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Decentralized finance (DeFi) has the potential to disrupt centralized financeby validating peer-to-peer transactions through tamper-proof smart contracts,thus significantly lowering the transaction cost charged by financialintermediaries. However, the actual realization of peer-to-peer transactionsand the levels and effects of decentralization are largely unknown. Ourresearch pioneers a blockchain network study that applies social networkanalysis to measure the level, dynamics, and impacts of decentralization inDeFi token transactions on the Ethereum blockchain. First, we find asignificant core-periphery structure in the AAVE token transaction networkwhere the cores include the two largest centralized crypto exchanges. Second,we provide evidence that multiple network features consistently characterizedecentralization dynamics. Finally, we document that a more decentralizednetwork significantly predicts a higher return and lower volatility of thedecentralized market of AAVE tokens on the Ethereum blockchain. We point outthat our approach is seminal for inspiring future extensions related to thefacets of application scenarios, research questions, and methodologies on themechanics of blockchain decentralization.

Is decentralized finance actually decentralized? A social network analysis of the Aave protocol on the Ethereum blockchain