Essais sur le crédit, la découverte des taux et les facteurs déterminants du prix des jetons en finance décentralisée

Abstract

This dissertation investigates the economic and behavioral foundations of decentralized finance (DeFi) where lending, borrowing, and rate discovery are executed by smart contracts rather than traditional financial institutions. Through three complementary essays, it analyzes the design of decentralized credit protocols, the formation of interest rates in decentralized markets, and the fundamental and behavioral drivers of DeFi token valuation.The first essay examines the Atlendis protocol, which enables non- or partially-collateralized lending by combining off-chain underwriting with on-chain execution. The second develops a theoretical model of decentralized rate discovery based on a multi-unit game framework, identifying the conditions for efficiency and the frictions specific to these markets. The third provides an empirical analysis of DeFi token returns, showing that investor sentiment, liquidity dynamics, and behavioral factors play a significant role in price formation alongside economic fundamentals.By bridging financial engineering, theoretical modeling, and empirical research, this thesis sheds light on how DeFi reshapes intermediation, price formation, and governance in a transparent, programmable financial environment.