论文标题
Defi是否消除了对信任的需求？来自稳定贷款的自然实验的证据
Does DeFi remove the need for trust? Evidence from a natural experiment in stablecoin lending
论文作者
论文摘要
分散的金融（DEFI）是建立在根本上不同的范式上的：不必信任个人和机构，而是不得不信任由分散的计算机网络强制执行的计算机代码。我们研究了一个自然的实验，该实验通过揭示与Fefi方案（包括被定罪的罪犯）相关的个体的身份来外源压力测试这种替代范式。我们发现，在实践中，DEFI尚未完全消除对个人信任的需求。我们的发现表明，由于智能合约是不完整的，因此可能会冒险（Allen and Gale，2004年），并且个人的个人性格和信任仍然与此替代金融体系有关。
Decentralized Finance (DeFi) is built on a fundamentally different paradigm: rather than having to trust individuals and institutions, participants in DeFi potentially only have to trust computer code that is enforced by a decentralized network of computers. We examine a natural experiment that exogenously stress tests this alternative paradigm by revealing the identities of individuals associated with a DeFi protocol, including a convicted criminal. We find that, in practice, DeFi does not (yet) fully remove the need for trust in individuals. Our findings suggest that that because smart contracts are incomplete, they are subject to run risk (Allen and Gale, 2004) and personal character and trust of individuals are still relevant in this alternative financial system.
