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SoK: Decentralized Finance (DeFi) -- Fundamentals, Taxonomy and Risks

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arxiv 2404.11281 v1 pith:TF62ROU4 submitted 2024-04-17 cs.CR

Krzysztof Gogol , Christian Killer , Malte Schlosser , Thomas Bocek , Burkhard Stiller , Claudio Tessone This is my paper · ORCID
classification cs.CR
keywords defitokensprotocolsriskdecentralizeddesignfinancepegged
verification ladder T0 review T1 audit T2 compute T3 formal
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Decentralized Finance (DeFi) refers to financial services that are not necessarily related to crypto-currencies. By employing blockchain for security and integrity, DeFi creates new possibilities that attract retail and institution users, including central banks. Given its novel applications and sophisticated designs, the distinction between DeFi services and understanding the risk involved is often complex. This work systematically presents the major categories of DeFi protocols that cover over 90\% of total value locked (TVL) in DeFi. It establishes a structured methodology to differentiate between DeFi protocols based on their design and architecture. Every DeFi protocol is classified into one of three groups: liquidity pools, pegged and synthetic tokens, and aggregator protocols, followed by risk analysis. In particular, we classify stablecoins, liquid staking tokens, and bridged (wrapped) assets as pegged tokens resembling similar risks. The full risk exposure of DeFi users is derived not only from the DeFi protocol design but also from how it is used and with which tokens.

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Cited by 4 Pith papers

Reviewed papers in the Pith corpus that reference this work. Sorted by Pith novelty score. Full citation record

  1. DeXposure-FM: A Time-series, Graph Foundation Model for Credit Exposures and Stability on Decentralized Financial Networks

    cs.LG 2026-02 conditional novelty 6.0 of 10

    A fine-tuned GraphPFN foundation model forecasts DeFi exposure networks and stress-test losses, beating learned baselines everywhere and persistence on link statistics, though not on average stress-test error.

  2. Measuring DEX Efficiency and The Effect of an Enhanced Routing Method on Both DEX Efficiency and Stakeholders' Benefits

    q-fin.TR 2025-08 conditional novelty 4.0 of 10

    A standardized arbitrage-profit metric for DEX efficiency is introduced; measurements show Uniswap V2 efficiency fell in late 2024 and simulations show line-graph routing beats DFS for traders.

  3. A Coincidence of Wants Mechanism for Swap Trade Execution in Decentralized Exchanges

    cs.GT 2025-07 reject novelty 4.0 of 10

    The paper presents a matrix-based algorithm for detecting and completing CoW swap cycles in DEXs using bridging orders, tested on a small Arbitrum sample.

  4. Scaling DeFi with ZK Rollups: Design, Deployment, and Evaluation of a Real-Time Proof-of-Concept

    cs.CR 2025-05 conditional novelty 4.0 of 10

    A self-hosted ZKsync rollup with a forked Uniswap V2 exchange processed up to 71 swap transactions per second in a single stress test, with soft finality for most transactions in under 2.5 seconds.

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