论文标题
分散的金融实际上是分散的吗？对以太坊区块链的AAVE协议的社交网络分析
Is decentralized finance actually decentralized? A social network analysis of the Aave protocol on the Ethereum blockchain
论文作者
论文摘要
分散的金融（DEFI）有可能通过通过防篡改智能合约来验证点对点交易来破坏集中式财务，从而大大降低了金融中介机构收取的交易成本。但是，对等交易的实际实现以及权力下放的水平和影响在很大程度上是未知的。我们的研究开创了一个区块链网络研究，该研究应用社交网络分析来衡量对以太坊区块链的Defi代币交易中权力下放的水平，动态和影响。首先，我们在AAVE令牌交易网络中发现了一个重要的核心外围结构，其中核心包括两个最大的集中加密交易所。其次，我们提供证据表明多个网络特征始终表征下放动力学。最后，我们记录了一个更加分散的网络可以显着预测以太坊区块链上aave代币的分散市场的更高回报和较低的波动性。我们指出，我们的方法是为了激发与应用方案，研究问题以及关于区块链权力下放机制的方法相关的未来扩展。
Decentralized finance (DeFi) has the potential to disrupt centralized finance by validating peer-to-peer transactions through tamper-proof smart contracts, 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 core-periphery structure in the AAVE token transaction network where the cores include the two largest centralized crypto exchanges. Second, we provide evidence that multiple network features consistently characterize decentralization dynamics. Finally, we document that a more decentralized network significantly predicts a higher return and lower volatility of the decentralized market of AAVE tokens on the Ethereum blockchain. We point out that our approach is seminal for inspiring future extensions related to the facets of application scenarios, research questions, and methodologies on the mechanics of blockchain decentralization.
