Koron muodostuminen hajautetussa rahoituksessa: Systemaattinen katsaus ja toteutusmallien vertailu

Abstract

Decentralized Finance (DeFi) has become a key innovation within blockchain technology by enabling permissionless and programmable financial services without traditional intermediaries. This thesis examines how yield is generated in DeFi and provides a systematic comparison of the main implementation models that enable it. The study focuses on three core mechanisms—liquidity mining, interest-bearing token systems, and automated vault strategies—and explores how they operate in practice through case studies of Aave, Uniswap, and Yearn Finance. The research aims to classify these models, analyze their technical foundations, and evaluate their governance structures and associated risks. The analysis is based on a literature review and protocol documentation from leading DeFi platforms. Each model is assessed across several dimensions, including reward structure, capital efficiency, user accessibility, and exposure to risks such as smart contract exploits, impermanent loss, and market volatility. The case studies demonstrate how different design choices lead to variations in yield generation: Aave emphasizes lending-based interest mechanisms, Uniswap relies on trading fees, and Yearn Finance automates strategy allocation across protocols. The findings show that no single model is universally superior; instead, each involves trade-offs between sustainability, complexity, and yield potential. Governance also emerges as a central factor in long-term stability, as the governance mechanisms influence strategy design, risk management, and protocol evolution. Overall, the study highlights a shift in DeFi from rapid growth toward more sustainable and structured yield frameworks.