 1809–1831.
  • Gramlich, V., Principato, M., Schellinger, B., Sedlmeir, J., Amend, J., Stramm, J., Zwede, T., Strüker, J., & Urbach, N. (2022). Decentralized finance (DeFi): Foundations, applications, potentials, and challenges. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4535868
  • Gudgeon, L., Werner, S., Perez, D., & Knottenbelt, W. J. (2020). DeFi protocols for loanable funds: Interest rates, liquidity and market efficiency. Proceedings of the 2nd ACM Conference on Advances in Financial Technologies, 92–112.
  • Jensen, J. R., von Wachter, V., & Ross, O. (2021). An introduction to decentralized finance (DeFi). Complex Systems Informatics and Modeling Quarterly, 26, 46–54.
  • Karim, S., Lucey, B. M., Naeem, M. A., & Uddin, G. S. (2022). Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies. Financial Research Letters, 47, 102696.
  • Meegan, X., & Koens, T. (2021). Lessons learned from decentralized finance (DeFi). Retrieved July 14, 2022, from https://www.ingwb.com/binaries/content/assets/insights/themes/distributed-ledger technology/defi_white_paper_v2.0.pdf
  • Monolith. (2021). Understanding DeFi: Layer 2 explained. Retrieved July 14, 2022, from https://medium.com/monolith/understanding-defi-layer-2-explained-6981ef6c8990
  • Saengchote, K. (2023). Decentralized lending and its users: Insights from Compound. Journal of International Financial Markets, Institutions and Money, 87, 101807.
  • Schär, F. (2021). Decentralized finance: On blockchain-and smart contract-based financial markets. Federal Reserve Bank of St. Louis Review, 103, 153–174.
  • Smith, S. S. (2021). Decentralized finance & accounting – Implications, considerations, and opportunities for development. International Journal of Digital Accounting Research, 21, 129–153.
  • Wang, Y. (2022). Volatility spillovers across NFTs, news attention, and financial markets. International Review of Financial Analysis, 83, 102313.
  • van Eck, N. J., & Waltman, L. (2014). Visualizing bibliometric networks. In Y. Ding, R. Rousseau, & D. Wolfram (Eds.), Measuring scholarly impact: Methods and practice (pp. 285–320). Springer International Publishing.
  • Weingärtner, T., Fasser, F., Reis Sá da Costa, P., & Farkas, W. (2023). Deciphering DeFi: A comprehensive analysis and visualization of risks in decentralized finance. Journal of Risk and Financial Management, 16, 454.
  • Wronka, C. (2023). Financial crime in the decentralized finance ecosystem: New challenges for compliance. Journal of Financial Crime, 30(1), 97–113.
  • Yousaf, I., Nekhili, R., & Gubareva, M. (2022). Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic. International Review of Financial Analysis, 81, 102082.
  • Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6, 172–203.
  • Zheng, Z., Xle, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. 2017 IEEE International Congress on Big Data (BigData Congress), 557–564.
  • Zheng, Z., Xle, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. 2017 IEEE International Congress on Big Data (BigData Congress), 557–564.
  • Zhou, L., Qin, K., Cully, A., Livshits, B., & Gervais, A. (2021). On the just-in-time discovery of profit-generating transactions in DeFi protocols. IEEE Symposium on Security and Privacy, 919–936.
  • Zhou, L., Xiong, X., Ernstberger, J., Chaliasos, S., Wang, Z., Wang, Y., Qin, K., Wattenhofer, R., Song, D., & Gervais, A. (2023). SoK: Decentralized finance (DeFi) attacks. 2023 IEEE Symposium on Security and Privacy (SP), 2444–2461.

THE DECENTRALIZED FINANCE (DEFI) ECOSYSTEM: A SYSTEMATIC REVIEW AND BIBLIOMETRIC ANALYSIS

Year 2024, Issue: 16, 56 - 70, 07.01.2025

Abstract

This study aims to analyze research on decentralized finance (DeFi) using bibliometric methodology to evaluate trends and identify gaps in the literature. A detailed bibliometric analysis was conducted on 301 publications retrieved from the Web of Science (WoS) database using the keywords “(TS=("Decentralized Finance" OR "Defi")”. The distribution of publications, citation networks, author collaborations, and thematic concentrations were thoroughly examined.
The findings reveal that DeFi plays a significant role in the adoption of cryptocurrencies and the transformation of financial systems. DeFi has the potential to serve as a viable alternative to the current banking system, drawing substantial academic interest in areas such as technological infrastructure, regulatory frameworks, and risk management.

References

  • Aramonte, S., Doerr, S., Huang, W., & Schrimpf, A. (2022). DeFi lending: Intermediation without information? Bank for International Settlements.
  • Caldarelli, G., & Ellul, J. (2021). The blockchain oracle problem in decentralized finance—a multivocal approach. Applied Sciences, 11(16), 7572.
  • Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13.
  • Chohan, U. W. (2021). Decentralized finance (DeFi): An emergent alternative financial architecture. Critical Blockchain Research Initiative (CBRI) Working Papers. Retrieved from https://ssrn.com/abstract=3791921
  • Corbet, S., Goodell, J. W., Gunay, S., & Kaskaloglu, K. (2023). Are DeFi tokens a separate asset class from conventional cryptocurrencies?. Annals of Operations Research, 322(2), 609- 630.
  • Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105(3), 1809–1831.
  • Gramlich, V., Principato, M., Schellinger, B., Sedlmeir, J., Amend, J., Stramm, J., Zwede, T., Strüker, J., & Urbach, N. (2022). Decentralized finance (DeFi): Foundations, applications, potentials, and challenges. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4535868
  • Gudgeon, L., Werner, S., Perez, D., & Knottenbelt, W. J. (2020). DeFi protocols for loanable funds: Interest rates, liquidity and market efficiency. Proceedings of the 2nd ACM Conference on Advances in Financial Technologies, 92–112.
  • Jensen, J. R., von Wachter, V., & Ross, O. (2021). An introduction to decentralized finance (DeFi). Complex Systems Informatics and Modeling Quarterly, 26, 46–54.
  • Karim, S., Lucey, B. M., Naeem, M. A., & Uddin, G. S. (2022). Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies. Financial Research Letters, 47, 102696.
  • Meegan, X., & Koens, T. (2021). Lessons learned from decentralized finance (DeFi). Retrieved July 14, 2022, from https://www.ingwb.com/binaries/content/assets/insights/themes/distributed-ledger technology/defi_white_paper_v2.0.pdf
  • Monolith. (2021). Understanding DeFi: Layer 2 explained. Retrieved July 14, 2022, from https://medium.com/monolith/understanding-defi-layer-2-explained-6981ef6c8990
  • Saengchote, K. (2023). Decentralized lending and its users: Insights from Compound. Journal of International Financial Markets, Institutions and Money, 87, 101807.
  • Schär, F. (2021). Decentralized finance: On blockchain-and smart contract-based financial markets. Federal Reserve Bank of St. Louis Review, 103, 153–174.
  • Smith, S. S. (2021). Decentralized finance & accounting – Implications, considerations, and opportunities for development. International Journal of Digital Accounting Research, 21, 129–153.
  • Wang, Y. (2022). Volatility spillovers across NFTs, news attention, and financial markets. International Review of Financial Analysis, 83, 102313.
  • van Eck, N. J., & Waltman, L. (2014). Visualizing bibliometric networks. In Y. Ding, R. Rousseau, & D. Wolfram (Eds.), Measuring scholarly impact: Methods and practice (pp. 285–320). Springer International Publishing.
  • Weingärtner, T., Fasser, F., Reis Sá da Costa, P., & Farkas, W. (2023). Deciphering DeFi: A comprehensive analysis and visualization of risks in decentralized finance. Journal of Risk and Financial Management, 16, 454.
  • Wronka, C. (2023). Financial crime in the decentralized finance ecosystem: New challenges for compliance. Journal of Financial Crime, 30(1), 97–113.
  • Yousaf, I., Nekhili, R., & Gubareva, M. (2022). Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic. International Review of Financial Analysis, 81, 102082.
  • Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6, 172–203.
  • Zheng, Z., Xle, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. 2017 IEEE International Congress on Big Data (BigData Congress), 557–564.
  • Zheng, Z., Xle, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. 2017 IEEE International Congress on Big Data (BigData Congress), 557–564.
  • Zhou, L., Qin, K., Cully, A., Livshits, B., & Gervais, A. (2021). On the just-in-time discovery of profit-generating transactions in DeFi protocols. IEEE Symposium on Security and Privacy, 919–936.
  • Zhou, L., Xiong, X., Ernstberger, J., Chaliasos, S., Wang, Z., Wang, Y., Qin, K., Wattenhofer, R., Song, D., & Gervais, A. (2023). SoK: Decentralized finance (DeFi) attacks. 2023 IEEE Symposium on Security and Privacy (SP), 2444–2461.
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Econometric and Statistical Methods, Comparative Economic Systems
Journal Section Articles
Authors

Hatice Elanur Kaplan 0000-0002-4722-3434

Publication Date January 7, 2025
Submission Date October 16, 2024
Acceptance Date December 3, 2024
Published in Issue Year 2024 Issue: 16

Cite

APA Kaplan, H. E. (2025). MERKEZİYETSİZ FİNANS (DEFİ) EKOSİSTEMİ: SİSTEMATİK BİR İNCELEME VE BİBLİYOMETRİK ANALİZ. Akdeniz Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(16), 56-70.

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Akdeniz University Journal of the Institute of Social Sciences (AKSOS)