A Multivocal Literature Review of Decentralized Finance : Current Knowledge and Future Research Avenues

Title data

Gramlich, Vincent ; Guggenberger, Tobias ; Principato, Marc ; Schellinger, Benjamin ; Urbach, Nils:
A Multivocal Literature Review of Decentralized Finance : Current Knowledge and Future Research Avenues.
In: Electronic Markets. Vol. 33 (2023) . - 11.
ISSN 1422-8890
DOI: https://doi.org/10.1007/s12525-023-00637-4

Official URL:

Abstract in another language

While decentralized finance (DeFi) has the potential to emulate and, indeed, outperform existing financial systems, it remains a complex phenomenon yet to be extensively researched. To make the most of this potential, its practitioners must gain a rigorous understanding of its intricacies, as must information systems (IS) researchers. Against this background, this study uses a multivocal literature review to capture the state of research in DeFi. Thereby, we (1) present a consolidating definition of DeFi as we (2) analyze, synthesize, and discuss the current state of knowledge in the field of DeFi. We do so while adapting the blockchain research framework proposed by (Risius and Spohrer, Business & Information Systems Engineering 59:385–409, 2017). Furthermore, we (3) identify gaps in the literature and indicate future research directions in DeFi. Even though our findings highlight several shortcomings in DeFi that have prevented its widespread adoption, our literature review shows a large consensus on DeFi’s many promising features and potential to complement the traditional financial system. To that end, this paper is presented to encourage further research to mitigate the current risks of DeFi, the payoff of which will be an enriched financial ecosystem.

Further data

Item Type:	Article in a journal
Refereed:	Yes
Keywords:	Blockchain; Crypto Finance; DeFi; Literature review; Research agend; Smart contracts
Institutions of the University:	Faculties > Faculty of Law, Business and Economics > Department of Business Administration Research Institutions Research Institutions > Affiliated Institutes Research Institutions > Affiliated Institutes > Branch Business and Information Systems Engineering of Fraunhofer FIT Research Institutions > Affiliated Institutes > FIM Research Center for Information Management
Result of work at the UBT:	Yes
DDC Subjects:	000 Computer Science, information, general works > 004 Computer science 300 Social sciences > 330 Economics
Date Deposited:	03 Dec 2024 07:47
Last Modified:	03 Dec 2024 07:47
URI:	https://eref.uni-bayreuth.de/id/eprint/91308