{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,2]],"date-time":"2026-01-02T07:50:03Z","timestamp":1767340203218,"version":"3.40.3"},"publisher-location":"Cham","reference-count":45,"publisher":"Springer International Publishing","isbn-type":[{"type":"print","value":"9783031324147"},{"type":"electronic","value":"9783031324154"}],"license":[{"start":{"date-parts":[[2023,1,1]],"date-time":"2023-01-01T00:00:00Z","timestamp":1672531200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"},{"start":{"date-parts":[[2023,1,1]],"date-time":"2023-01-01T00:00:00Z","timestamp":1672531200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2023]]},"DOI":"10.1007\/978-3-031-32415-4_13","type":"book-chapter","created":{"date-parts":[[2023,7,21]],"date-time":"2023-07-21T20:25:45Z","timestamp":1689971145000},"page":"197-206","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":16,"title":["A Short Survey on\u00a0Business Models of\u00a0Decentralized Finance (DeFi) Protocols"],"prefix":"10.1007","author":[{"given":"Teng Andrea","family":"Xu","sequence":"first","affiliation":[]},{"given":"Jiahua","family":"Xu","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,7,22]]},"reference":[{"key":"13_CR1","doi-asserted-by":"publisher","unstructured":"Werner, S.M., Perez, D., Gudgeon, L., Klages-Mundt, A., Harz, D., Knottenbelt, W.J.: SoK: decentralized finance (DeFi). In: The 4th ACM Conference on Advances in Financial Technologies, pp. 30\u201346 (2022). https:\/\/doi.org\/10.1145\/3558535.3559780","DOI":"10.1145\/3558535.3559780"},{"key":"13_CR2","doi-asserted-by":"crossref","unstructured":"Sch\u00e4r, F.: Decentralized finance: on blockchain-and smart contract-based financial markets. FRB of St. Louis Review (2021)","DOI":"10.2139\/ssrn.3571335"},{"key":"13_CR3","unstructured":"CoinGecko. Coingecko, Top 100 DeFi Coins by Market Capitalization (2021). https:\/\/www.coingecko.com\/en\/categories\/decentralized-finance-defi"},{"key":"13_CR4","unstructured":"Uniswap: Introducing Uni (2021). https:\/\/uniswap.org\/blog\/uni. Accessed 03 May 2022"},{"key":"13_CR5","unstructured":"Wu, J.: OpenFi: AAVE (2021). https:\/\/www.johnwu.finance\/blog\/openfi-aave, Accessed: 2022-05-03"},{"key":"13_CR6","unstructured":"Yearn: YIP-51: Set Vault v2 fee structure (2020). https:\/\/gov.yearn.finance\/t\/yip-51-set-vault-v2-fee-structure\/7752. Accessed 30 Nov 2021"},{"key":"13_CR7","unstructured":"Mihal, D.: CryptoFees (2021). https:\/\/cryptofees.info\/"},{"key":"13_CR8","unstructured":"Finance, Y.: YearnFinance (2022). https:\/\/www.yfistats.com\/financials\/RevProjections.html. Accessed 07 Feb 2022"},{"key":"13_CR9","doi-asserted-by":"publisher","unstructured":"Qin, K., Zhou, L., Gamito, P., Jovanovic, P., Gervais, A.: An empirical study of DeFi liquidations: incentives, risks, and instabilities. In: The 21st ACM Internet Measurement Conference, pp. 336\u2013350 (2021). https:\/\/doi.org\/10.1145\/3487552.3487811","DOI":"10.1145\/3487552.3487811"},{"key":"13_CR10","series-title":"Lecture Notes in Computer Science","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1007\/978-3-662-64322-8_1","volume-title":"Financial Cryptography and Data Security","author":"K Qin","year":"2021","unstructured":"Qin, K., Zhou, L., Livshits, B., Gervais, A.: Attacking the DeFi ecosystem with flash loans for fun and profit. In: Borisov, N., Diaz, C. (eds.) FC 2021. LNCS, vol. 12674, pp. 3\u201332. Springer, Heidelberg (2021). https:\/\/doi.org\/10.1007\/978-3-662-64322-8_1"},{"key":"13_CR11","doi-asserted-by":"publisher","unstructured":"Gudgeon, L., Werner, S., Perez, D., Knottenbelt, W.J.: DeFi protocols for loanable funds: interest rates, liquidity and market efficiency. In: The 2nd ACM Conference on Advances in Financial Technologies, pp. 92\u2013112 (2020). https:\/\/doi.org\/10.1145\/3419614.3423254","DOI":"10.1145\/3419614.3423254"},{"key":"13_CR12","series-title":"Lecture Notes in Computer Science","doi-asserted-by":"publisher","first-page":"457","DOI":"10.1007\/978-3-662-64331-0_24","volume-title":"Financial Cryptography and Data Security","author":"D Perez","year":"2021","unstructured":"Perez, D., Werner, S.M., Xu, J., Livshits, B.: Liquidations: DeFi on a knife-edge. In: Borisov, N., Diaz, C. (eds.) FC 2021. LNCS, vol. 12675, pp. 457\u2013476. Springer, Heidelberg (2021). https:\/\/doi.org\/10.1007\/978-3-662-64331-0_24"},{"key":"13_CR13","unstructured":"Young, M., Alexandre, A.: DeFi deep dive: yield farm pioneer compound finance (2021). https:\/\/beincrypto.com\/defi-deep-dive-yield-farm-pioneer-compound\/. Accessed 29 Nov 2021"},{"key":"13_CR14","unstructured":"AAVE: Flash Loans (2023). https:\/\/docs.aave.com\/developers\/guides\/flash-loans#flash-loan-fee. Accessed 2 July 2023"},{"key":"13_CR15","unstructured":"Klepatch, J.: Comparison betwen Flashloan providers: Aave vs dYdX vs Uniswap (2020). https:\/\/defiprime.com\/flahloans-comparison. Accessed 2 July 2023"},{"key":"13_CR16","unstructured":"Buterin, V.: Improving front running resistance of x * y = k market makers (2021). https:\/\/ethresear.ch\/t\/improving-front-running-resistance-of-x-y-k-market-makers\/1281. Accessed 30 Nov 2021"},{"key":"13_CR17","doi-asserted-by":"publisher","unstructured":"Xu, J., Paruch, K., Cousaert, S., Feng, Y.: SoK: decentralized exchanges (DEX) with automated market maker (AMM) protocols. ACM Comput. Surv. 55(11), 1\u201350 (2023). https:\/\/doi.org\/10.1145\/3570639","DOI":"10.1145\/3570639"},{"key":"13_CR18","first-page":"58","volume":"2","author":"LX Lin","year":"2019","unstructured":"Lin, L.X., et al.: Deconstructing decentralized exchanges. Stanford J. Blockchain Law Policy 2, 58\u201377 (2019)","journal-title":"Stanford J. Blockchain Law Policy"},{"key":"13_CR19","unstructured":"Balancer: Increase the Protocol Fee (2021). https:\/\/forum.balancer.fi\/t\/increase-the-protocol-fee\/2533. Accessed 03 May 2022"},{"key":"13_CR20","unstructured":"The Serenity Fund: Bancor 2.1 and its impermanent loss insurance (2021). https:\/\/medium.com\/coinmonks\/company-watch-bancor-2-1-and-its-impermanent-loss-insurance-71d87d092e9f. Accessed 30 Nov 2021"},{"key":"13_CR21","unstructured":"Uniswap: Uniswap v3 Protocol Whitepaper (2021). https:\/\/uniswap.org\/whitepaper-v3.pdf. Accessed 30 Nov 2021"},{"key":"13_CR22","unstructured":"Mihal, D.: DAOs are the new companies. What\u2019s on their balance sheets? (2021). https:\/\/openorgs.info\/. Accessed 30 Nov 2021"},{"key":"13_CR23","doi-asserted-by":"crossref","unstructured":"Cousaert, S., Xu, J., Matsui, T.: SoK: yield aggregators in DeFi. In: The 4th IEEE International Conference on Blockchain and Cryptocurrency (ICBC) (2022)","DOI":"10.1109\/ICBC54727.2022.9805523"},{"key":"13_CR24","doi-asserted-by":"publisher","unstructured":"Cousaert, S., Vadgama, N., Xu, J.: Token-based insurance solutions on blockchain. In: Blockchains and the Token Economy: Theory and Practice (2022). https:\/\/doi.org\/10.1007\/978-3-030-95108-5_9","DOI":"10.1007\/978-3-030-95108-5_9"},{"key":"13_CR25","unstructured":"Cronje, A.: yETH vault explained (2020). https:\/\/medium.com\/iearn\/yeth-vault-explained-c29d6b93a371. Accessed 30 Nov 2021"},{"key":"13_CR26","unstructured":"Pickle: Fees (2021). https:\/\/docs.pickle.finance\/fees. Accessed 30 Nov 2021"},{"key":"13_CR27","unstructured":"Idle: Fees (2021). https:\/\/docs.idle.finance\/advanced\/fees. Accessed 30 Nov 2021"},{"key":"13_CR28","unstructured":"Harvest Finance: Profit Sharing and iFARM (2021). https:\/\/harvest-finance.gitbook.io\/harvest-finance\/general-info\/what-do-we-do\/profit-sharing-pool-ps. Accessed 30 Nov 2021"},{"issue":"4","key":"13_CR29","doi-asserted-by":"publisher","first-page":"990","DOI":"10.1162\/154247603322493212","volume":"1","author":"JC Rochet","year":"2003","unstructured":"Rochet, J.C., Tirole, J.: Platform competition in two-sided markets. J. Eur. Econ. Assoc. 1(4), 990\u20131029 (2003)","journal-title":"J. Eur. Econ. Assoc."},{"key":"13_CR30","unstructured":"Edwards, R.D., Magee, J., Bassetti, W.H.C.: Technical analysis of stock trends. Stock Trend Service, Springfield (1948)"},{"issue":"3","key":"13_CR31","doi-asserted-by":"publisher","first-page":"304","DOI":"10.1016\/0261-5606(92)90048-3","volume":"11","author":"MP Taylor","year":"1992","unstructured":"Taylor, M.P., Allen, H.: The use of technical analysis in the foreign exchange market. J. Int. Money Financ. 11(3), 304\u2013314 (1992)","journal-title":"J. Int. Money Financ."},{"issue":"4","key":"13_CR32","doi-asserted-by":"publisher","first-page":"411","DOI":"10.1086\/294442","volume":"34","author":"MH Miller","year":"1961","unstructured":"Miller, M.H., Modigliani, F.: Dividend policy, growth, and the valuation of shares. J. Bus. 34(4), 411\u2013433 (1961)","journal-title":"J. Bus."},{"issue":"1","key":"13_CR33","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1016\/0304-405X(93)90023-5","volume":"33","author":"EF Fama","year":"1993","unstructured":"Fama, E.F., French, K.R.: Common risk factors in the returns on stocks and bonds. J. Financ. Econ. 33(1), 3\u201356 (1993)","journal-title":"J. Financ. Econ."},{"key":"13_CR34","doi-asserted-by":"publisher","first-page":"427","DOI":"10.1111\/j.1540-6261.1992.tb04398.x","volume":"47","author":"EF Fama","year":"1992","unstructured":"Fama, E.F., French, K.R.: The cross-section of expected stock returns. J. Financ. 47, 427\u2013465 (1992)","journal-title":"J. Financ."},{"issue":"1","key":"13_CR35","doi-asserted-by":"publisher","first-page":"131","DOI":"10.1111\/j.1540-6261.1995.tb05169.x","volume":"50","author":"EF Fama","year":"1995","unstructured":"Fama, E.F., French, K.R.: Size and book-to-market factors in earnings and returns. J. Financ. 50(1), 131\u2013155 (1995)","journal-title":"J. Financ."},{"key":"13_CR36","doi-asserted-by":"crossref","unstructured":"Piotroski, J.D.: Value investing: the use of historical financial statement information to separate winners from losers. J. Account. Res. 38, 1\u201341 (2000)","DOI":"10.2307\/2672906"},{"key":"13_CR37","volume-title":"Investment Valuation: Tools and Techniques for Determining the Value of Any Asset","author":"A Damodaran","year":"2012","unstructured":"Damodaran, A.: Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, vol. 666. Wiley, Hoboken (2012)"},{"key":"13_CR38","unstructured":"BBC News: China declares all crypto-currency transactions illegal (2021). https:\/\/www.bbc.com\/news\/technology-58678907. Accessed 03 Dec 2021"},{"key":"13_CR39","unstructured":"BBC News: Indian government set to ban cryptocurrencies (2021). https:\/\/www.bbc.com\/news\/technology-59402310. Accessed 03 Dec 2021"},{"key":"13_CR40","unstructured":"Haar, R, Time: U.S. officials send mixed messages on crypto regulation. Here\u2019s What It All Means for Investors (2021). https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/crypto-regulation-talks-heat-up\/. Accessed 03 Dec 2021"},{"key":"13_CR41","doi-asserted-by":"publisher","unstructured":"Xu, J., Feng, Y.: Reap the harvest on blockchain: a survey of yield farming protocols. IEEE Trans. Netw. Serv. Manage. 20(1), 858\u2013869 (2023). https:\/\/doi.org\/10.1109\/TNSM.2022.3222815","DOI":"10.1109\/TNSM.2022.3222815"},{"key":"13_CR42","unstructured":"Xu, T.A., Xu, J., Lommers, K.: DeFi vs TradFi: Valuation Using Multiples and Discounted Cash Flow, arXiv:2210.16846 (2023)"},{"key":"13_CR43","unstructured":"Cointelegraph: Cointelegraph Consulting: Recounting 2021\u2019s biggest DeFi hacking incidents (2021). https:\/\/cointelegraph.com\/news\/cointelegraph-consulting-recounting-2021-s-biggest-defi-hacking-incidents. Accessed 03 Dec 2021"},{"key":"13_CR44","unstructured":"Thurman, A, CoinDesk: badger DAO protocol suffers \\$120M exploit (2021). https:\/\/www.coindesk.com\/business\/2021\/12\/02\/badger-dao-protocol-suffers-10m-exploit\/. Accessed 03 Dec 2021"},{"key":"13_CR45","series-title":"Future of Business and Finance","doi-asserted-by":"publisher","first-page":"53","DOI":"10.1007\/978-3-030-78184-2_6","volume-title":"Enabling the Internet of Value","author":"J Xu","year":"2022","unstructured":"Xu, J., Vadgama, N.: From banks to DeFi: the evolution of the lending market. In: Vadgama, N., Xu, J., Tasca, P. (eds.) Enabling the Internet of Value. Future of Business and Finance, pp. 53\u201366. Springer, Cham (2022). https:\/\/doi.org\/10.1007\/978-3-030-78184-2_6"}],"container-title":["Lecture Notes in Computer Science","Financial Cryptography and Data Security. FC 2022 International Workshops"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/978-3-031-32415-4_13","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,7,21]],"date-time":"2023-07-21T20:27:13Z","timestamp":1689971233000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/978-3-031-32415-4_13"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023]]},"ISBN":["9783031324147","9783031324154"],"references-count":45,"URL":"https:\/\/doi.org\/10.1007\/978-3-031-32415-4_13","relation":{},"ISSN":["0302-9743","1611-3349"],"issn-type":[{"type":"print","value":"0302-9743"},{"type":"electronic","value":"1611-3349"}],"subject":[],"published":{"date-parts":[[2023]]},"assertion":[{"value":"22 July 2023","order":1,"name":"first_online","label":"First Online","group":{"name":"ChapterHistory","label":"Chapter History"}},{"value":"FC","order":1,"name":"conference_acronym","label":"Conference Acronym","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"International Conference on Financial Cryptography and Data Security","order":2,"name":"conference_name","label":"Conference Name","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Grenada","order":3,"name":"conference_city","label":"Conference City","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Grenada","order":4,"name":"conference_country","label":"Conference Country","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"2022","order":5,"name":"conference_year","label":"Conference Year","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"6 May 2022","order":7,"name":"conference_start_date","label":"Conference Start Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"6 May 2022","order":8,"name":"conference_end_date","label":"Conference End Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"26","order":9,"name":"conference_number","label":"Conference Number","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"fc2022","order":10,"name":"conference_id","label":"Conference ID","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"https:\/\/fc22.ifca.ai\/index.html","order":11,"name":"conference_url","label":"Conference URL","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Double-blind","order":1,"name":"type","label":"Type","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"Hotcrp","order":2,"name":"conference_management_system","label":"Conference Management System","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"159","order":3,"name":"number_of_submissions_sent_for_review","label":"Number of Submissions Sent for Review","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"32","order":4,"name":"number_of_full_papers_accepted","label":"Number of Full Papers Accepted","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"4","order":5,"name":"number_of_short_papers_accepted","label":"Number of Short Papers Accepted","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"20% - The value is computed by the equation \"Number of Full Papers Accepted \/ Number of Submissions Sent for Review * 100\" and then rounded to a whole number.","order":6,"name":"acceptance_rate_of_full_papers","label":"Acceptance Rate of Full Papers","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"3","order":7,"name":"average_number_of_reviews_per_paper","label":"Average Number of Reviews per Paper","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"8","order":8,"name":"average_number_of_papers_per_reviewer","label":"Average Number of Papers per Reviewer","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"Yes","order":9,"name":"external_reviewers_involved","label":"External Reviewers Involved","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}}]}}