Academic Journal
A unified framework and comparative study of decentralized finance derivatives protocols.
| Τίτλος: | A unified framework and comparative study of decentralized finance derivatives protocols. |
|---|---|
| Συγγραφείς: | Pennella, Luca1 (AUTHOR) luca.pennella@uni.lu, Saggese, Pietro2,3 (AUTHOR) pietro.saggese@imtlucca.it, Pinelli, Fabio2 (AUTHOR) fabio.pinelli@imtlucca.it, Galletta, Letterio2 (AUTHOR) letterio.galletta@imtlucca.it |
| Πηγή: | Electronic Markets. 8/6/2026, Vol. 36 Issue 1, p1-20. 20p. |
| Θεματικοί όροι: | *Derivative securities, *Financial instruments, *Cryptocurrencies, *Futures, *Options (Finance), *Blockchains |
| Περίληψη: | Decentralized Finance (DeFi) applications introduce novel financial instruments replicating and extending traditional ones through blockchain-based smart contracts. Among these applications, DeFi derivatives protocols enable the creation and trading of decentralized derivative instruments whose value depends on underlying cryptoassets, indices, or other reference variables. Despite their growing significance, however, they remain relatively understudied compared to other DeFi protocols, such as lending protocols and decentralized exchanges. This paper systematically analyzes DeFi derivatives protocols, categorized into perpetuals, options, and synthetics, with the aim of comparing their instrument structures, protocol mechanisms, operational dynamics, and economic agents. We provide a formal characterization of the main classes of decentralized derivative instruments and develop a protocol-agnostic framework that connects instrument-level specifications, market-state variables, and protocol-level mechanisms. We complement the analytical framework with numerical simulations that evaluate how derivative positions evolve under varying economic conditions, including changes in underlying asset prices, volatility, protocol-specific fees, and leverage. Overall, this study provides a structured analytical framework for understanding and comparing the design and functioning of decentralized finance derivatives protocols. [ABSTRACT FROM AUTHOR] |
| Copyright of Electronic Markets is the property of Springer Nature and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Βάση Δεδομένων: | Business Source Index |
καταχωρήστε σχόλιο πρώτοι!