Financial intermediation and risk in decentralized lending protocols
نویسندگان
چکیده
We provide an overview of decentralized protocols like Compound and Aave that collateralized loans for cryptoasset investors. are two the most important application in finance ecosystem (DeFi). obtain publicly available information on rates, supply borrow activity, accounts to analyze different elements protocols. In particular, we estimate ex-post margins give a comprehensive account cost financial intermediation. find considering all markets 1% lower stablecoin markets. addition, quarterly indicators regarding solvency, asset quality, earnings market risk similar ones used traditional banking. This provides first look at use these metrics comparison between similarities challenges our understanding intermediation based tools
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3893278