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Decision rights decentralization in DeFi platforms
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Burda, Maxwell, Locca, Maximilian and Staykova, Kalina (2022) Decision rights decentralization in DeFi platforms. In: ECIS : 30th European Conference on Information Systems, Timisoara, Romania, 18-24 Jun 2022. Published in: ECIS 2022 Research Papers (145). ISBN 9781958200025.
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WRAP-Decision-rights-decentralization-DeFi-2022.pdf - Accepted Version - Requires a PDF viewer. Download (614Kb) | Preview |
Official URL: https://aisel.aisnet.org/ecis2022_rp/145
Abstract
The Ethereum blockchain is hosting the next generation of financial services platforms, which require novel governance approaches to organize and engage platform participants. In this paper, we explore how the choice of decentralized finance (DeFi) platforms to distribute decision rights to their participants in the form of tokens impacts the roles of these participants before and after platform launch. Relying on insights from seven of the largest DeFi platforms and utilizing a grounded theory approach. we find that the roles of all platform participants significantly change post-launch. Users become platform owners, third-party complementors contribute more actively to the platform’s success, and the initial platform owners give up ownership in exchange for a healthier platform ecosystem and ideological fulfillment. Based on our analysis, we seek to extend our understanding of governance on blockchain-based platforms by emphasizing the changing roles of platform participants over time and the distribution of power from owners to users.
Item Type: | Conference Item (Paper) | ||||
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Subjects: | H Social Sciences > HG Finance Q Science > QA Mathematics > QA76 Electronic computers. Computer science. Computer software |
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
Library of Congress Subject Headings (LCSH): | Blockchains (Databases) , Cryptocurrencies, Finance -- Data processing, Investments -- Technological innovations | ||||
Journal or Publication Title: | ECIS 2022 Research Papers | ||||
Publisher: | ECIS | ||||
ISBN: | 9781958200025 | ||||
Official Date: | 28 February 2022 | ||||
Dates: |
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Number: | 145 | ||||
Article Number: | 1826 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access | ||||
Date of first compliant deposit: | 13 April 2022 | ||||
Date of first compliant Open Access: | 13 April 2022 | ||||
Conference Paper Type: | Paper | ||||
Title of Event: | ECIS : 30th European Conference on Information Systems | ||||
Type of Event: | Conference | ||||
Location of Event: | Timisoara, Romania | ||||
Date(s) of Event: | 18-24 Jun 2022 | ||||
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