Disentangling Decentralized Finance (DeFi) Compositions
نویسندگان
چکیده
We present a measurement study on compositions of Decentralized Finance (DeFi) protocols, which aim to disrupt traditional finance and offer services top distributed ledgers, such as Ethereum. Understanding DeFi is great importance, they may impact the development ecosystem interoperability, are increasingly integrated with web technologies, introduce risks through complexity. Starting from dataset 23 labeled protocols 10,663,881 associated Ethereum accounts, we interactions smart contracts. From network perspective, find that decentralized exchange (DEX) lending protocol account nodes have high degree centrality values, among primarily occur in strongly connected component, known community detection methods cannot disentangle protocols. Therefore, propose an algorithm decompose call into nested set building blocks be part other This allows us untangle compositions. With ground truth collected, can demonstrate algorithm’s capability by finding swaps most frequently used blocks. As nested, is, contained each other, provide visualizations composition trees for deeper inspections. also broad picture extracting flattening entire block structure across multiple Finally, practicality our approach, case inspired recent collapse UST stablecoin Terra ecosystem. Under hypothetical assumption USD Tether would experience similar fate, — and, thereby, affected. Overall, results contribute better understanding new family financial products.
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ژورنال
عنوان ژورنال: ACM Transactions on The Web
سال: 2023
ISSN: ['1559-1131', '1559-114X']
DOI: https://doi.org/10.1145/3532857