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RESEARCH TRENDS İN DECENTRALİZED FİNANCE: RESULTS OF A BİBLİOMETRİC ANALYSİS

Year 2025, Volume: 10 Issue: 3, 389 - 404
https://doi.org/10.29106/fesa.1750993

Abstract

Decentralized finance (DeFi) has the potential to revolutionize financial systems by making them more accessible, transparent, efficient, and secure. DeFi not only enhances global access to financial services but also fosters the development of innovative financial products and services. These characteristics clearly demonstrate why DeFi plays and will continue to play a significant role in the modern financial world. This study aims to examine academic research on decentralized finance (DeFi) through a bibliometric analysis, identifying the impacts of DeFi on financial systems, the focal areas within its subcategories, and opportunities for future research. The bibliometric analysis results encompass trends in DeFi research, the most productive authors, the subcategories with the highest concentration of studies, prominent topics, emerging research areas, and gaps requiring further investigation. By analyzing research trends in decentralized finance through a comprehensive dataset and detailed methodologies, this study identifies emerging and developing research areas and focal points within subcategories. Additionally, it highlights existing gaps and research needs in the literature, providing valuable contributions for future studies.

References

  • Abdulhakeem, S. A., & Hu, Q. (2021). Powered by Blockchain technology, DeFi (Decentralized Finance) strives to increase financial inclusion of the unbanked by reshaping the world financial system. Modern Economy, 12(1), 1.
  • Allcot, D. (2022, October 24). Stablecoins cryptocurrency: A complete guide. Nasdaq. Retrieved from https://www.nasdaq.com.
  • Aspris, A., Foley, S., Svec, J., & Wang, L. (2021). Decentralized exchanges: The “wild west” of cryptocurrency trading. International Review of Financial Analysis, 77, 101845.
  • Aydaner, G., & Okuyan, H. A. (2024). Decentralized finance: a comparative bibliometric analysis in the Scopus and WoS databases. Future Business Journal, 10(1), 88.
  • Baughman, G., Carapella, F., Gerszten, J., & Mills, D. (2022). The stable in stablecoins. Federal Reserve. Retrieved from https://www.federalreserve.gov.
  • Caldarelli, G., & Ellul, J. (2021). The blockchain oracle problem in decentralized finance—a multivocal approach. Applied Sciences, 11(16), 7572.
  • Chen, Y., & Bellavitis, C. (2019). Decentralized finance: Blockchain technology and the quest for an open financial system. Stevens Institute of Technology School of Business Research Paper.
  • CoinGecko. (2023). Top stablecoins by market cap. Retrieved from https://www.coingecko.com.
  • Far, S. B., Rad, A. I., & Asaar, M. R. (2023). Blockchain and its derived technologies shape the future generation of digital businesses: a focus on decentralized finance and the Metaverse. Data Science and Management, 6(3), 183-197.
  • Federal Reserve Bank of Boston. (2023). Stablecoins: Growth potential and impact on banking. Retrieved from https://www.bostonfed.org.
  • Harzing, A.-W., & Alakangas, S. (2016). Google Scholar, Scopus and the Web of Science: A longitudinal and cross-disciplinary comparison. Scientometrics, 106(2), 787–804.
  • Heimbach, L., & Wattenhofer, R. (2022, September). Sok: Preventing transaction reordering manipulations in decentralized finance. In Proceedings of the 4th ACM Conference on Advances in Financial Technologies (pp. 47-60).
  • John, K., Kogan, L., & Saleh, F. (2023). Smart contracts and decentralized finance. Annual Review of Financial Economics, 15(1), 523-542.
  • Katona, T. (2021). Decentralized finance: The possibilities of a blockchain “money lego” system. Financial and Economic Review, 20(1), 74-102.
  • Kumar, R., Sharma, S. K., Kishor, K., & Devi, P. (2025). Decentralized finance evolution: A comprehensive bibliometric analysis. Sustainable Futures, 10, 101209.
  • Makarov, I., & Schoar, A. (2022). Cryptocurrencies and decentralized finance (DeFi). Brookings Papers on Economic Activity, 2022(1), 141-215.
  • Malamud, S., & Rostek, M. (2017). Decentralized exchange. American Economic Review, 107(11), 3320-3362. Ojog, S. (2021). The emerging world of decentralized finance. Informatica Economica, 25(4), 43-52.
  • Passas, I. (2024). Bibliometric Analysis: The Main Steps. Encyclopedia, 4 (2), 1014–1025.
  • Popescu, A. D. (2020). Decentralized finance (defi)–the lego of finance. Social Sciences and Education Research Review, 7(1), 321-349.
  • Schär, F. (2021). Decentralized finance: On blockchain-and smart contract-based financial markets. FRB of St. Louis Review.
  • Shah, K., Lathiya, D., Lukhi, N., Parmar, K., & Sanghvi, H. (2023). A systematic review of decentralized finance protocols. International Journal of Intelligent Networks, 4, 171-181.
  • Smith, S. S. (2021). Decentralized Finance ve Accounting-Implications, Considerations, and Opportunities for Development. International Journal of Digital Accounting Research, 21, 129-153.
  • 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(10), 454.
  • Werner, S., Perez, D., Gudgeon, L., Klages-Mundt, A., Harz, D., & Knottenbelt, W. (2022, September). Sok: Decentralized finance (defi). In Proceedings of the 4th ACM Conference on Advances in Financial Technologies (pp. 30-46).
  • Wu, C., Wider, W., Kweh, Q. L., Fauzi, M. A., & Mutuc, E. B. (2025) Mapping the Intellectual Structure and Emerging Trends in Decentralized Finance (Defi): A Bibliometric Analysis Using Web of Science[Preprint]. SSRN. https://ssrn.com/abstract=5371681
  • Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6(2), 172-203.

MERKEZİ OLMAYAN FİNANSTA ARAŞTIRMA EĞİLİMLERİ: BİBLİYOMETRİK BİR ANALİZİN SONUÇLARI

Year 2025, Volume: 10 Issue: 3, 389 - 404
https://doi.org/10.29106/fesa.1750993

Abstract

Merkezi olmayan finans (DeFi), finansal sistemleri daha erişilebilir, şeffaf, verimli ve güvenli hale getirerek devrim yaratma potansiyeline sahiptir. DeFi, finansal hizmetlere küresel erişimi artırırken yenilikçi finansal ürün ve hizmetlerin gelişimini de teşvik eder. Bu özellikler, DeFi’nin modern finans dünyasında neden önemli bir rol oynadığını ve oynamaya devam edeceğini açıkça göstermektedir. Bu çalışma, merkezi olmayan finans (DeFi) üzerine yapılan akademik araştırmaları bibliyometrik analiz yöntemiyle inceleyerek, DeFi'nin finansal sistemlerde yarattığı etkileri, alt kategorilerdeki odaklanma alanlarını ve gelecekteki araştırma fırsatlarını belirlemeyi amaçlamaktadır. Bibliyometrik analiz sonuçları, merkezi olmayan finans araştırmalarındaki eğilimleri, en üretken yazarları, araştırmaların en yoğunlaştığı alt kategorileri, dikkat çeken konuları, yeni araştırma alanlarını ve ihtiyaç duyulan araştırma alanlarını kapsamaktadır. Bu çalışma, merkezi olmayan finans alanındaki araştırma eğilimlerini kapsamlı bir veri seti ve detaylı analiz yöntemleri ile inceleyerek yeni ve gelişmekte olan araştırma alanlarını, alt kategorilerdeki yoğunlaşmaları tespit etmektedir. Ayrıca literatürdeki mevcut boşlukları ve araştırma ihtiyaçlarını belirleyerek, gelecekteki araştırmalar için önemli katkılar sunmaktadır.

References

  • Abdulhakeem, S. A., & Hu, Q. (2021). Powered by Blockchain technology, DeFi (Decentralized Finance) strives to increase financial inclusion of the unbanked by reshaping the world financial system. Modern Economy, 12(1), 1.
  • Allcot, D. (2022, October 24). Stablecoins cryptocurrency: A complete guide. Nasdaq. Retrieved from https://www.nasdaq.com.
  • Aspris, A., Foley, S., Svec, J., & Wang, L. (2021). Decentralized exchanges: The “wild west” of cryptocurrency trading. International Review of Financial Analysis, 77, 101845.
  • Aydaner, G., & Okuyan, H. A. (2024). Decentralized finance: a comparative bibliometric analysis in the Scopus and WoS databases. Future Business Journal, 10(1), 88.
  • Baughman, G., Carapella, F., Gerszten, J., & Mills, D. (2022). The stable in stablecoins. Federal Reserve. Retrieved from https://www.federalreserve.gov.
  • Caldarelli, G., & Ellul, J. (2021). The blockchain oracle problem in decentralized finance—a multivocal approach. Applied Sciences, 11(16), 7572.
  • Chen, Y., & Bellavitis, C. (2019). Decentralized finance: Blockchain technology and the quest for an open financial system. Stevens Institute of Technology School of Business Research Paper.
  • CoinGecko. (2023). Top stablecoins by market cap. Retrieved from https://www.coingecko.com.
  • Far, S. B., Rad, A. I., & Asaar, M. R. (2023). Blockchain and its derived technologies shape the future generation of digital businesses: a focus on decentralized finance and the Metaverse. Data Science and Management, 6(3), 183-197.
  • Federal Reserve Bank of Boston. (2023). Stablecoins: Growth potential and impact on banking. Retrieved from https://www.bostonfed.org.
  • Harzing, A.-W., & Alakangas, S. (2016). Google Scholar, Scopus and the Web of Science: A longitudinal and cross-disciplinary comparison. Scientometrics, 106(2), 787–804.
  • Heimbach, L., & Wattenhofer, R. (2022, September). Sok: Preventing transaction reordering manipulations in decentralized finance. In Proceedings of the 4th ACM Conference on Advances in Financial Technologies (pp. 47-60).
  • John, K., Kogan, L., & Saleh, F. (2023). Smart contracts and decentralized finance. Annual Review of Financial Economics, 15(1), 523-542.
  • Katona, T. (2021). Decentralized finance: The possibilities of a blockchain “money lego” system. Financial and Economic Review, 20(1), 74-102.
  • Kumar, R., Sharma, S. K., Kishor, K., & Devi, P. (2025). Decentralized finance evolution: A comprehensive bibliometric analysis. Sustainable Futures, 10, 101209.
  • Makarov, I., & Schoar, A. (2022). Cryptocurrencies and decentralized finance (DeFi). Brookings Papers on Economic Activity, 2022(1), 141-215.
  • Malamud, S., & Rostek, M. (2017). Decentralized exchange. American Economic Review, 107(11), 3320-3362. Ojog, S. (2021). The emerging world of decentralized finance. Informatica Economica, 25(4), 43-52.
  • Passas, I. (2024). Bibliometric Analysis: The Main Steps. Encyclopedia, 4 (2), 1014–1025.
  • Popescu, A. D. (2020). Decentralized finance (defi)–the lego of finance. Social Sciences and Education Research Review, 7(1), 321-349.
  • Schär, F. (2021). Decentralized finance: On blockchain-and smart contract-based financial markets. FRB of St. Louis Review.
  • Shah, K., Lathiya, D., Lukhi, N., Parmar, K., & Sanghvi, H. (2023). A systematic review of decentralized finance protocols. International Journal of Intelligent Networks, 4, 171-181.
  • Smith, S. S. (2021). Decentralized Finance ve Accounting-Implications, Considerations, and Opportunities for Development. International Journal of Digital Accounting Research, 21, 129-153.
  • 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(10), 454.
  • Werner, S., Perez, D., Gudgeon, L., Klages-Mundt, A., Harz, D., & Knottenbelt, W. (2022, September). Sok: Decentralized finance (defi). In Proceedings of the 4th ACM Conference on Advances in Financial Technologies (pp. 30-46).
  • Wu, C., Wider, W., Kweh, Q. L., Fauzi, M. A., & Mutuc, E. B. (2025) Mapping the Intellectual Structure and Emerging Trends in Decentralized Finance (Defi): A Bibliometric Analysis Using Web of Science[Preprint]. SSRN. https://ssrn.com/abstract=5371681
  • Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6(2), 172-203.
There are 26 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Araştırma Makaleleri
Authors

Reyhan Can 0000-0003-1269-273X

Saliha Tuncel Yada 0009-0004-3605-2352

Doğan Ali Koç 0000-0001-2345-6789

Early Pub Date September 30, 2025
Publication Date October 7, 2025
Submission Date July 26, 2025
Acceptance Date September 15, 2025
Published in Issue Year 2025 Volume: 10 Issue: 3

Cite

APA Can, R., Tuncel Yada, S., & Koç, D. A. (2025). MERKEZİ OLMAYAN FİNANSTA ARAŞTIRMA EĞİLİMLERİ: BİBLİYOMETRİK BİR ANALİZİN SONUÇLARI. Finans Ekonomi Ve Sosyal Araştırmalar Dergisi, 10(3), 389-404. https://doi.org/10.29106/fesa.1750993