526
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Decentralised finance platform ecosystems: conceptualisation and outlook

, , &
Received 26 Mar 2021, Accepted 21 Dec 2022, Published online: 06 Jan 2023

References

  • Adner, R., and R. Kapoor. 2010. “Value Creation in Innovation Ecosystems: How the Structure of Technological Interdependence Affects Firm Performance in New Technology Generations.” Strategic Management Journal 31 (3): 306–333. doi:10.1002/smj.821.
  • Agarwal, R., A. K. Gupta, and R. Kraut. 2008. “Editorial Overview: The Interplay Between Digital and Social Networks.” Information Systems Research 19 (3): 243–252. doi:10.1287/isre.1080.0200.
  • Baldwin, C. Y., and C. J. Woodard. 2008. The Architecture of Platforms: A Unified View. No. 09–034; Harvard Business School Finance Working Paper. doi:10.2139/ssrn.1265155.
  • Barrett, M., E. Oborn, and W. Orlikowski. 2016. “Creating Value in Online Communities: The Sociomaterial Configuring of Strategy, Platform, and Stakeholder Engagement.” Information Systems Research 27 (4): 704–723. doi:10.1287/isre.2016.0648.
  • Benlian, A., D. Hilkert, and T. Hess. 2015. “How Open Is This Platform? The Meaning and Measurement of Platform Openness from the Complementors’ Perspective.” Journal of Information Technology 30 (3): 209–228. doi:10.1057/jit.2015.6.
  • Böhme, R., N. Christin, B. Edelman, and T. Moore. 2015. “Bitcoin: Economics, Technology, and Governance.” Journal of Economic Perspectives 29 (2): 213–238. doi:10.1257/jep.29.2.213.
  • Boudreau, K. J. 2010. “Open Platform Strategies and Innovation: Granting Access vs. Devolving Control.” Management Science 56 (10): 1849–1872. doi:10.1287/mnsc.1100.1215.
  • Boudreau, K. J. 2012. “Let a Thousand Flowers Bloom? An Early Look at Large Numbers of Software App Developers and Patterns of Innovation.” Organization Science 23 (5): 1409–1427. doi:10.1287/orsc.1110.0678
  • Brunswicker, S., E. Almirall, and A. Majchrzak. 2019. “Optimizing and Satisficing: The Interplay Between Platform Architecture and Producers’ Design Strategies for Platform Performance.” MIS Quarterly 43 (4): 1249–1277. doi:10.25300/MISQ/2019/13561.
  • Buterin, V. 2013. A Next-Generation Smart Contract and Decentralized Application Platform. Ethereum White Paper. https://ethereum.org/en/whitepaper/.
  • Cai, W., Z. Wang, J. Ernst, Z. Hong, C. Feng, and V. Leung. 2018. “Decentralized Applications: The Blockchain-Empowered Software System.” IEEE Access 6: 53019–53033. doi:10.1109/ACCESS.2018.2870644.
  • Caillaud, B., and B. Jullien. 2003. “Chicken & Egg: Competition among Intermediation Service Providers.” The RAND Journal of Economics 34 (2): 309–328. doi:10.2307/1593720. https://www.jstor.org/stable/1593720?seq=1.
  • Ceccagnoli, M., C. Forman, P. Huang, and D. J. Wu. 2012. “Cocreation of Value in a Platform Ecosystem: The Case of Enterprise Software.” MIS Quarterly 36 (1): 263–290. doi:10.2307/41410417.
  • Chen, Y., and C. Bellavitis. 2020. “Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models.” Journal of Business Venturing Insights 13: e00151. doi:10.1016/j.jbvi.2019.e00151.
  • Constantinides, P., O. Henfridsson, and G. G. Parker. 2018. “Platforms and Infrastructures in the Digital Age.” Information Systems Research 29 (2): 381–400. doi:10.1287/isre.2018.0794.
  • Cousaert, S., J. Xu, and T. Matsui. 2021. “SoK: Yield Aggregators in DeFi.” ArXiv Preprint. http://arxiv.org/abs/2105.13891.
  • Demirgüc-Kunt, A., L. Klapper, D. Singer, S. Ansar, and J. Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. World Bank. doi:10.1596/978-1-4648-1259-0.
  • De Reuver, M., C. Sørensen, and R. C. Basole. 2018. “The Digital Platform: A Research Agenda.” Journal of Information Technology 33 (2): 124–135. doi:10.1057/s41265-016-0033-3.
  • Eaton, B., S. Elaluf-Calderwood, C. Sørensen, and Y. Yoo. 2015. “Distributed Tuning of Boundary Resources: The Case of Apple’s iOS Service System.” MIS Quarterly 39 (1): 217–243. doi:10.25300/MISQ/2015/39.1.10.
  • Eikmanns, B. C., and P. G. Sandner. 2015. “Bitcoin: The Next Revolution in International Payment Processing? An Empirical Analysis of Potential use Cases.” SSRN Electronic Journal. doi:10.2139/ssrn.2619759.
  • Eisenmann, T., G. Parker, and V. M. Alstyne. 2011. “Platform Envelopment.” Strategic Management Journal 32 (12): 1270–1285. doi:10.1002/smj.935.
  • Eisenmann, T., G. Parker, and M. W. Van Alstyne. 2006. “Strategies for Two-Sided Markets.” Harvard Business Review 84 (10): 92–101. https://ssrn.com/abstract=2409276.
  • Evans, D. S. 2003. “Some Empirical Aspects of Multi-Sided Platform Industries.” Review of Network Economics 2 (3): 191–209. doi:10.2202/1446-9022.1026.
  • Evans, D. S., and R. Schmalensee. 2010. “Failure to Launch: Critical Mass in Platform Businesses.” Review of Network Economics 9 (4): 1–28. doi:10.2202/1446-9022.1256.
  • Evans, D. S., and R. Schmalensee. 2016. Matchmakers: The New Economics of Multisided Platforms. Boston, MA: Harvard Business Review Press.
  • Fan, X., Q. Chai, and Z. Zhong. 2020. “MULTAV: A Multi-Chain Token Backed Voting Framework for Decentralized Blockchain Governance.” Blockchain – ICBC 2020: 33–47. doi:10.1007/978-3-030-59638-5_3.
  • Faraj, S., G. von Krogh, E. Monteiro, and K. R. Lakhani. 2016. “Online Community as Space for Knowledge Flows.” Information Systems Research 27 (4): 668–684. doi:10.1287/isre.2016.0682.
  • Farrell, J., and P. Klemperer. 2007. “Coordination and Lock-In: Competition with Switching Costs and Network Effects.” In Handbook of Industrial Organization. 3rd ed., 1967–2072. Elsevier. doi:10.1016/S1573-448X(06)03031-7.
  • Financial Stability Board. 2019. Decentralised Financial Technologies: Report on Financial Stability, Regulatory and Governance Implications.
  • Fink, L., J. Shao, Y. Lichtenstein, and S. Haefliger. 2020. “The Ownership of Digital Infrastructure: Exploring the Deployment of Software Libraries in a Digital Innovation Cluster.” Journal of Information Technology 35 (3): 251–269. doi:10.1177/0268396220936705.
  • Foerderer, J., T. Kude, S. W. Schuetz, and A. Heinzl. 2019. “Knowledge Boundaries in Enterprise Software Platform Development: Antecedents and Consequences for Platform Governance.” Information Systems Journal 29 (1): 119–144. doi:10.1111/isj.12186.
  • Gan, J. R., G. Tsoukalas, and S. Netessine. 2020. “Initial Coin Offerings, Speculation and Asset Tokenization.” Management Science 67 (2): 661–1328. doi:10.1287/mnsc.2020.3796.
  • Gawer, A. 2014. “Bridging Differing Perspectives on Technological Platforms: Toward an Integrative Framework.” Research Policy 43 (7): 1239–1249. doi:10.1016/j.respol.2014.03.006.
  • Ghazawneh, A., and O. Henfridsson. 2013. “Balancing Platform Control and External Contribution in Third-Party Development: The Boundary Resources Model.” Information Systems Journal 23 (2): 173–192. doi:10.1111/j.1365-2575.2012.00406.x.
  • Ghazawneh, A., and O. Henfridsson. 2015. “A Paradigmatic Analysis of Digital Application Marketplaces.” Journal of Information Technology 30 (3): 198–208. doi:10.1057/jit.2015.16.
  • Ghobadi, S., and L. Mathiassen. 2020. “A Generational Perspective on the Software Workforce: Precocious Users of Social Networking in Software Development.” Journal of Management Information Systems 37 (1): 96–128. doi:10.1080/07421222.2019.1705508.
  • Glaser, F. 2017. “Pervasive Decentralisation of Digital Infrastructures: A Framework for Blockchain Enabled System and Use Case Analysis.” HICSS, 1543–1552. doi:10.24251/hicss.2017.186.
  • Glaser, F., F. Hawlitschek, and B. Notheisen. 2019. “Blockchain as a Platform.” In Business Transformation Through Blockchain. 1st ed., edited by H. Treiblmaier and R. Beck, 121–143. Cham: Palgrave Macmillan. doi:10.1007/978-3-319-98911-2.
  • Gudgeon, L., D. Perez, D. Harz, B. Livshits, and A. Gervais. 2020. “The Decentralized Financial Crisis.” CVCBT, 1–15. doi:10.1109/cvcbt50464.2020.00005.
  • Gudgeon, L., S. M. Werner, D. Perez, and W. J. Knottenbelt. 2020. “DeFi Protocols for Loanable Funds: Interest Rates, Liquidity and Market Efficiency.” AFT 20: 92–112. doi:10.1145/3419614.3423254.
  • Hagiu, A., and J. Wright. 2015. “Multi-Sided Platforms.” International Journal of Industrial Organization 43: 162–174. doi:10.1016/j.ijindorg.2015.03.003.
  • Harwick, C., and J. Caton. 2022. “What’s Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance.” The Quarterly Review of Economics and Finance 84 (May): 420–429. doi:10.1016/j.qref.2020.09.006.
  • Herlihy, M. 2018. “Atomic Cross-Chain Swaps.” PODC, 245–254. doi:10.1145/3212734.3212736.
  • Huang, P., A. Tafti, and S. Mithas. 2018. “Platform Sponsor Investments and User Contributions in Knowledge Communities: The Role of Knowledge Seeding.” MIS Quarterly 42 (1): 213–240. doi:10.25300/MISQ/2018/13490.
  • Hurni, T., T. L. Huber, J. Dibbern, and O. Krancher. 2020. “Complementor Dedication in Platform Ecosystems: Rule Adequacy and the Moderating Role of Flexible and Benevolent Practices.” European Journal of Information Systems, 1–24. doi:10.1080/0960085X.2020.1779621.
  • Kaal, W. A. 2020. “Digital Asset Market Evolution.” The Journal of Corporation Law. 46 (4): 909–963.
  • Karhu, K., R. Gustafsson, and K. Lyytinen. 2018. “Exploiting and Defending Open Digital Platforms with Boundary Resources: Android’s Five Platform Forks.” Information Systems Research 29 (2): 479–497. doi:10.1287/isre.2018.0786.
  • Kazan, E., C.-W. Tan, and E. T. K. Lim. 2015. Value Creation in Cryptocurrency Networks: Towards a Taxonomy of Digital Business Models for Bitcoin Companies. PACIS. https://aisel.aisnet.org/pacis2015/34/.
  • Kazan, E., C. W. Tan, E. T. K. Lim, C. Sørensen, and J. Damsgaard. 2018. “Disentangling Digital Platform Competition: The Case of UK Mobile Payment Platforms.” Journal of Management Information Systems 35 (1): 180–219. doi:10.1080/07421222.2018.1440772.
  • Kirsch, L. J., V. Sambamurthy, D. Ko, and R. L. Purvis. 2002. “Controlling Information Systems Development Projects: The View from the Client.” Management Science 48 (4): 484–498. doi:10.1287/mnsc.48.4.484.204.
  • Kumar, M., N. Nikhil, and R. Singh. 2020. “Decentralising Finance Using Decentralised Blockchain Oracles.” In 2020 International Conference for Emerging Technology (INCET), 1–4. doi:10.1109/INCET49848.2020.9154123.
  • Lipton, A., A. Sardon, F. Schär, and C. Schüpbach. 2020. “From Tether to Libra: Stablecoins, Digital Currency and the Future of Money.” ArXiv Preprint. http://arxiv.org/abs/2005.12949.
  • Liu, B., P. Szalachowski, and J. Zhou. 2020. “A First Look into DeFi Oracles.” ArXiv Preprint. http://arxiv.org/abs/2005.04377.
  • Manikas, K., and K. M. Hansen. 2013. “Software Ecosystems – a Systematic Literature Review.” Journal of Systems and Software 86 (5): 1294–1306. doi:10.1016/j.jss.2012.12.026.
  • Maurer, C., and A. Tiwana. 2012. “Control in App Platforms: The Integration-Differentiation Paradox". Thirty Third International Conference on Information Systems, Orlando.
  • May, T. C. 2001. “The Crypto Anarchist Manifesto.” In Crypto Anarchy, Cyberstates and Pirate Utopias, edited by P. Ludlow, 61–64. Cambridge, MA: MIT Press. doi:10.7551/mitpress/2229.003.0011.
  • Metcalfe, W. 2020. “Ethereum, Smart Contracts, DApps.” In Blockchain and Crypto Currency, edited by M. Yano, C. Dai, K. Masuda, and Y. Kishimoto. 1st ed., 77–93. Singapore: Springer. doi:10.1007/978-981-15-3376-1_5.
  • Mita, M., K. Ito, S. Ohsawa, and H. Tanaka. 2019. “What Is Stablecoin?: A Survey on Price Stabilization Mechanisms for Decentralized Payment Systems.” In 2019 8th International Congress on Advanced Applied Informatics, 60–66. doi:10.1109/IIAI-AAI.2019.00023.
  • Nakamoto, S. 2008. “Bitcoin: A Peer-to-Peer Electronic Cash System.” https://bitcoin.org/bitcoin.pdf.
  • Ondrus, J., A. Gannamaneni, and K. Lyytinen. 2015. “The Impact of Openness on the Market Potential of Multi-Sided Platforms: A Case Study of Mobile Payment Platforms.” Journal of Information Technology 30 (3): 260–275. doi:10.1057/jit.2015.7.
  • Pagani, M. 2013. “Digital Business Strategy and Value Creation: Framing the Dynamic Cycle of Control Points.” MIS Quarterly 37 (2): 617–632. doi:10.25300/MISQ/2013/37.2.13.
  • Parker, G., M. Van Alstyne, and X. Jiang. 2017. “Platform Ecosystems: How Developers Invert the Firm.” MIS Quarterly 41 (1): 255–266. doi:10.25300/MISQ/2017/41.1.13.
  • Perez, D., S. M. Werner, J. Xu, and B. Livshits. 2020. “Liquidations: DeFi on a Knife-Edge.” ArXiv Preprint. http://arxiv.org/abs/2009.13235.
  • Popescu, A.-D. 2020. “Decentralized Finance (DeFi) – the Lego of Finance.” Social Sciences and Education Research Review 7 (1): 321–349.
  • Qin, K., L. Zhou, B. Livshits, and A. Gervais. 2020. “Attacking the DeFi Ecosystem with Flash Loans for Fun and Profit.” ArXiv Preprint. http://arxiv.org/abs/2003.03810.
  • Rochet, J.-C., and J. Tirole. 2003. “Platform Competition in Two-Sided Markets.” Journal of the European Economic Association 1 (4): 990–1029. doi:10.1162/154247603322493212.
  • Rogers, E. M. 2003. Diffusion of Innovations. 5th ed. Simon and Schuste. https://books.google.de/books?id=9U1K5LjUOwEC&redir_esc=y.
  • Rouhani, S., and R. Deters. 2019. “Security, Performance, and Applications of Smart Contracts: A Systematic Survey.” IEEE Access 7: 50759–50779. doi:10.1109/ACCESS.2019.2911031.
  • Schär, F. 2021. “Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets.” FRB of St. Louis Review 103: 2. doi:10.20955/r.103.153-74.
  • Spagnoletti, P., A. Resca, and G. Lee. 2015. “A Design Theory for Digital Platforms Supporting Online Communities: A Multiple Case Study.” Journal of Information Technology 30 (4): 364–380. doi:10.1057/jit.2014.37.
  • Sunyaev, A. 2020. “Distributed Ledger Technology.” In Internet Computing, 265–299. Cham: Springer. doi:10.1007/978-3-030-34957-8_9.
  • Tan, B., E. G. Anderson, and G. G. Parker. 2020. “Platform Pricing and Investment to Drive Third-Party Value Creation in Two-Sided Networks.” Information Systems Research 31 (1): 217–239. doi:10.1287/isre.2019.0882.
  • Teece, D. 1986. “Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy.” Research Policy 15 (6): 285–305. doi:10.1016/0048-7333(86)90027-2.
  • Teece, D., and G. Pisano. 1994. “The Dynamic Capabilities of Firms.” In Handbook on Knowledge Management, edited by C. W. Holsapple, 195–213. Berlin: Springer. doi:10.1007/978-3-540-24748-7_10.
  • Thies, F., M. Wessel, and A. Benlian. 2018. “Network Effects on Crowdfunding Platforms: Exploring the Implications of Relaxing Input Control.” Information Systems Journal 28 (6): 1239–1262. doi:10.1111/isj.12194.
  • Thomas, L. D. W., and D. M. Gann. 2014. “Architectural Leverage: Putting Platforms in Context.” Academy of Management Perspectives 28 (2): 198–219. doi:10.5465/amp.2011.0105.
  • Tiwana, A. 2015. “Evolutionary Competition in Platform Ecosystems.” Information Systems Research 26 (2): 266–281. doi:10.1287/isre.2015.0573.
  • Tiwana, A., and B. Konsynski. 2010. “Complementarities Between Organizational IT Architecture and Governance Structure.” Information Systems Research 21 (2): 288–304. doi:10.1287/isre.1080.0206.
  • Tiwana, A., B. Konsynski, and A. A. Bush. 2010. “Research Commentary – Platform Evolution: Coevolution of Platform Architecture, Governance, and Environmental Dynamics.” Information Systems Research 21 (4): 675–687. doi:10.1287/isre.1100.0323.
  • Venkatesh, V., M. G. Morris, G. B. Davis, and F. D. Davis. 2003. “User Acceptance of Information Technology: Toward a Unified View.” MIS Quarterly 27 (3): 425–478. doi:10.2307/30036540.
  • von Hippel, E., and R. Katz. 2002. “Shifting Innovation to Users via Toolkits.” Management Science 48 (7): 821–833. doi:10.1287/mnsc.48.7.821.2817.
  • Wang, Y. 2020. “Automated Market Makers for Decentralized Finance (DeFi).” ArXiv Preprint. http://arxiv.org/abs/2009.01676.
  • Werner, S. M., D. Perez, and L. Gudgeon. 2021. “SoK: Decentralized Finance (DeFi).” ArXiv Preprint. https://arxiv.org/abs/2101.08778.
  • Wessel, M., F. Thies, and A. Benlian. 2017. “Opening the Floodgates: The Implications of Increasing Platform Openness in Crowdfunding.” Journal of Information Technology 32 (4): 344–360. doi:10.1057/s41265-017-0040-z.
  • West, J. 2003. “How Open is Open Enough?: Melding Proprietary and Open Source Platform Strategies.” Research Policy 32 (7): 1259–1285. doi:10.1016/S0048-7333(03)00052-0.
  • West, J. 2006. “Does Appropriability Enable or Retard Open Innovation?” In Open Innovation: Researching a New Paradigm, edited by H. Chesbrough, W. Vanhaverbeke, and J. West, 109–133. New York: Oxford University Press.
  • Wood, G. 2014. “Ethereum: A Secure Decentralised Generalised Transaction Ledger.” http://www.gavwood.com/paper.pdf.
  • Wulf, J., and I. Blohm. 2020. “Fostering Value Creation with Digital Platforms: A Unified Theory of the Application Programming Interface Design.” Journal of Management Information Systems 37 (1): 251–281. doi:10.1080/07421222.2019.1705514.
  • Xu, J., K. Paruch, S. Cousaert, and Y. Feng. 2021. “SoK: Decentralized Exchanges (DEX) with Automated Market Maker (AMM) Protocols.” ArXiv Preprint. http://arxiv.org/abs/2103.12732.
  • Yoo, Y., R. J. Boland, K. Lyytinen, and A. Majchrzak. 2012. “Organizing for Innovation in the Digitized World.” Organization Science 23 (5): 1398–1408. doi:10.1287/orsc.1120.0771.
  • Zetzsche, D. A., D. W. Arner, and R. P. Buckley. 2020. “Decentralized Finance.” Journal of Financial Regulation 6 (2): 172–203. https://doi.org/10.1093/jfr/fjaa010.
  • Zittrain, J. 2006. “The Generative Internet.” Harvard Law Review 119: 1974–2040. doi:10.1145/1435417.1435426.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.