Araştırma Makalesi
Yıl 2024,
Cilt: 6 Sayı: 1, 32 - 50, 09.02.2024
Öz
With the expansion of digitalization into the financial sector, emerging technology has also demonstrated new applications within the traditional financial system. This rapid change in the financial system was not limited only to the applications in the central financial system and the emergence of financial assets, but then steps were taken to the decentralized financial system. The aim of this study is to examine the Decentralized Finance (DeFi) system, which has emerged as an independent alternative to the traditional finance system, and to reveal the opportunities and threats in this field. In this context, the focus was first on the traditional central financial system, which consists mostly of banking and financial institutions. Then, digital assets, cryptocurrencies, FinTech and RegTech which are the antecedents of decentralized finance system were explained. This study examines DeFi, an independent and pioneering technology, highlighting its distinctive features and explaining the opportunities and threats it presents. While the important opportunities emerging with DeFi are accessibility, globality, cost effectiveness and transparency, the main threats are listed as exclusion of the central financial system, volatility, legal problems and security risk.
Kaynakça
- 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(01), 1–16. https://doi.org/10.4236/me.2021.121001
- Ahuja, R., & Khandelwal, J. (2023). Challenges, opportunities and risk analysis of adoption of decentralized finance applications. ICTACT Journal on Soft Computing, 14(1).
- Aramonte, S., Huang W., Schrimpf A. (2021). DeFi risks and the decentralisation illusion, BIS Quarterly Review, https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf, (Accessed at: 02.07.23)
- Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2676553
- Beştaş, M. (2023). Merkeziyetsiz Finans (DeFi). International Journal of Social Humanities Sciences Research, 10(91), 124-141.
- Binance Academy, (2020). What Is a Decentralized Exchange (DEX)? Updated at 2023 https://academy.binance.com/en/articles/what-is-a-decentralized-exchange-dex (Accessed at: 08/03/2023)
- Bonaparte, Y. (2022). Cryptocurrency, Decentralized Finance Blockchains and Robust Trading Strategies, Cambridge Scholars Publishing, ISBN (13): 978-1-5275-8932-2
- Bu, Y., Li, H., & Wu, X. (2021). Effective regulations of FinTech innovations: the case of China. Economics of Innovation and New Technology, 31(8), 751–769. https://doi.org/10.1080/10438599.2020.1868069.
- Carter, N., & Jeng, L. (2021). DeFi protocol risks: The paradox of DeFi. Regtech, Suptech and Beyond: Innovation and Technology in Financial Services” RiskBooks–Forthcoming Q, 3.
- Chen, Y. & Bellavitis C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models, Journal of Business Venturing Insights, Volume 13, e00151.
- Chirag. (2022). Blockchain in Fintech: A Catalyst for Disruption in Finance World, Appinventiv, https://appinventiv.com/blog/blockchain-and-fintech/ (Accessed at: 02.07.23)
- CoinDCX. (2022). Decentralized Finance vs. Traditional Finance: What You Need To Know? CoinDCX-Blog. https://blog.coindcx.com/blog/cryptocurrency/decentralized-finance-vs-traditional-finance/
- CoinMarket Cap. (2023). https://coinmarketcap.com/currencies/defi-pulse-index/, (Accessed at: 12.07.2023) CoinMarketCap (2023). Top DeFi Tokens by Market Capitalization, https://coinmarketcap.com/view/defi/, (Accessed at: 12.07.2023)
- David, D. (2022). The real problem with centralized banks and why crypto is inevitable. Forbes. https://www.forbes.com/sites/derickdavid/2022/04/15/the-real-problem-with-centralized-banks-and-why-crypto-is-inevitable/ (Accessed at: 03.07.23)
- DeFiLlama. (2023). Chains, https://defillama.com/chains (Accessed at: 12. 17. 2023)
- DeFiSafety. (2023). Process Quality Reviews, https://www.defisafety.com/ (Accessed at: 12. 07. 2023)
- Demirgüç-Kunt, A., Klapper, L., Singer, D. Ansar, S. (2022). The Global Findex Database 2021. Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, The World Bank, https://www.worldbank.org/en/publication/globalfindex (Accessed at: 02.02.2023)
- Ethereum.org. (2023). Decentralized finance (DeFi), https://ethereum.org, (Accessed at: 02.19.2023)
- Forbes (2023). Forbes Digital Assets, https://www.forbes.com/digital-assets/crypto-prices/?sh=1e73fad22478, (Accessed at: 02.19.2023).
- Frykström, N. (2022). Transparency for Efficiency and Financial Stability, Sveriges Riksbank. https://www.riksbank.se/en-gb/press-and-published/publications/economic-commentaries/transparency-for-efficiency-and-financial-stability (Accessed at: 12.21.2022)
- GetID. (2022). What is KYC & AML, https://getid.com/blog/2022/11/05/kyc-and-aml/, (Accessed at: 12.21.2022)
- Goldman, K. & Kumar A. (2021). A Taxonomy of Digital Assets, Milken Institute, https://milkeninstitute.org/sites/default/files/2021-10/A%20Taxonomy%20of%20Digital%20Assets.pdf
- Harvey, C. R., Ramachandran, A., & Santoro, J. (2021). DeFi and the Future of Finance. Wiley Professional Development (P&T). https://bookshelf.vitalsource.com/books/9781119836025, p.58
- IDnow, (n.d.). What is the definition of KYC + AML? Overview. https://www.idnow.io/regulation/aml-kyc-definition/, (Accessed at: 03.13.2023).
- Index Coop. (n.d.). DeFi Pulse Index (DPI), DeFi Token. https://indexcoop.com/defi-pulse-index-dpi, (Accessed at: 03.01.2023)
- Internal Revenue Service. (2023). Digital Assets, https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets (Accessed at: 02.10.2023)
- Jocham, D. & Abbassi, M. (2022). Opportunities & Challenges for Banks in the Context of Decentralized Finance, Der Blog Für Die Finanzindustrie, https://ccecosystems.news/en/opportunities-challenges-for-banks-in-the-context-of-decentralized-finance/#_ftn1, (Accessed at: 02.13.2023).
- Kaur, G., Lashkari, A. H., Sharafaldin, I. & Lashkari, Z. H. (2023). Understanding Cybersecurity Management in Decentralized Finance Challenges, Strategies, and Trends, ISBN 978-3-031-23340-1 (eBook) https://doi.org/10.1007/978-3-031-23340-1, p.67-114
- Kautikwar, T. (2020). A study of role of emerging technology in current banking Industry. http://vpmthane.org/jbcapp/upload/m6/170.pdf (Accessed at: 01.13.2023)
- Kerner, S. M. (2023). Decentralized finance vs. centralized finance: What’s the difference? WhatIs.com, www.techtarget.com/whatis/feature/Decentralized-finance-vs-centralized-finance-Whats-the-difference. (Accessed at: 01.20.2023)
- Kirimhan, D. (2023). Importance of anti-money laundering regulations among prosumers for a cybersecure decentralized finance. Journal of Business Research, 157, 113558. https://doi.org/10.1016/j.jbusres.2022.113558
- Kurum, E. (2020), "RegTech solutions and AML compliance: what future for financial crime?", Journal of Financial Crime, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFC-04-2020-0051
- Loesch, S. (2018). A Guide to Financial Regulation for Fintech Entrepreneurs, Wiley, e-book, P.3
- Malhotra, D., Saini, P., & Singh, A. K. (2022). How Blockchain Can Automate KYC: Systematic Review. Wireless Personal Communications, 122(2), 1987–2021. https://doi.org/10.1007/s11277-021-08977-0
- Metelski, D., & Sobieraj, J. (2022). Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations. International Journal of Financial Studies, 10(4), 108. https://doi.org/10.3390/ijfs10040108
- Metwaly, A. H. W., & Metwaly, A. W. (2021). Stake Hodler Capitalism: Blockchain and DeFi. Decentralized Finance. p.109.
- McKay, J. (2022). DeFi-ing Cyber Attacks, https://tellingstorieswithdata.com/inputs/pdfs/final_paper-2022-jack_mckay.pdf (Accessed at: 03.10.2023)
- Moeller, M. (2022). Volatile interest rates may be a thing of the past thanks to this DeFi product, https://cointelegraph.com/news/volatile-interest-rates-may-be-a-thing-of-the-past-thanks-to-this-defi-product, (Accessed at: 03.20.2023)
- Monrat, A. A., Schelén, O., & Andersson, K. (2019). A survey of blockchain from the perspectives of applications, challenges, and opportunities. IEEE Access, 7, 117134-117151.
- Moreland, K. (2022). DEX or CEX? Your Crypto Exchange Guide, https://www.ledger.com/academy/dex-or-cex-your-exchange-guide, (Accessed at: 03.08.2023).
- Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf
- Nasdaq. (2023). All About Digital Assets. What Are Digital Assets?, Digital Asset Examples, https://www.nasdaq.com/solutions/nasdaq-marketplace-technology/about-digital-assets. (Accessed at: 03.11.2023)
- Nicoletti, B. (2017). The Future of FinTech: Integrating Finance and Technology in Financial Services. Palgrave Macmillan. https://doi.org/10.1007/978-3-319-51415-4, P.3.
- OECD (2022). Why Decentralised Finance (DeFi) Matters and the Policy Implications, OECD Paris, Why-Decentralised-Finance-DeFi-Matters-and-the-Policy-Implications.htm.
- Popescu, A. D. (2020a). Decentralized Finance (Defi) – The Lego of Finance, Social Sciences and Education Research Review, 7(1), 321-349.
- Popescu, A. D. (2020b). Transitions and concepts within decentralized finance (Defi) Space. Research Terminals in the social sciences, 40.
- Qin, K. & Zhou, L. & Afonin, Y. & Lazzaretti, L. & Gervais, A. (2021). "CeFi vs. DeFi -- Comparing Centralized to Decentralized Finance" Papers 2106.08157, arXiv.org, revised Jun 2021.
- Rajasekaran, A. S., Azees, M., & Al-Turjman, F. (2022). A comprehensive survey on blockchain technology. Sustainable Energy Technologies and Assessments, 52, 102039.
- Rathee, D., Policharla, G. V., Xie, T., Cottone, R., & Song, D. (2022). Zebra: Anonymous credentials with practical on-chain verification and applications to kyc in defi. Cryptology ePrint Archive.
- Reiff, N. (2023). What Are The Most Important DeFi Protocols? https://decrypt.co/resources/what-are-some-important-defi-protocols, (Accessed at: 12.14.2023)
- Salami, I. (2021). Challenges and Approaches to Regulating Decentralized Finance. AJIL Unbound, 115, 425-429. doi:10.1017/aju.2021.66
- Schär, F. (2021). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets FRB of St. Louis Review, Available at SSRN: https://ssrn.com/abstract=3843844 or http://dx.doi.org/10.20955/r.103.153-74
- Scharfman, J. (2023). The Cryptocurrency and Digital Asset Fraud Casebook. Palgrave Macmillan.P.19 https://doi.org/10.1007/978-3-031-23679-2.
- Sert, T. (2022). Sorularla DeFi, Tefrika Yayıncılık, p.17,41.
- Sharma, (2022). What Is Decentralized Finance (DeFi) and How Does It Work? , https://www.investopedia.com/decentralized-finance-defi-5113835, (Accessed at: 02.09.2023)
- Siripurapu, A. & Berman, N. (2023). Cryptocurrencies, Digital Dollars, and the Future of Money. Council on Foreign Relations. https://www.cfr.org/backgrounder/cryptocurrencies-digital-dollars-and-future-money
- Taherdoost, H. (2023). Fintech: emerging trends and the future of finance financial technologies and defi: a revisit to the digital finance revolution, Ed:Turi, A.N. Springer, p.39
- Takyar, A. (2020). DeFi vs CeFi, Centralized and Decentralized Finance Comparisio, LeewayHertz - Software Development Company. https://www.leewayhertz.com/defi-vs-cefi/, (Accessed at: 03.09.2023)
- Teichmann, F., Boticiu, S. and Sergi, B.S. (2023). RegTech – Potential benefits and challenges for businesses, Technology in Society, Volume 72., https://ssrn.com/abstract=4146383 or http://dx.doi.org/10.2139/ssrn.4146383
- Watorek, M., Drożdż, S., Kwapień, J., Minati, L., Oświęcimka, P., & Stanuszek, M. (2021). Multiscale characteristics of the emerging global cryptocurrency market. Physics Reports, 901, 1–82. https://doi.org/10.1016/j.physrep.2020.10.005
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- Wronka, C. (2023). Financial crime in the decentralized finance ecosystem: new challenges for compliance, Journal of financial crime, Vol. ahead-of-print, Issue ahead-of-print, pages 97 - 113
- Yahoo Finance (n.d). https://finance.yahoo.com/chart, (Accessed at: 03.05.2023)
- Zetzsche, D.A, Arner D.W., Buckley R.P. (2020). Decentralized Finance, Journal of Financial Regulation, Volume 6, Issue 2, 20 September 2020, Pages 172–203, https://doi.org/10.1093/jfr/fjaa010
Yıl 2024,
Cilt: 6 Sayı: 1, 32 - 50, 09.02.2024
Öz
Dijitalleşmenin finans sektörüne yayılmasıyla birlikte gelişen teknoloji, geleneksel finansal sistem içinde de yeni uygulamalar ortaya çıkarmıştır. Finansal sistemdeki bu hızlı değişim, yalnızca merkezi finansal sistemdeki uygulamalar ve finansal varlıkların ortaya çıkmasıyla sınırlı kalmamış, daha sonra merkezi olmayan finansal sisteme yönelik adımlar atılmıştır. Bu çalışmanın amacı, geleneksel finans sistemine bağımsız bir alternatif olarak ortaya çıkan Merkezi Olmayan Finans (DeFi) sistemini incelemek, bu alandaki fırsat ve tehditleri ortaya koymaktır. Bu kapsamda ilk olarak çoğunluğu bankacılık ve finans kuruluşlarından oluşan geleneksel merkezi finansal sistem üzerine odaklanılmıştır. Daha sonra merkezi olmayan finans sisteminin öncülleri olan dijital varlıklar, kripto paralar, FinTech ve RegTech anlatılmıştır. Bu çalışma, bağımsız ve öncü bir teknoloji olan DeFi'yi inceleyerek, ayırt edici özelliklerini vurgulamakta ve sunduğu fırsat ve tehditleri açıklamaktadır. DeFi ile ortaya çıkan önemli fırsatlar erişilebilirlik, küresellik, maliyet etkinliği ve şeffaflık iken, başlıca tehditler merkezi finansal sistemin dışlanması, oynaklık, hukuki sorunlar ve güvenlik riski olarak sıralanmaktadır.
Kaynakça
- 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(01), 1–16. https://doi.org/10.4236/me.2021.121001
- Ahuja, R., & Khandelwal, J. (2023). Challenges, opportunities and risk analysis of adoption of decentralized finance applications. ICTACT Journal on Soft Computing, 14(1).
- Aramonte, S., Huang W., Schrimpf A. (2021). DeFi risks and the decentralisation illusion, BIS Quarterly Review, https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf, (Accessed at: 02.07.23)
- Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2676553
- Beştaş, M. (2023). Merkeziyetsiz Finans (DeFi). International Journal of Social Humanities Sciences Research, 10(91), 124-141.
- Binance Academy, (2020). What Is a Decentralized Exchange (DEX)? Updated at 2023 https://academy.binance.com/en/articles/what-is-a-decentralized-exchange-dex (Accessed at: 08/03/2023)
- Bonaparte, Y. (2022). Cryptocurrency, Decentralized Finance Blockchains and Robust Trading Strategies, Cambridge Scholars Publishing, ISBN (13): 978-1-5275-8932-2
- Bu, Y., Li, H., & Wu, X. (2021). Effective regulations of FinTech innovations: the case of China. Economics of Innovation and New Technology, 31(8), 751–769. https://doi.org/10.1080/10438599.2020.1868069.
- Carter, N., & Jeng, L. (2021). DeFi protocol risks: The paradox of DeFi. Regtech, Suptech and Beyond: Innovation and Technology in Financial Services” RiskBooks–Forthcoming Q, 3.
- Chen, Y. & Bellavitis C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models, Journal of Business Venturing Insights, Volume 13, e00151.
- Chirag. (2022). Blockchain in Fintech: A Catalyst for Disruption in Finance World, Appinventiv, https://appinventiv.com/blog/blockchain-and-fintech/ (Accessed at: 02.07.23)
- CoinDCX. (2022). Decentralized Finance vs. Traditional Finance: What You Need To Know? CoinDCX-Blog. https://blog.coindcx.com/blog/cryptocurrency/decentralized-finance-vs-traditional-finance/
- CoinMarket Cap. (2023). https://coinmarketcap.com/currencies/defi-pulse-index/, (Accessed at: 12.07.2023) CoinMarketCap (2023). Top DeFi Tokens by Market Capitalization, https://coinmarketcap.com/view/defi/, (Accessed at: 12.07.2023)
- David, D. (2022). The real problem with centralized banks and why crypto is inevitable. Forbes. https://www.forbes.com/sites/derickdavid/2022/04/15/the-real-problem-with-centralized-banks-and-why-crypto-is-inevitable/ (Accessed at: 03.07.23)
- DeFiLlama. (2023). Chains, https://defillama.com/chains (Accessed at: 12. 17. 2023)
- DeFiSafety. (2023). Process Quality Reviews, https://www.defisafety.com/ (Accessed at: 12. 07. 2023)
- Demirgüç-Kunt, A., Klapper, L., Singer, D. Ansar, S. (2022). The Global Findex Database 2021. Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, The World Bank, https://www.worldbank.org/en/publication/globalfindex (Accessed at: 02.02.2023)
- Ethereum.org. (2023). Decentralized finance (DeFi), https://ethereum.org, (Accessed at: 02.19.2023)
- Forbes (2023). Forbes Digital Assets, https://www.forbes.com/digital-assets/crypto-prices/?sh=1e73fad22478, (Accessed at: 02.19.2023).
- Frykström, N. (2022). Transparency for Efficiency and Financial Stability, Sveriges Riksbank. https://www.riksbank.se/en-gb/press-and-published/publications/economic-commentaries/transparency-for-efficiency-and-financial-stability (Accessed at: 12.21.2022)
- GetID. (2022). What is KYC & AML, https://getid.com/blog/2022/11/05/kyc-and-aml/, (Accessed at: 12.21.2022)
- Goldman, K. & Kumar A. (2021). A Taxonomy of Digital Assets, Milken Institute, https://milkeninstitute.org/sites/default/files/2021-10/A%20Taxonomy%20of%20Digital%20Assets.pdf
- Harvey, C. R., Ramachandran, A., & Santoro, J. (2021). DeFi and the Future of Finance. Wiley Professional Development (P&T). https://bookshelf.vitalsource.com/books/9781119836025, p.58
- IDnow, (n.d.). What is the definition of KYC + AML? Overview. https://www.idnow.io/regulation/aml-kyc-definition/, (Accessed at: 03.13.2023).
- Index Coop. (n.d.). DeFi Pulse Index (DPI), DeFi Token. https://indexcoop.com/defi-pulse-index-dpi, (Accessed at: 03.01.2023)
- Internal Revenue Service. (2023). Digital Assets, https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets (Accessed at: 02.10.2023)
- Jocham, D. & Abbassi, M. (2022). Opportunities & Challenges for Banks in the Context of Decentralized Finance, Der Blog Für Die Finanzindustrie, https://ccecosystems.news/en/opportunities-challenges-for-banks-in-the-context-of-decentralized-finance/#_ftn1, (Accessed at: 02.13.2023).
- Kaur, G., Lashkari, A. H., Sharafaldin, I. & Lashkari, Z. H. (2023). Understanding Cybersecurity Management in Decentralized Finance Challenges, Strategies, and Trends, ISBN 978-3-031-23340-1 (eBook) https://doi.org/10.1007/978-3-031-23340-1, p.67-114
- Kautikwar, T. (2020). A study of role of emerging technology in current banking Industry. http://vpmthane.org/jbcapp/upload/m6/170.pdf (Accessed at: 01.13.2023)
- Kerner, S. M. (2023). Decentralized finance vs. centralized finance: What’s the difference? WhatIs.com, www.techtarget.com/whatis/feature/Decentralized-finance-vs-centralized-finance-Whats-the-difference. (Accessed at: 01.20.2023)
- Kirimhan, D. (2023). Importance of anti-money laundering regulations among prosumers for a cybersecure decentralized finance. Journal of Business Research, 157, 113558. https://doi.org/10.1016/j.jbusres.2022.113558
- Kurum, E. (2020), "RegTech solutions and AML compliance: what future for financial crime?", Journal of Financial Crime, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFC-04-2020-0051
- Loesch, S. (2018). A Guide to Financial Regulation for Fintech Entrepreneurs, Wiley, e-book, P.3
- Malhotra, D., Saini, P., & Singh, A. K. (2022). How Blockchain Can Automate KYC: Systematic Review. Wireless Personal Communications, 122(2), 1987–2021. https://doi.org/10.1007/s11277-021-08977-0
- Metelski, D., & Sobieraj, J. (2022). Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations. International Journal of Financial Studies, 10(4), 108. https://doi.org/10.3390/ijfs10040108
- Metwaly, A. H. W., & Metwaly, A. W. (2021). Stake Hodler Capitalism: Blockchain and DeFi. Decentralized Finance. p.109.
- McKay, J. (2022). DeFi-ing Cyber Attacks, https://tellingstorieswithdata.com/inputs/pdfs/final_paper-2022-jack_mckay.pdf (Accessed at: 03.10.2023)
- Moeller, M. (2022). Volatile interest rates may be a thing of the past thanks to this DeFi product, https://cointelegraph.com/news/volatile-interest-rates-may-be-a-thing-of-the-past-thanks-to-this-defi-product, (Accessed at: 03.20.2023)
- Monrat, A. A., Schelén, O., & Andersson, K. (2019). A survey of blockchain from the perspectives of applications, challenges, and opportunities. IEEE Access, 7, 117134-117151.
- Moreland, K. (2022). DEX or CEX? Your Crypto Exchange Guide, https://www.ledger.com/academy/dex-or-cex-your-exchange-guide, (Accessed at: 03.08.2023).
- Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf
- Nasdaq. (2023). All About Digital Assets. What Are Digital Assets?, Digital Asset Examples, https://www.nasdaq.com/solutions/nasdaq-marketplace-technology/about-digital-assets. (Accessed at: 03.11.2023)
- Nicoletti, B. (2017). The Future of FinTech: Integrating Finance and Technology in Financial Services. Palgrave Macmillan. https://doi.org/10.1007/978-3-319-51415-4, P.3.
- OECD (2022). Why Decentralised Finance (DeFi) Matters and the Policy Implications, OECD Paris, Why-Decentralised-Finance-DeFi-Matters-and-the-Policy-Implications.htm.
- Popescu, A. D. (2020a). Decentralized Finance (Defi) – The Lego of Finance, Social Sciences and Education Research Review, 7(1), 321-349.
- Popescu, A. D. (2020b). Transitions and concepts within decentralized finance (Defi) Space. Research Terminals in the social sciences, 40.
- Qin, K. & Zhou, L. & Afonin, Y. & Lazzaretti, L. & Gervais, A. (2021). "CeFi vs. DeFi -- Comparing Centralized to Decentralized Finance" Papers 2106.08157, arXiv.org, revised Jun 2021.
- Rajasekaran, A. S., Azees, M., & Al-Turjman, F. (2022). A comprehensive survey on blockchain technology. Sustainable Energy Technologies and Assessments, 52, 102039.
- Rathee, D., Policharla, G. V., Xie, T., Cottone, R., & Song, D. (2022). Zebra: Anonymous credentials with practical on-chain verification and applications to kyc in defi. Cryptology ePrint Archive.
- Reiff, N. (2023). What Are The Most Important DeFi Protocols? https://decrypt.co/resources/what-are-some-important-defi-protocols, (Accessed at: 12.14.2023)
- Salami, I. (2021). Challenges and Approaches to Regulating Decentralized Finance. AJIL Unbound, 115, 425-429. doi:10.1017/aju.2021.66
- Schär, F. (2021). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets FRB of St. Louis Review, Available at SSRN: https://ssrn.com/abstract=3843844 or http://dx.doi.org/10.20955/r.103.153-74
- Scharfman, J. (2023). The Cryptocurrency and Digital Asset Fraud Casebook. Palgrave Macmillan.P.19 https://doi.org/10.1007/978-3-031-23679-2.
- Sert, T. (2022). Sorularla DeFi, Tefrika Yayıncılık, p.17,41.
- Sharma, (2022). What Is Decentralized Finance (DeFi) and How Does It Work? , https://www.investopedia.com/decentralized-finance-defi-5113835, (Accessed at: 02.09.2023)
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- Taherdoost, H. (2023). Fintech: emerging trends and the future of finance financial technologies and defi: a revisit to the digital finance revolution, Ed:Turi, A.N. Springer, p.39
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- Wronka, C. (2023). Financial crime in the decentralized finance ecosystem: new challenges for compliance, Journal of financial crime, Vol. ahead-of-print, Issue ahead-of-print, pages 97 - 113
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Toplam 64 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | İşletme |
| Bölüm | Research Articles |
| Yazarlar | |
| Erken Görünüm Tarihi | 9 Şubat 2024 |
| Yayımlanma Tarihi | 9 Şubat 2024 |
| Kabul Tarihi | 31 Ocak 2024 |
| Yayımlandığı Sayı | Yıl 2024 Cilt: 6 Sayı: 1 |
Kaynak Göster
BILTÜRK Journal of Economics and Related Studies Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) altında çalışmaktadır.