7 papers
Tracing Stablecoin Contagion during the USDC Depeg after the Silicon Valley Bank Collapse
Krongtum Sankaewtong, Stefan Kitzler, Bernhard Haslhofer +1
The March 2023 collapse of Silicon Valley Bank (SVB) disrupted the core premise of stablecoins, which are digital tokens designed to maintain a fixed value against the U.S. dollar…
DeFi Yield Aggregators: Analysing Investment Strategies and Structural Dependencies
Stefan Kitzler, Kasra Zarinehbaf Asadi, Svetlana Kremer +1
Yield aggregators are financial services in Decentralised Finance (DeFi) providing automated investment management and return optimisation for users. In this study, we investigate…
Modern Portfolio Theory in the Crypto-Wilderness
Ivan Vynyavskyy, Stefan Kitzler, Bernhard Haslhofer +1
Modern Portfolio Theory (MPT) prescribes how to maximise the return of an asset portfolio for a given level of risk. The optimal trade-off between return and variance defines the e…
Slaying the Dragon: The Quest for Democracy in Decentralized Autonomous Organizations (DAOs)
Stefano Balietti, Pietro Saggese, Stefan Kitzler +1
This chapter explores how Decentralized Autonomous Organizations (DAOs), a novel institutional form based on blockchain technology, challenge traditional centralized governance str…
The Economic Impact of DeFi Crime Events on Decentralized Autonomous Organizations (DAOs)
Stefan Kitzler, Masarah Paquet-Clouston, Bernhard Haslhofer
The Decentralized Finance (DeFi) ecosystem has experienced over $10 billion in direct losses due to crime events. Beyond these immediate losses, such events often trigger broader…
Towards Verifiability of Total Value Locked (TVL) in Decentralized Finance
Pietro Saggese, Michael Fröwis, Stefan Kitzler +2
Total Value Locked (TVL) aims to measure the aggregate value of cryptoassets deposited in Decentralized Finance (DeFi) protocols. Although blockchain data is public, the way TVL is…