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Is decentralized finance actually decentralized? A social network analysis of the Aave protocol on the Ethereum blockchain. (arXiv:2206.08401v2 [econ.GN] UPDATED)
cs.CR updates on arXiv.org arxiv.org
Decentralized finance (DeFi) has the potential to disrupt centralized finance
by validating peer-to-peer transactions through tamper-proof smart contracts
and thus significantly lowering the transaction cost charged by financial
intermediaries. However, the actual realization of peer-to-peer transactions
and the levels and effects of decentralization are largely unknown. Our
research pioneers a blockchain network study that applies social network
analysis to measure the level, dynamics, and impacts of decentralization in
DeFi token transactions on the Ethereum blockchain. First, we find a
significant …
analysis blockchain decentralized ethereum finance network network analysis protocol social social network