Purpose This study investigates how integrating non-fungible tokens (NFTs) into product offerings influences consumers’ monetary valuations across pre-purchase, purchase and post-purchase stages. Design/methodology/approach Three pre-registered experiments and a single-paper meta-analysis test NFT effects on willingness-to-pay (WTP), product valuation and willingness-to-accept (WTA). Findings NFTs amplify valuations exclusively post-purchase (higher WTA), mediated by product attachment. Effects emerge only among incremental theorists (believing traits are malleable), not entity theorists (believing traits are fixed). Practical implications Marketers should leverage NFTs for retention (versus acquisition) and target incremental theorists. These insights offer actionable guidance for enhancing customer-to-customer (C2C) interactions in banking, particularly in peer-to-peer markets for tokenized assets where NFT-driven attachment influences pricing and trust dynamics. Originality/value This is the first study to (1) pinpoint NFTs’ post–purchase valuation effects, (2) identify attachment as the mechanism and (3) reveal implicit theories as a boundary condition.
Giacomo Vella, Luca Gastaldi, Francesco Paolo Appio
The rise of Decentralized Applications (DApps) represents a significant shift in how digital services are developed and governed, utilizing blockchain technology to eliminate central oversight and facilitate peer-to-peer interactions. While blockchain's algorithmic governance mechanisms are designed to enforce transparency and decentralization, human-driven processes—such as leadership roles, community engagement, and social norms—continue to play a pivotal role in shaping governance outcomes. This study investigates how these non-algorithmic factors influence the decentralization of DApp governance. Through a multiple case study of seven Decentralized Finance DApps, we analyze the governance structures, decision-making processes, and power dynamics at play. Our findings reveal that, despite the technological promise of decentralization, human-driven processes can reintroduce centralization risks, impacting inclusivity and decision-making. We propose an integrated governance framework that emphasizes human-driven mechanisms, contributing to the discourse on the practical realities of decentralized governance in DApps. The study offers theoretical and empirical insights into how decentralization is enacted and challenged in blockchain-based ecosystems. • Human-driven processes in DApps governance can reintroduce centralization risks despite tech promises. • Proposes an integrated framework emphasizing human-driven governance to address limits of algorithms. • Core teams often retain major decision power, impacting decentralization and creating power imbalances. • Misaligned incentives hinder participation, concentrating power and affecting DApps' decentralization.
Blockchain-based digital assets represent a new stage in the evolution of monetary systems. However, the mechanisms of seigniorage – the revenue derived from issuing these digital assets – remain insufficiently studied, creating a research gap. The author addresses this topic to analyze how seigniorage is transformed in the context of digitalization and what new forms it assumes. The objective of the work is to investigate the evolution and mechanisms of seigniorage in digital assets, including cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). The tasks include analyzing the historical development of digital assets, comparing seigniorage mechanisms (Proof-of-Work and Proof-of-Stake), and assessing the prospects for implementing the digital ruble in Russia. Research methods: analysis of historical data, comparison of seigniorage mechanisms in blockchain projects (Bitcoin, Ethereum, MakerDAO), and evaluation of the economic aspects of central bank digital currencies. The study utilizes open data, legislative acts, and scientific publications. The results demonstrate that seigniorage in digital assets takes on new forms, such as mining, staking, and algorithmic governance, which contribute to the creation of significant financial value. The implementation of the digital ruble, despite high costs, presents opportunities to enhance the efficiency of the financial system. The scope of application for the results includes developing regulatory approaches to digital assets and optimizing seigniorage mechanisms.
• Novel to literature we identify the macroeconomic determinants of cryptocurrency asset holdings.. • the more emigrants of developing countries living abroad, they intend to hold more cryptocurrencies to ease the transaction costs. • As countries governance body improves, individuals tend to hold less cryptocurrencies. Employing cross-sectional data of 142 countries worldwide, this paper examines the macroeconomic factors in shaping cryptocurrency adoption. We find that the aggregate impact of inflation volatility on crypto adoption is dependent on the level of corruption control in higher-income countries. The control of corruption appears to discourage cryptocurrency adoption, emphasizing the role of institutional trust in financial choices. We also find that higher emigrant ratios in non-high-income and lower-income countries are associated with increased cryptocurrency usage, which suggests that migrants tend to use cryptocurrencies for faster, cheaper remittances compared to traditional services. Last, we find that internet penetration plays a key role in crypto adoption, particularly in higher-income countries with advanced digital infrastructure.
Alessia Galdeman, Lucio La Cava, Matteo Zignani, Andrea Tagarelli · 5 authors
The rapid growth of Non-Fungible Tokens (NFTs) and the extensive trading activities associated with such an intriguing domain led to the emergence of large-scale and interconnected transaction networks involving the most prominent NFT markets. Despite such interdependencies representing an inestimable source of information for the proper understanding of the NFT landscape, previous studies treated each market separately, overlooking relevant phenomena. In this study, we explore a multilayer network modeling approach to analyze transactions in multiple NFT markets. We reveal previously unnoticed macroscopic and mesoscopic traits by investigating indicators that discern whether markets are independent or linked: users trading NFTs are organized in cross-market communities where multi-market users act as bridges across marketplaces, adapting to the diverse nature of the markets they operate in. We also conduct an in-depth examination of such multi-market users, studying their specific activity patterns that leave a distinctive mark on the system: the majority of multi-market users well differentiate their earnings and expenses among the markets, while a fraction of them is directed toward a more polarized money allocation based on the typology of the markets. By offering a fresh perspective on this intricate financial system and emphasizing the importance of perceiving the NFT markets as a unique and interconnected world, our study paves the way for further contributions aimed at unraveling the complexity of cryptosystems and understanding the latent phenomena across NFT markets.
Stablecoins have become a foundational component of the digital asset ecosystem, with their market capitalization exceeding 230 billion USD as of May 2025. As fiat-referenced and programmable assets, stablecoins provide low-latency, globally interoperable infrastructure for payments, decentralized finance, DeFi, and tokenized commerce. Their accelerated adoption has prompted extensive regulatory engagement, exemplified by the European Union's Markets in Crypto-assets Regulation, MiCA, the US Guiding and Establishing National Innovation for US Stablecoins Act, GENIUS Act, and Hong Kong's Stablecoins Bill. Despite this momentum, academic research remains fragmented across economics, law, and computer science, lacking a unified framework for design, evaluation, and application. This study addresses that gap through a multi-method research design. First, it synthesizes cross-disciplinary literature to construct a taxonomy of stablecoin systems based on custodial structure, stabilization mechanism, and governance. Second, it develops a performance evaluation framework tailored to diverse stakeholder needs, supported by an open-source benchmarking pipeline to ensure transparency and reproducibility. Third, a case study on Real World Asset tokenization illustrates how stablecoins operate as programmable monetary infrastructure in cross-border digital systems. By integrating conceptual theory with empirical tools, the paper contributes: a unified taxonomy for stablecoin design; a stakeholder-oriented performance evaluation framework; an empirical case linking stablecoins to sectoral transformation; and reproducible methods and datasets to inform future research. These contributions support the development of trusted, inclusive, and transparent digital monetary infrastructure.
Decentralized Finance (DeFi) represents a paradigm shift in financial services by enabling trustless, peer-topeer transactions through blockchain technology. This study conducts a comparative analysis of four high-traffic DeFi platforms-PancakeSwap, Uniswap, Aave, and Compoundfocusing on their core architecture, transaction costs, scalability, security, and governance models. The analysis reveals that Uniswap has the highest Total Value Locked (TVL), exceeding $4.5 billion, while PancakeSwap offers the lowest average transaction fees at approximately $0.10. Aave stands out for its innovation in flash loans, whereas Compound maintains algorithmic stability in interest rate adjustments. Our findings indicate that user adoption is significantly influenced by fee structure and network efficiency, with platforms on Binance Smart Chain showing higher retail participation due to lower costs. This paper highlights the need for improved cross-chain interoperability and standardized risk assessment frameworks. The insights contribute to a deeper understanding of how functionality and design choices drive platform growth, offering guidance for future DeFi development.
Blockchain-based cryptocurrencies have generated substantially divergent views, opinions, and interpretations about their fundamental nature, sense, and purpose compared to other IT. This study examines what these varying interpretations are and how they influence business decision-makers’ perceptions and acceptance of Bitcoin, the most prominent cryptocurrency, specifically. Drawing on Bijker’s socio-constructivist concepts of “frames”, and using a case study of Bitcoin acceptance, we make two key contributions. First, we identify seven distinct frames used in the cryptocurrency context: currency, asset, novelty, ideological, socio-cultural, business, and IT tool frames of reference. We theorise how these frames emerge from prior frames, drawing on different reference points, foreground or background facets of Bitcoin, and hence lead to constructions of “Bitcoin-as-X” and acceptance or rejection in both conceptual and practical terms. Second, the paper provides an exemplar of how any digital phenomena with ambivalent or conflicting assessments can be studied in general. We conclude by discussing implications for theory and practice.
The decentralization of international payments is emerging as a transformative trend in the global financial system, driven by blockchain technology, decentralized finance (DeFi), cryptocurrencies, and central bank digital currencies (CBDCs). This paper explores the shift from traditional, centralized payment infrastructures toward decentralized alternatives, assessing their impact on transaction efficiency, cost reduction, financial inclusion, and financial stability. A special focus is placed on the evolving role of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), historically the backbone of international cross-border payments. Through a combination of theoretical review and empirical time series analysis based on SWIFT message data from 2014 to 2022, the study evaluates SWIFT’s resilience and adaptation in the face of decentralization pressures. The findings reveal a permanent upward trend in SWIFT traffic, coupled with seasonal fluctuations, suggesting that while decentralization is expanding, SWIFT remains a central actor by innovating its infrastructure. The study also discusses the regulatory challenges posed by decentralized systems and the need for balanced frameworks to foster innovation while safeguarding stability. This research concludes that international payments, where traditional and decentralized models seem to coexist.
D. Xiao, Shaobo Xu, Chuan Zhang, Licheng Wang · 6 authors
Cross-chain technology facilitates the interoperability among isolated blockchains, where users can transfer and exchange coins. While the heterogeneity between Turing-complete (TC) blockchains like Ethereum and non-Turing-complete (NTC) blockchains like Bitcoin presents a significant challenge for cross-chain transactions. Payment Channel Hubs (PCHs) offer a promising solution for enabling TC-NTC cross-chain payments with high throughput and low confirmation delays. However, existing schemes still face two key challenges: (i) significant computation and communication overhead for variable-amount payment, and (ii) limited unlinkability, i.e., vulnerable to the abort attack. This paper proposes EC2P, the first TC-NTC cross-chain PCH that achieves variable-amount payment unlinkability while resisting the abort attack and minimizing reliance on non-interactive zero-knowledge (NIZK) proofs. EC2P introduces two protocols: the NTC-to-TC and TC-to-NTC payment protocols. The NTC-to-TC payment protocol replaces the traditional puzzle-promise and puzzle-solve paradigm with a semi-blind approach, where only one side is blinded and the blinded side’s interactions are eliminated. This achieves unlinkability and resists the abort attack without NIZK. The TC-to-NTC payment protocol enhances the paradigm by utilizing Turing-complete functionality to constrain the inability to carry out an abort attack. Through rigorous security analysis, we show that EC2P is secure and variable-amount payment unlinkable while resisting the abort attack. We implement EC2P on Ethereum and Bitcoin test networks. Our evaluation demonstrates that EC2P outperforms both in terms of communication and computation overhead and reduces communication costs by 3 orders of magnitude compared to existing variable-amount methods.
Byzantine Fault-Tolerant (BFT) consensus protocols are increasingly utilized in blockchain environments. In such protocols, the leader node holds the authority to dictate the transaction order, potentially impacting the fairness of decentralized finance (DeFi) applications. For instance, attackers can exploit this to manipulate transaction order and conduct front-running attacks. The concept of order-fairness, which recently emerged, has become a critical property for preventing a single node from unilaterally determining transaction order. Protocols designed to uphold order-fairness often rely on the sequence in which transactions appear across the network, a factor that can be influenced by the network’s topology. However, this approach has inherent limitations, such as challenges in avoiding Condorcet cycles (Kelkar et al., Crypto 2020).To address these challenges, we propose a novel definition of fairness that requires concealing transaction content before ordering. Additionally, we extend the definitions of liveness and safety of consensus protocols to cover the transaction decryption process, guaranteeing the successful decryption of transactions. Based on the existing BFT protocol and utilizing threshold encryption algorithms, we designed a framework called EquiBFT which can incorporate fairness to BFT protocols. We have proven that the EquiBFT satisfies fairness while ensuring the liveness and safety. We implemented this framework based on HotStuff (Yin et al., PODC 2019) and validated its feasibility in a real-world network environment.
This article explores changes and trends in volatility pricing of Bitcoin (BTC), and analyzes its historical performance, key drivers, market dynamics and future prospects. By studying macroeconomic and technical indicators, we can fully understand Bitcoin's market behavior patterns and volatility patterns, and explore the impact of regulatory policies, market sentiment and institutional intervention on Bitcoin price.
Ovaj rad istražuje teorijske temelje i praktičnu primjenu dokaza nultog znanja u blockchain sustavima, s fokusom na Polygon zkEVM blockchain. Analiziraju se zk-SNARK i zk-STARK sustavi dokazivanja te njihova implementacija u ZK-rollup rješenjima za poboljšanje skalabilnosti blockchain mreža. Teorijska analiza pokazuje kako dokazi nultog znanja omogućavaju verifikaciju transakcija bez otkrivanja osjetljivih podataka, čime se adresiraju izazovi privatnosti i skalabilnosti. Praktični dio uključuje implementaciju decentralizirane aplikacije za glasovanje na Polygon zkEVM Cardona Testnet mreži, demonstrirajući primjenu tehnologije u realnoj situaciji. Analiza transakcijskih podataka potvrđuje značajne uštede goriva kroz batch procesiranje transakcija u odnosu na direktno izvršavanje na Ethereum glavnom lancu. Rad identificira ključne prednosti i ograničenja trenutnih implementacija te predlaže smjerove za buduća istraživanja u području post-kvantne kriptografije i hardverske akceleracije.
Solana is recognized for its innovative Proof of History consensus mechanism, a cryptographic method that enables validators—participants responsible for verifying transactions—to efficiently record and order events without extensive communication, thus supporting high transaction rates. Despite its high-speed transactions capability, low cost transaction fees and significant market presence, it remains relatively underexplored in academic research. To address this gap, this paper uses graph-based modeling to analyze Solana’s transaction network. The analysis reveals several interesting key characteristics, including a high concentration of transactions among central nodes, a prevalence of unidirectional transactions, and a low graph density. Moreover, we observe a significantly higher transaction failure rate (approximately 20% compared to 0.1% on Ethereum) and a substantial proportion of zero-value transfers (around 7.6% versus 0.66% on Ethereum). These findings shed light on underexplored aspects of Solana’s ecosystem and provide insights that could influence future blockchain research and applications. The findings are particularly relevant for understanding behavior of blockchains with high transaction rates, and optimizing blockchain scalability and security.
Benjamin Gillen, Rashmi Ranjan Bhuyan, Gourab Mukherjee, Austin Pollok
The Ethereum blockchain plays a central role in the broader cryptocurrency ecosystem, enabling a wide range of financial activity through the use of smart contracts. This paper investigates how individual Ethereum wallets responded to the collapse of FTX, one of the largest centralized cryptocurrency exchanges. Moving beyond price-based event studies, we adopt a bottom-up approach using granular wallet-level data. We construct a representative sample of Ethereum addresses and analyze their transaction behavior before and after the collapse using an explainable artificial intelligence (XAI) framework. Our proposed framework addresses data scarcity in high-resolution wallet-level daily transactions by employing a calibrated zero-inflated generalized linear fixed effects model. Our analysis quantifies distinct shifts in transaction intensity and stablecoin usage, highlighting a flight to safety within the ecosystem. These findings underscore the value of a bottom-up methodology for quantifying the user-level impact of blockchain-based shocks, offering insights beyond traditional price-level analysis through wallet-level data.
This chapter explores the transformative potential of blockchain technology in reshaping payment systems, focusing on its ability to address inefficiencies, reduce costs, and enhance financial inclusion. Blockchain's foundational features, including decentralization, transparency, immutability, and security, position it as a critical innovation in the payments industry. The chapter examines key blockchain applications, such as cross-border payments, central bank digital currencies (CBDCs), stablecoins, and decentralized finance (DeFi), highlighting their impact on global commerce and financial ecosystems. While blockchain offers significant opportunities, it also faces challenges related to regulatory compliance, scalability, environmental sustainability, and ethical considerations, such as privacy and accessibility. Emerging technologies, including interoperability solutions and artificial intelligence integration, are presented as promising avenues for overcoming these obstacles and advancing blockchain's adoption.
Wallets are access points for the digital economys value creation. Wallets for blockchains store the end-users cryptographic keys for administrating their digital assets and enable access to blockchain Web3 systems. Web3 delivers new service opportunities. This chapter focuses on the Web3 enabled release of value through the lens of wallets. Wallets may be implemented as software apps on smartphones, web apps on desktops, or hardware devices. Wallet users request high security, ease of use, and access of relevance from their wallets. Increasing connectivity, functionality, autonomy, personal support, and offline capability make the wallet into the user's Universal Access Device for any digital asset. Through wallet based services, the owner obtains enhanced digital empowerment. The new Web3 solutionareas, Identity and Decentralisation, enable considerable societal effects, and wallets are an integral part of these. One example is self sovereign identity solutions combined with wallet borne AI for personalised support, empowering the enduser beyond anything previously known. Improved welfare is foreseen globally through enlarged markets with collaborative services with drastically lowered transaction costs compared to today, the expected vastly increased levels of automation in society necessitate enhanced enduser protection. As wallets are considered a weak spot for security, improving overall security through blockchains is essential.
This study examines how firms in the Pokémon Trading Card Game (PTCG) grading industry adapt their business models in response to digital disruption. We employ a qualitative multiple-case design, investigating three leading grading companies – PSA (United States), CCIC (China), and SQC (Thailand) – through 30 in-depth interviews and supplemental document analysis. The findings reveal divergent strategies shaped by both dynamic capabilities and institutional contexts. PSA leverages scale and AI technology to enhance efficiency, CCIC focuses on legitimacy and incremental improvements under regulatory constraints, and SQC pursues exploratory digital initiatives (e.g., NFT-linked trials) to co- create value with its community. These patterns highlight the ambidexterity required for business model innovation in a digitizing niche service sector. The study contributes to business model innovation and digital transformation literature by demonstrating how national institutions and customer engagement influence innovation paths. Practical implications include lessons for balancing core business sustainability with transformative innovation in different regulatory environments.
Desiree E. Esguerra, Jhon Paul B. Galing, Erika Mae R. Dionisio, Christian Joshua P. Dadia · 6 authors
Small and Medium Enterprises (SMEs) face delays and inefficiencies due to centralized decision-making structures. This research proposes a blockchain-powered Decentralized Autonomous Organization (DAO) framework to automate governance processes, enhance transparency, and empower stakeholders. Results from three SME trials show a $40 \%$ reduction in approval delays and an $80 \%$ improvement in resource allocation transparency, demonstrating the framework’s potential to transform traditional business operations. The framework seeks to overcome some of the SMEs’ difficulties, including decision-making inefficiency, transparency, and inflexible business processes. The study uses a mixed-method research approach, where quantitative and qualitative data collection are combined to examine the effect of the DAO model on the organizational performance. This study concludes that the DAO model has the potential to significantly improve organizational agility and management excellence to improve organizational success in competitive business environments.
This study investigates the effect of the regulatory framework in Nigeria, specifically Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, and their influence on users' preference between centralized exchanges (CEX) and decentralized exchanges (DEX) in Nigeria. Using a quantitative study design, a purposive sampling method was used to select 358 Nigerians with cryptocurrency trading experience. Using a structured, self-administered questionnaire. The data were analysed using binomial logistic regression in SPSS. Results revealed that AML sensitivity was positively correlated with the use of DEX such that sensitivity to AML policy is likely to significantly raise the odds of the user choosing a DEX over a CEX. Conversely, KYC conditions were negatively correlated with the choice of the CEX, where the stricter the KYC requirements, the lower the odds of the user choosing a centralized exchange. The model also estimated overall classification accuracy at 70.7%, indicating the predictive ability of these regulatory forces. The study concludes that AML and KYC frameworks are major impetuses of exchange choice and recommends a tiered KYC system, users' education, and the use of privacy-enhanced protocols. It also emphasized the importance of the bilateral process between regulators and industry players in the creation of evenly weighted mechanisms that maximize compliance as well as the participation and trust of the users.
The rise of decentralized exchanges (DEXs) heralds a paradigmatic shift in financial trading—from reliance on centralized intermediaries to peer‑to‑peer, trustless systems undergirded by blockchain and smart contracts. This article explores global trends in DEX innovation, the growth of decentralized finance (DeFi), and the evolving role of DEXs in reshaping capital markets. It also analyzes India’s adoption trajectory, regulatory context, and early indicators from Tamil Nadu, including blockchain governance initiatives and nascent fintech activity. Simulated and reported data are integrated to provide projections and policy implications.
This paper examines the perceived risks and challenges associated with the adoption of cryptocurrencies. Using qualitative interviews with stakeholders across the fintech and blockchain sectors, the study identifies major deterrents including volatility, regulatory uncertainty, cybersecurity threats, and lack of consumer protection. The findings reveal how both emotional and cognitive perceptions of risk hinder broader public adoption. Many participants highlighted the influence of media sensationalism and anecdotal experiences, which amplify fears related to scams and technical complexity. Furthermore, perceptions varied significantly across user groups, with institutional investors focusing on legal ambiguity and operational risks, while retail users emphasized usability issues and fear of irreversible losses. Understanding these perceptions is critical to creating strategies for building user confidence, promoting safe practices, and ensuring sustainable growth in the cryptocurrency space. The study recommends the development of transparent regulatory guidelines, improved cybersecurity standards, and more user-friendly onboarding experiences. By addressing the psychological and structural barriers simultaneously, stakeholders can facilitate a more inclusive and secure environment for cryptocurrency adoption. This research contributes to the growing body of work examining behavioral finance in digital economies and underscores the importance of human-centric approaches in technology diffusion.