Auditing decentralized finance

Gespeichert in:

Autor*in:	Bhambhwani, Siddharth M. [verfasserIn] Huang, Allen - 1979- [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Blockchain Cryptocurrency DeFi Ethereum Smart contracts

Übergeordnetes Werk:	Enthalten in: The British accounting review - London : Academic Press, 1988, 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18
Übergeordnetes Werk:	volume:56 ; year:2024 ; number:2 ; month:03 ; elocationid:101270 ; pages:1-18

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.bar.2023.101270

Katalog-ID:	190282914X

Internformat


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982			\|2 26 \|1 00 \|x DE-206 \|b Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.

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allfields	10.1016/j.bar.2023.101270 doi (DE-627)190282914X (DE-599)KXP190282914X DE-627 ger DE-627 rda eng Bhambhwani, Siddharth M. verfasserin aut Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206 Huang, Allen 1979- verfasserin (DE-588)1275407595 (DE-627)1826850082 aut Enthalten in The British accounting review London : Academic Press, 1988 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 Online-Ressource (DE-627)25463415X (DE-600)1462498-9 (DE-576)25927061X 0890-8389 nnns volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18 https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.bar.2023.101270 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4315 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 56 2024 2 3 101270 1-18 26 01 0206 4581295548 x1z 18-09-24 2403 01 DE-LFER 4593478804 00 --%%-- --%%-- n --%%-- l01 12-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.bar.2023.101270 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf 26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.
spelling	10.1016/j.bar.2023.101270 doi (DE-627)190282914X (DE-599)KXP190282914X DE-627 ger DE-627 rda eng Bhambhwani, Siddharth M. verfasserin aut Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206 Huang, Allen 1979- verfasserin (DE-588)1275407595 (DE-627)1826850082 aut Enthalten in The British accounting review London : Academic Press, 1988 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 Online-Ressource (DE-627)25463415X (DE-600)1462498-9 (DE-576)25927061X 0890-8389 nnns volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18 https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.bar.2023.101270 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4315 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 56 2024 2 3 101270 1-18 26 01 0206 4581295548 x1z 18-09-24 2403 01 DE-LFER 4593478804 00 --%%-- --%%-- n --%%-- l01 12-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.bar.2023.101270 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf 26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.
allfields_unstemmed	10.1016/j.bar.2023.101270 doi (DE-627)190282914X (DE-599)KXP190282914X DE-627 ger DE-627 rda eng Bhambhwani, Siddharth M. verfasserin aut Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206 Huang, Allen 1979- verfasserin (DE-588)1275407595 (DE-627)1826850082 aut Enthalten in The British accounting review London : Academic Press, 1988 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 Online-Ressource (DE-627)25463415X (DE-600)1462498-9 (DE-576)25927061X 0890-8389 nnns volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18 https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.bar.2023.101270 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4315 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 56 2024 2 3 101270 1-18 26 01 0206 4581295548 x1z 18-09-24 2403 01 DE-LFER 4593478804 00 --%%-- --%%-- n --%%-- l01 12-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.bar.2023.101270 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf 26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.
allfieldsGer	10.1016/j.bar.2023.101270 doi (DE-627)190282914X (DE-599)KXP190282914X DE-627 ger DE-627 rda eng Bhambhwani, Siddharth M. verfasserin aut Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206 Huang, Allen 1979- verfasserin (DE-588)1275407595 (DE-627)1826850082 aut Enthalten in The British accounting review London : Academic Press, 1988 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 Online-Ressource (DE-627)25463415X (DE-600)1462498-9 (DE-576)25927061X 0890-8389 nnns volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18 https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.bar.2023.101270 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4315 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 56 2024 2 3 101270 1-18 26 01 0206 4581295548 x1z 18-09-24 2403 01 DE-LFER 4593478804 00 --%%-- --%%-- n --%%-- l01 12-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.bar.2023.101270 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf 26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.
allfieldsSound	10.1016/j.bar.2023.101270 doi (DE-627)190282914X (DE-599)KXP190282914X DE-627 ger DE-627 rda eng Bhambhwani, Siddharth M. verfasserin aut Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206 Huang, Allen 1979- verfasserin (DE-588)1275407595 (DE-627)1826850082 aut Enthalten in The British accounting review London : Academic Press, 1988 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 Online-Ressource (DE-627)25463415X (DE-600)1462498-9 (DE-576)25927061X 0890-8389 nnns volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18 https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.bar.2023.101270 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4116 GBV_ILN_4125 GBV_ILN_4155 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4315 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 56 2024 2 3 101270 1-18 26 01 0206 4581295548 x1z 18-09-24 2403 01 DE-LFER 4593478804 00 --%%-- --%%-- n --%%-- l01 12-10-24 2403 01 DE-LFER https://doi.org/10.1016/j.bar.2023.101270 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf 26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.
language	English
source	Enthalten in The British accounting review 56(2024), 2 vom: März, Artikel-ID 101270, Seite 1-18 volume:56 year:2024 number:2 month:03 elocationid:101270 pages:1-18
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However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.</subfield></datafield></record></collection>
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author	Bhambhwani, Siddharth M.
spellingShingle	Bhambhwani, Siddharth M. misc Blockchain misc Cryptocurrency misc DeFi misc Ethereum misc Smart contracts Auditing decentralized finance
authorStr	Bhambhwani, Siddharth M.
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topic_title	26 00 DE-206 Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments Auditing decentralized finance Siddharth M. Bhambhwani, Allen H. Huang Blockchain (dpeaa)DE-206 Cryptocurrency (dpeaa)DE-206 DeFi (dpeaa)DE-206 Ethereum (dpeaa)DE-206 Smart contracts (dpeaa)DE-206
topic	misc Blockchain misc Cryptocurrency misc DeFi misc Ethereum misc Smart contracts
topic_unstemmed	misc Blockchain misc Cryptocurrency misc DeFi misc Ethereum misc Smart contracts
topic_browse	misc Blockchain misc Cryptocurrency misc DeFi misc Ethereum misc Smart contracts
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code="x">DE-LFER</subfield><subfield code="b">4593478804</subfield><subfield code="c">00</subfield><subfield code="f">--%%--</subfield><subfield code="d">--%%--</subfield><subfield code="e">n</subfield><subfield code="j">--%%--</subfield><subfield code="y">l01</subfield><subfield code="z">12-10-24</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://doi.org/10.1016/j.bar.2023.101270</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://www.sciencedirect.com/science/article/pii/S0890838923001270/pdfft?md5=c6d9a45deafd693b1c3e23013bccbce1&pid=1-s2.0-S0890838923001270-main.pdf</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Decentralized finance (DeFi), which executes financial transactions using blockchain without an intermediary, has attracted over US$250 billion in total value locked (TVL) at its peak. However, little is known about how DeFi protocols assure users of the safety of their investments. This paper provides the first empirical evidence on DeFi audit services that check and verify the smart contracts underlying these protocols. Using data on 316 of the largest protocols, we find that those vetted by more smart contract auditors and by higher quality auditors have higher TVL and that these protocols have higher market capitalization (native token values). Using an event study approach, we document that TVL and token values significantly increase after a protocol's first audit, especially those involving a high-quality auditor. We also find that protocols with more auditors and higher audit quality exhibit a smaller drop in TVL and token values after the collapse of the TerraUSD stablecoin, which reduced aggregate DeFi TVL by almost 65%. Overall, our findings suggest that DeFi users and investors perceive audits as providing assurance regarding the safety of their deposits and investments.</subfield></datafield></record></collection>
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