论文标题
（i）defix的返回
The return of (I)DeFiX
论文作者
论文摘要
分散财务（DEFI）是一套新生的金融服务，使用令牌，智能合约和区块链技术作为金融工具。我们研究了四个可能的DEFI回报驱动因素：接触加密货币市场，网络效应，投资者的注意力和估值比率。由于Defi令牌与经典的加密货币不同，因此我们设计了一个新的专用市场指数，表示为Defix。首先，我们表明Defi代币回报是由投资者注意的技术术语（例如“分散财务”或“ Defi”）的驱动的，并暴露于他们自己的网络变量和加密货币市场。我们通过将锁定的总价值（TVL）除以市值（MC）的总价值（TVL）来构建估值比率。我们的发现不支持TVL/MC预测能力假设。总体而言，我们的实证研究表明，加密货币市场对DEFI回报的影响要比任何其他考虑的驱动程序都强，并且提供了卓越的解释能力。
Decentralized Finance (DeFi) is a nascent set of financial services, using tokens, smart contracts, and blockchain technology as financial instruments. We investigate four possible drivers of DeFi returns: exposure to cryptocurrency market, the network effect, the investor's attention, and the valuation ratio. As DeFi tokens are distinct from classical cryptocurrencies, we design a new dedicated market index, denoted DeFiX. First, we show that DeFi tokens returns are driven by the investor's attention on technical terms such as "decentralized finance" or "DeFi", and are exposed to their own network variables and cryptocurrency market. We construct a valuation ratio for the DeFi market by dividing the Total Value Locked (TVL) by the Market Capitalization (MC). Our findings do not support the TVL/MC predictive power assumption. Overall, our empirical study shows that the impact of the cryptocurrency market on DeFi returns is stronger than any other considered driver and provides superior explanatory power.
