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Beyond Formal Rules: Network Dynamics and Emergent Decentralization in the Ajna Finance Protocol
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| 6.6 MB | Adobe PDF |
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Resumo(s)
Ethereum-based Decentralized Finance (DeFi) platforms are reshaping the financial industry
by enabling users to borrow, lend, and trade without intermediaries through blockchain
technology and smart contracts. This thesis investigates user behavior and network dynamics
within the governance-minimized protocol Ajna Finance using Social Network Analysis (SNA).
By modeling Ajna's transaction network as a graph and applying centrality metrics and
community detection algorithms, the research evaluates how its "no governance" design
impacts decentralization, liquidity distribution, and user interactions. The findings reveal that
while transactional activity is concentrated around centralized exchanges, network influence
is more evenly distributed among individual participants, aligning with Ajna's decentralization
objectives. Distinct community clusters, ranging from protocol hubs to bridging nodes,
highlight the network's emergent structure, balancing operational efficiency with governance
minimization principles. These results demonstrate that Ajna's architecture fosters a novel
form of decentralization, where governance functions shift to informal, structural properties.
This study contributes a methodological framework for analyzing governance-minimized
protocols, providing valuable insights for developers, regulators, and investors in
decentralized ecosystems.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Digital Transformation
Palavras-chave
Blockchain Social Network Analysis Ethereum Smart Contracts Decentralization Decentralized finance