Understanding DeFi through the lens of a production-network model / by Jonathan Chiu, Thorsten Koeppl, Hanna Yu and Shengxing Zhang. : FB3-5/2023-42E-PDF
"Decentralized finance (DeFi) is composed of a variety of heterogeneous sectors that are interconnected through an input-output network of its tokens. We first use a panel data set to empirically document the evolution of the DeFi network across its different sectors. Instead of looking at the misleading measure of total value locked, we then employ a standard, theoretical production-network model to measure the value added and service outputs of the different DeFi sectors. Finally, based on a calibrated version of our model, we study which factors drive DeFi token prices and predict the equilibrium effects when network interconnectedness increases"--Abstract.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.927604&sl=1
| Ministère/Organisme | Bank of Canada, issuing body. |
|---|---|
| Titre | Understanding DeFi through the lens of a production-network model / by Jonathan Chiu, Thorsten Koeppl, Hanna Yu and Shengxing Zhang. |
| Titre de la série | Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-42 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "Last updated: August 15, 2023." Includes bibliographical references. Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 |
| Auteur / Contributeur | Chiu, Jonathan, author. |
| Description | 1 online resource (ii, 36 pages) : charts. |
| Numéro de catalogue |
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| Descripteurs | Digital currency. Monnaie électronique. |
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