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Decentralized finance (DeFi) represents a departure from traditional financial intermediation by leveraging blockchain technology and smart contracts. Despite its growing importance, limited research has been conducted on the business models of DeFi services. This study aims to address this gap by examining the business models of various DeFi services, identifying key drivers of innovation, differentiation, and value creation. Using a rigorous taxonomy development framework, we identify 12 dimensions and 47 characteristics that operationalize business models in DeFi. Our findings contribute to a better understanding of the transformation of financial services through blockchain technology and provide valuable insights for DeFi entrepreneurs, investors, and policymakers.<\/jats:p>","DOI":"10.1007\/s12525-024-00704-4","type":"journal-article","created":{"date-parts":[[2024,4,25]],"date-time":"2024-04-25T09:01:46Z","timestamp":1714035706000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":19,"title":["Breaking the chains of traditional finance: A taxonomy of decentralized finance business models"],"prefix":"10.1007","volume":"34","author":[{"given":"Max","family":"Beinke","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7153-8241","authenticated-orcid":false,"given":"Jan Heinrich","family":"Beinke","sequence":"additional","affiliation":[]},{"given":"Eduard","family":"Anton","sequence":"additional","affiliation":[]},{"given":"Frank","family":"Teuteberg","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,4,25]]},"reference":[{"issue":"3","key":"704_CR1","doi-asserted-by":"publisher","first-page":"359","DOI":"10.1057\/ejis.2010.21","volume":"19","author":"MM Al-Debei","year":"2010","unstructured":"Al-Debei, M. 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