INTEGRATION OF DECENTRALIZED FINANCIAL ASSETS INTO ECONOMIC THEORY: ANALYSIS OF CONCEPTUAL FOUNDATIONS AND OPERATIONAL MECHANISMS

Abstract

The article is devoted to analyzing the conceptual and methodological challenges that Decentralized Financial Assets (DFAs) pose to modern economic theory and financial analysis. The author argues that DFAs, possessing properties such as programmability, autonomy, and the network nature of value, do not fit into traditional asset classifications or existing theoretical valuation models. The ontological gap between DFAs as “programmable economic interfaces” and classical financial instruments is emphasized. The paper examines specific DFA risks and mechanisms, such as automated market makers, staking, and Decentralized Autonomous Organizations (DAOs), for which standard analytical methods are inapplicable. The author highlights the necessity of developing new hybrid valuation approaches that combine tokenomics and onchain metrics analysis, as well as adapting portfolio analysis and risk models. In conclusion, the main global regulatory approaches to DFAs are reviewed, with the final argument that their sustainable integration into the financial system requires, first and foremost, a profound rethinking of fundamental economic categories.