| dc.contributor | Grupo de investigaciones. Facultad de Economía. Universidad del Rosario | |
| dc.creator | Castro, Carlos | |
| dc.creator | Ramirez, Julian | |
| dc.creator | Velez, Sebastian | |
| dc.date.accessioned | 2021-07-28T17:07:44Z | |
| dc.date.accessioned | 2022-09-22T14:04:39Z | |
| dc.date.available | 2021-07-28T17:07:44Z | |
| dc.date.available | 2022-09-22T14:04:39Z | |
| dc.date.created | 2021-07-28T17:07:44Z | |
| dc.date.issued | 2021-07-28 | |
| dc.identifier | https://repository.urosario.edu.co/handle/10336/31936 | |
| dc.identifier | https://doi.org/10.48713/10336_31936 | |
| dc.identifier.uri | http://repositorioslatinoamericanos.uchile.cl/handle/2250/3435616 | |
| dc.description.abstract | We provide an overview of decentralized protocols like Compound and Aave that offer collateralized loans for cryptoasset investors. Compound and Aave are two of the most important application in the decentralized finance (DeFi) ecosystem. Using publicly available information on rates, supply and borrow activity, and accounts we analyze different elements of the protocols. In particular, we estimate ex-post margins that give a comprehensive account of the cost of financial intermediation. We find that ex-post margins considering all markets are 1% and lower for stablecoin markets. In addition, we estimate quarterly indicators regarding solvency, asset quality, earnings and market risk similar to the ones used in traditional banking. This provides a first look at the use of these metrics and a comparison between the similarities and challenges to our understanding of financial intermediation in these protocols based on tools used for traditional banking. | |
| dc.language | eng | |
| dc.publisher | Universidad del Rosario | |
| dc.publisher | Facultad de Economía | |
| dc.relation | Documentos de trabajo economía, (2021); 34 pp. | |
| dc.relation | https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3893278 | |
| dc.relation | https://ideas.repec.org/p/col/000092/019420.html | |
| dc.rights | http://creativecommons.org/licenses/by-sa/2.5/co/ | |
| dc.rights | info:eu-repo/semantics/openAccess | |
| dc.rights | Abierto (Texto Completo) | |
| dc.rights | Atribución-CompartirIgual 2.5 Colombia | |
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| dc.source | instname:Universidad del Rosario | |
| dc.source | reponame:Repositorio Institucional EdocUR | |
| dc.subject | Prestamos colateralizados | |
| dc.subject | Sistemas de DeFi (Finanzas descentralizadas) basadas en cadenas de bloques (blockchains) | |
| dc.subject | Margen de intermediación ex-post de los stablecoins | |
| dc.subject | Servicios financieros basados en Tokens criptoactivos y criptomonedas | |
| dc.subject | Compound (protocolo de tasa de interés algorítmico y autónomo) | |
| dc.subject | Aave (Protocolo DeFi de código abierto) | |
| dc.subject | Análisis CAMELS (Adecuación de Capital, Calidad de Activos, Gestión, Ganancias y Liquidez) | |
| dc.subject | Medición del costo de la intermediación financiera para el Protocolo Compound | |
| dc.subject | Análisis de riesgo para el Protocolo Compound | |
| dc.title | Financial intermediation and risk in decentralized lending protocols | |
| dc.type | workingPaper | |
