DeFi 去中心化金融發展現況及風險分析- 以2017~2022 年 6 月為研究區間;Development and Risk Analysis of Decentralized Finance – Case Study between 2017~Jun 2022

NCUIR > School of Management at National Central University > Executive Master of Information Management > Electronic Thesis & Dissertation > Item 987654321/93064

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Title:	DeFi 去中心化金融發展現況及風險分析- 以2017~2022 年 6 月為研究區間;Development and Risk Analysis of Decentralized Finance – Case Study between 2017~Jun 2022
Authors:	謝欣倍;Hsieh, Hsin-Pei
Contributors:	資訊管理學系在職專班
Keywords:	區塊鏈;去中心化金融;風險評估;Blockchain;Decentralized Finance;Risk Assessment
Date:	2023-02-01
Issue Date:	2024-09-19 16:40:28 (UTC+8)
Publisher:	國立中央大學
Abstract:	去中心化金融泛指基於區塊鏈技術架構下在智能合約平台上所衍生的加密貨幣及其相關的金融交易，自2020年流動性挖礦的出現加上尚未受到金融監管機關的監管使得去中心化金融迎來蓬勃發展的時期，社群媒體上充斥著高報酬的訊息，驅使眾多消費者積極參與去中心化金融，去中心化金融綜合了金融和資訊科技領域的雙重知識提高了不俱備相關背景人士進入的門檻，因此參與同時往往忽略高獲利伴隨的高風險。本研究以2017~2022年6月區間內Defi發展情況、產業重大事件進行個案研究並以次級資料為主要研究資料來源，挑選八種投入風險低至高的去中心化投資項目包含：加密貨幣投資、穩定幣投資、存款（放貸）收息、定期定額投入、網格交易、流動性挖礦、槓桿挖礦及新幣發行，並以實際過往案例分析參與去中心化金融所面臨的系統性風險、非系統性風險及技術性風險，提醒投資人參與去中心化金融投資項目可能面臨的風險。接著，根據風險承受程度、總體經濟環境及投資人是否有足夠時間這三個條件作為基礎提供五種不同投資組合並分析投資組合所面臨的風險做為未來投入的參考。本文最後提出未來因為監管機關逐漸介入整體去中心化金融生態系架構會趨於完整但仍不可忽視系統性風險，提醒項目參與者選擇信任的交易所進行投資操作，並再次強調高報酬伴隨的高風險不可忽視。雖然目前去中心化金融仍有需多地方需要改善但去中心化金融成為傳統金融業加速改變的推手，並引領者下一個網路世代的發展及變革。;Decentralized Finance (DeFi) in blockchain application means cryptocurrency- related financial activities that operate based on smart contract and blockchain protocol. DeFi has thrived on rapid development because yield farming appearance and lack of financial supervisory service since 2020. In recent years, more and more people join DeFi aggressively because of its high return, but DeFi combines Finance and Information Technology domain knowledge so that it is difficult to realize completely and avoid investment risk in advance. This study was based on DeFi development status and significant issues between 2017 to 2022 June and chose 8 DeFi investment types (Cryptocurrency and Stablecoin Investment, Leveraged Yield Farming, Time Deposits, Dollar Cost Averaging, Grid Trading, Yield Farming, Leveraged Yield Farming, and Initial Coin Offering) to analyze systematic, unsystematic and technical risk. According to risk tolerance, macro-economic environment and commitment to invest status, we provided 5 different types of investment portfolio for DeFi participants. In the end of this study, we observed and suggested that first, development of DeFi will be complete because of the government′s supervision. Second, choose trustworthy cryptocurrency exchanges as your DeFi partner. Last but not least, high return high risk (especially in DeFi). DeFi ecosystem needs to contract and improve continuously, but it is the right way to promote traditional financial activities and internet technology development.
Appears in Collections:	[Executive Master of Information Management] Electronic Thesis & Dissertation

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