Cultural and creative industries face persistent challenges in securing sustainable financing and equitable governance, particularly under traditional models reliant on centralized intermediaries and public subsidies. This study examines the potential of decentralized autonomous organizations, enabled by blockchain technology, to address these constraints through innovative governance and financing mechanisms. Using a quantitative methodology supported by t -tests, bootstrap resampling and analysis of variance (ANOVA), the analysis draws on multiple public data sets to assess the effects of these organizations on financing access, market performance, income stability and governance inclusivity across the sector. The results show that decentralized organizations substantially expand available financing, with treasury sizes far exceeding traditional benchmarks, and increase market engagement through high-value digital asset sales, although differences in broader market potential are not statistically significant. Income stability improves in several projects, while governance outcomes vary by subsector, with inclusive decision-making often challenged in larger communities. Grounded in digital economy, organizational, stakeholder and sustainability theories, the study fills a critical empirical gap in research on decentralized models within cultural and creative contexts. It offers actionable insights for policymakers and practitioners and highlights the need for future work on subsector dynamics and regulatory frameworks that can support the democratizing potential of decentralized governance.
Cryptocurrency airdrops power the growth and governance of the cryptocurrency ecosystem, yet attract airdrop hunters, who coordinate wallets, script interactions, and cash out quickly, distorting metrics and fairness. Prior detection strands (heuristics/clustering, light-supervised community partitioning, and graph learning) face three fundamentals: inconsistent definitions, weak explainability, and poor cross-context generalization. We distill expert knowledge into a computable, interpretable baseline: open/axial coding of expert narratives followed by two Delphi rounds to (1) formalize a consensus, operational definition with six contrasts to regular users; (2) derive 15 measurable indicators spanning operations and fund-flow, tempered by human-ness counter-evidence; and (3) report thresholds as reference distributions (medians, quartiles). The baseline supplies shared semantics and computation for labeling/evaluation, yields inspectable why-flagged rationales for audit and governance, and offers context-aware guidance across chains, campaign designs, and market phases, thereby strengthening on-chain security while informing the design of socio-technical systems perceived as fair, trustworthy, and resistant to strategic misuse.
Decentralized Finance (DeFi) has emerged as one of the most transformative applications of blockchain technology, constructing a financial ecosystem that operates without traditional intermediaries through smart contracts and distributed protocols. This paper systematically reviews the research progress of DeFi in terms of technical architecture, core protocols, governance models, and application scenarios, with particular focus on analyzing key domains including lending platforms, decentralized exchanges, stablecoin mechanisms, and asset tokenization. Research indicates that although DeFi demonstrates revolutionary potential in enhancing financial inclusion and transaction efficiency, it still faces significant challenges in smart contract security, regulatory compliance, and systemic risk prevention. This paper further explores future research directions including the integration of DeFi with traditional finance, technological innovation, and real-world asset integration, providing reference for scholars, policymakers, and industry participants to understand this rapidly evolving field.
The advent of blockchain technology has introduced new alternatives to traditional banking systems, providing a decentralized, secure, and transparent framework. However, its adoption is still complex and uneven for many reasons. This study provides a comprehensive mapping of the intellectual trajectory, thematic structure, and development of blockchain technology research in the banking sector. Using a hybrid literature review methodology that combines bibliometric analysis and systematic content review, the study analyzes 389 peer-reviewed publications retrieved from Scopus (2015–May 2025). VOSviewer was employed to conduct performance analysis and science mapping, including co-authorship, co-citation, keyword co-occurrence, and bibliographic coupling analyses. In parallel, qualitative thematic analysis identified six clusters: (1) blockchain in banking and financial intermediation to enhance operational efficiency, (2) decentralized finance and cryptocurrencies, (3) integration of blockchain with other digital innovations, (4) trust-related dimensions, (5) institutional and regulatory aspects, and (6) strategies for modernizing banking business models. The findings reveal a steady rise in research output, regional disparities in collaboration, and thematic evolution from early conceptualization to recent signs of diversification of applied research. By integrating quantitative and qualitative insights, this study highlights key research gaps, offers directions for future work, and provides guidance for academics, practitioners, and policymakers on the transformative potential and challenges of blockchain in banking.
Traditional philanthropic frameworks often struggle with financial opacity and a relianceon centralized intermediaries, which frequently leads to an erosion of donor trust andsystemic mismanagement. This paper proposes a Decentralized Charity Fund ManagementSystem that mitigates these risks by encoding the complete donation lifecycle withinEthereum smart contracts, ensuring transparency and accountability by design. Utilizing agovernance model inspired by Decentralized Autonomous Organizations (DAOs), thesystem grants donors proportional voting rights based on their contributions, empoweringthem to collectively oversee fund disbursement. Capital is released to campaign organizersonly after a majority of donors approve specific withdrawal proposals, which must besupported by cryptographic expenditure proofs hosted on the InterPlanetary File System(IPFS). Additionally, the system features an autonomous refund mechanism that activatesif a campaign fails to reach its financial target by a set deadline, allowing for the directreclamation of funds without central intervention. Implementation via a React-baseddecentralized application (DApp) and validation through Hardhat-based testing confirmthat this frameowrk enforces all governance rules deterministically, effectively eliminatingthe need for centralized authority in the charitable ecosystem.
Due to the fast development of cryptocurrency and blockchain technologies, the field of financial innovation, data privacy, and legal regulation has become a complex area with a multi-faceted regulatory environment. In this paper, the authors discuss the critical problem of ensuring the rights to privacy of individuals and the necessity of an effective control over the regulatory framework in decentralized digital financial systems. Although cryptocurrencies like Bitcoin have facilitated peer-to-peer payments, increased transparency, and financial inclusion, their pseudonymous and borderless characteristics have also brought serious concerns associated with money laundering, terrorist funding, market volatility, and consumer protection. In a comparative and interdisciplinary approach, the research assesses the current regulatory reactions and outlines the increasing role of international principles, constructed by the Financial Action Task Force. It contends that the conventional approaches to regulation, which were developed to deal with centralized financial institutions, cannot deal with the contingencies of decentralized ecosystems. In this regard, the paper will present a technology-based governance model that incorporates the use of law, institutional, and technological solutions to emerge with a harmonious regulatory strategy. This is highlighted in the study as the new technologies including blockchain analytics, artificial intelligence, smart contracts, and privacy protection tools like zero-knowledge proofs could be used to facilitate regulatory compliance without compromising user privacy. It also highlights the significance of risk-based, adaptive regulation, regulatory sandboxes and international collaboration in reducing regulatory arbitrage and global financial integrity. Finally, the paper argues that the future of cryptocurrencies regulation is in the creation of adaptable, innovation-oriented, and privacy-sensitive rules. A balance between law and technology can enable policymakers to create a secure, transparent, inclusive digital financial ecosystem and protect basic rights and the larger interest of society.
This paper examines cryptocurrency adoption among unbanked, underbanked, and fully banked households in the United States, using data from the 2023 FDIC National Survey of Unbanked and Underbanked Households; the first wave of the survey to include household-level information on cryptocurrency usage. We estimate a Probit model, supplemented by Logit and Linear Probability Model (LPM) specifications as robustness checks, to assess whether underbanked and unbanked households are more likely to adopt cryptocurrency than fully banked households, controlling for a range of demographic and socioeconomic factors. The results consistently show a statistically significant and positive association between underbanked status and the likelihood of cryptocurrency use across all model specifications. Specifically, underbanked households are 1.9 to 2.1 percentage points more likely to use cryptocurrency than their fully banked counterparts, suggesting that cryptocurrency functions as an alternative financial tool for the partially excluded. In contrast, unbanked households either show no statistically significant difference or exhibit a small negative association with cryptocurrency adoption, indicating that cryptocurrency is neither a substitute for formal financial services among the completely excluded nor widely adopted by the fully included. This suggests that those with full access to the financial system likely do not feel the need to seek alternatives. Cryptocurrency adoption is also shaped by key demographic and socioeconomic factors. Younger individuals, men, White respondents, those identifying with two or more races, and individuals with higher income and education levels are significantly more likely to adopt cryptocurrency. Overall, the findings highlight the nuanced role of cryptocurrency as a supplemental financial instrument for the underbanked, rather than a comprehensive solution to financial exclusion particularly for the unbanked.
Abstract— The rapid growth of cryptocurrency and blockchain technology has significantly increased the demand for platforms that enable users to efficiently explore and verify blockchain transactions. This paper presents the design and development of an Ethereum Blockchain Explorer (Multi-Chain), a web-based platform that provides a centralized interface for accessing blockchain data such as transactions, wallet addresses, and block details. The system is implemented using modern web technologies, particularly React.js, to ensure a responsive and intuitive interface. It allows users to search blockchain records using transaction hashes, wallet addresses, or block numbers. By integrating multiple blockchain networks into a single platform, the system enhances accessibility and usability of blockchain information for developers, researchers, and general users. The proposed system demonstrates improved multi-chain support and provides a more user-friendly experience compared to traditional single-chain blockchain explorers. Keywords— Blockchain Explorer, Ethereum, Multi-Chain, Smart Contracts, RPC, Web3, React.js
This paper discusses the economic principles and policy requirements of cryptocurrency regulation in a more complex and fast developing digital financial ecosystem. It examines how decentralized blockchain-based assets, though having immense advantages such as financial inclusion, efficiency, and innovation, can also create enormous regulatory issues such as market volatility, information asymmetry, illegal financial transactions, and systemic risk. Basing the analysis on the concepts of economic analysis, the authors assess regulation as a method that addresses market failures, distributes resources efficiently, and maximizes social welfare in general. The paper expounds the relevance of cost-benefit modeling in regulatory design, with the emphasis on the fact that policy-makers need to strike a balance between the cost of compliance, administrative burden, and possible limitations on innovation and the benefits of regulatory transparency, investor protection, and financial stability. It also examines incentive systems in international cryptocurrency markets, and especially the so-called regulatory arbitrage, where national regulatory differences affect the geographical location of digital asset practices. One of the priorities is the trade-off between financial privacy and regulatory enforcement. Even though privacy-related aspects of cryptocurrencies can secure the autonomy of users and the safety of their data, they also make it more challenging to trace and intercept illegal financial activities. This article proposes the combination of risk-based and technology-neutral regulatory frameworks that will be capable of adapting to a variety of blockchain applications, such as decentralized finance (DeFi), stablecoins, and tokenized assets. Also, the paper highlights the increasing significance of cross-border coordination and new regulatory technologies (RegTech) to handle cross-border problems and increase the efficiency of compliance. It concludes that to have good cryptocurrency governance, there must be an interdisciplinary approach that comprises of economic theory, legal analysis, and understanding of technology. This balancing and adaptive action is what is needed to encourage innovation and still maintain financial stability, investor protection, and overall interest of the digital economy by the general population.
This paper examines the evolving relationship between blockchain architecture and financial privacy, focusing on the inherent tension between transparency, pseudonymity, and regulatory oversight. It begins by analysing the structural foundations of blockchain systems, including distributed ledgers, cryptographic security, and decentralized consensus mechanisms, which collectively replace institution-based trust with system-based verification. While such architecture enhances transparency and immutability, it simultaneously generates new privacy challenges. Through a comparative analysis of Bitcoin, Monero, and Zcash, the paper highlights a spectrum of privacy designs within the cryptocurrency ecosystem. Bitcoin represents a model of transparent yet pseudonymous transactions, where public ledger visibility enables traceability despite the absence of explicit identity markers. In contrast, Monero adopts a privacy-centric approach using ring signatures, stealth addresses, and confidential transactions to obscure sender, receiver, and transaction value. Zcash introduces a hybrid model, employing zero-knowledge proofs (zk-SNARKs) to reconcile transactional confidentiality with verifiability, alongside selective disclosure mechanisms. The study further explores the limitations of transparent blockchains, including risks of transaction traceability, address clustering, and linkage to real-world identities through regulatory touchpoints such as exchanges. It also evaluates the regulatory implications of privacy-enhancing technologies, particularly their impact on anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks. The paper underscores the growing role of international standards and regulatory bodies in shaping compliance mechanisms within decentralized ecosystems. Finally, the paper considers emerging solutions such as privacy-preserving smart contracts, decentralized identity systems, hybrid blockchain models, and regulatory technologies (RegTech), which aim to balance user privacy with legal accountability. It argues that the future of blockchain governance lies not in choosing between transparency and privacy, but in developing adaptive frameworks that integrate both. The study concludes that achieving this balance will require sustained interdisciplinary collaboration and coordinated global regulatory efforts.
Peer-to-peer (P2P) payments facilitate rapid direct transactions but are frequently compromised by trust asymmetry, leading to substantial risks of non-delivery or non-payment. This study addresses these vulnerabilities by introducing a lightweight, deterministic escrow mechanism based on Ethereum smart contracts, specifically designed to bridge the regulatory gap in consumer protection. Unlike conventional escrow systems that rely on costly human intermediaries or complex decentralized autonomous organization (DAO) structures, the proposed "FairPay" model advances the state-of-the-art by offering a streamlined five-state lifecycle architecture comprising Created, Funded, WorkSubmitted, Released, and Refunded stages. The research prioritizes an analytical problem-solution flow, focusing on a state-machine design that enforces automated role-based restrictions. Methodological evaluation conducted on the Ethereum Sepolia testnet demonstrates a 100% functional success rate across all unit test scenarios. Furthermore, gas cost analysis reveals that the system is economically viable for granular transactions, with core operational functions maintaining a low execution overhead. Beyond operational success, the primary scholarly contribution lies in the design insight of balancing high cryptographic security with granular transaction accessibility, providing a scalable framework for the modern digital economy. However, the system currently assumes binary participant decisions for work verification, representing a transparency-oriented limitation in handling highly subjective service deliverables. Ultimately, this study demonstrates that algorithmic trust, mediated through a simplified state-machine, offers a more efficient and transparent alternative to existing high-complexity blockchain models, effectively resolving the tension between decentralized security and practical usability in P2P digital interactions.
The emergence of decentralized autonomous organizations (DAOs) represents a significant shift in organizational design driven by blockchain technology. Unlike traditional hierarchical structures, DAOs operate through decentralized governance, algorithmic rules, and collective coordination embedded within distributed systems. Despite growing scholarly attention, existing research remains fragmented, with limited integration across technological, governance, and organizational dimensions. This paper addresses this gap by developing a multidimensional theoretical framework that explains the organizational logic of DAOs through the interaction of blockchain architecture, governance mechanisms, and coordination processes. Drawing on an integrative review of the literature, DAOs are conceptualized as socio-technical systems in which technological infrastructure enables decentralized governance, governance mechanisms shape participation and decision-making, and coordination processes support collective action and value creation. The framework highlights the interdependencies among these dimensions and advances a set of theoretical propositions to guide future research. By offering a more integrated perspective, this study contributes to DAO scholarship and extends organizational theory to better account for decentralized and algorithmic forms of organizing. The findings also provide insights for designing and governing DAOs in the evolving digital economy.
The cryptocurrency market represents a decentralized, 24/7 arena that is to a great measure free from regulatory constraints. Although this favors innovation and inclusion, it puts the market in a very vulnerable place due to manipulations with the help of technology. Social media increasingly shapes flows of information and sentiment, disrupting crypto price dynamics. This chapter will review market manipulation in crypto and how social media fuels speculative activity. Manipulation types to be covered include pump-and-dump, wash sales, spoofing, and DeFi-related manipulation. These concepts have been integrated with the author's work on behavioral finance, market microstructure, and blockchain research.
ABSTRACT This paper explores how financial innovation and environmental sustainability intersect by analyzing spillovers between FinTech, blockchain energy use, and green finance. Using a Quantile Vector Autoregression (QVAR) framework, we examine weekly data from 2018 to 2024 across 11 digital, environmental, and macro‐financial indices. Our findings reveal a striking asymmetry: FinTech and equity markets consistently act as systemic shock transmitters, especially during crises and booms, while blockchain energy consumption behaves as a passive shock absorber. Notably, Ethereum's energy profile remains sensitive to market exuberance even after its transition to proof‐of‐stake. Connectedness weakens markedly in tranquil regimes but resurges sharply at market extremes, underscoring the fragility of digital–green linkages. These results advance the literature on climate‐FinTech integration by showing how digital finance volatility propagates to sustainability assets. We call for targeted policy interventions that align blockchain development with climate goals and promote transparency and resilience in digital financial markets.
Blockchain technology has emerged as one of the most transformative innovations in the financial sector, enabling secure, transparent, and decentralized transaction systems. Among its key applications, smart contracts have gained significant attention for automating financial agreements and reducing the need for intermediaries. Smart contracts are self-executing digital agreements embedded within blockchain networks that automatically enforce contractual terms when predefined conditions are met. The present study examines the role of blockchain-based smart contracts in financial transactions and evaluates their impact on efficiency, transparency, security, and cost reduction in financial systems. The study is based on secondary data collected from industry reports, academic publications, and financial technology databases. Analytical methods including descriptive analysis and regression-based conceptual modeling are used to examine the relationship between smart contract adoption and financial transaction efficiency. The findings indicate that smart contracts significantly enhance transaction speed, reduce operational costs, minimize fraud risk, and improve transparency in financial systems. The study concludes that blockchain-based smart contracts have the potential to transform financial transactions by improving efficiency, reliability, and trust in digital financial ecosystems.
Diana Moses, Mannem Sirivalli, Mohammed Zaid, Afeefa Aref
Abstract Crowdfunding is a proven way to support startups and social projects; nevertheless, conventional crowdfunding platforms are based on centralized architecture, which brings problems like poor transparency, excessive transaction costs, and low level of control over the usage of money. In this paper, a decentralized crowdfunding solution that will solve the described problems will be presented. Blockchain technology is applied to implement the platform through the usage of Ethereum smart contracts, thus providing safe and transparent transactions. The users will be able to launch a campaign, make payments, and control their transactions via MetaMask extension. Milestone-based funding will be used as well to monitor the spending of money properly. Frontend of the project will be designed using React.js and Web3.js. Experimental results show significant advantages of the proposed solution such as improved transparency, reduced dependence on third parties, and increased trust between people. Keywords:Blockchain,Crowdfunding, Ethereum, Smart Contracts, Web3.js, React,js
O presente artigo analisa a dicotomia entre descentralização teórica e descentralização real em redes blockchain, com foco nas métricas de distribuição de nós validadores e de poder de voto. O objetivo é investigar em que medida os fundamentos técnicos e econômicos dos mecanismos de consenso refletem, de fato, uma distribuição ampla de controle, ou se concentram poder em poucos agentes, contrariando as promessas de infraestrutura verdadeiramente distribuída. A metodologia adotada baseia-se em revisão bibliográfica de trabalhos recentes sobre descentralização em consenso Prova de Participação (Proof-of-Stake – PoS) e Prova de Trabalho (Proof-of-Work – PoW), em estudos de caso empíricos que medem coeficiente de Nakamoto, índices de Gini e Herfindahl-Hirschman (HHI), além de relatórios sobre distribuição geográfica e por provedores de validadores em redes como a Solana. Os resultados obtidos indicam que métricas superficiais, a exemplo da simples contagem de nós, podem mascarar riscos sistêmicos: em diversas redes PoS, um conjunto relativamente pequeno de validadores, países e provedores de infraestrutura controla fração substancial do stake, de forma que poucas entidades seriam suficientes para censurar transações ou comprometer a liveness da rede. Estudos recentes sobre consenso PoS mostram ainda que modelos de ponderação de stake alternativos – como Square Root Stake Weight (SRSW) e Logarithmic Stake Weight (LSW) – podem melhorar, em média, 51% e 132% as métricas de descentralização (Nakamoto, Gini, HHI), sugerindo caminhos concretos para tornar a distribuição de poder mais equitativa. Conclui-se que a descentralização real exige métricas multidimensionais que incorporem stake, geografia, infraestrutura e diversidade de clientes, e que o desenho de protocolos e políticas de governança precisa considerar explicitamente esses indicadores para alinhar a prática ao ideal normativo de descentralização da Web3.
O presente artigo examina as distinções entre finalidade probabilística e finalidade absoluta em sistemas blockchain, bem como suas implicações para o desenho e a operação de aplicações financeiras que visam a replicar ou substituir infraestruturas tradicionais de liquidação. Em cadeias que operam sob finalidade probabilística – modelo historicamente associado a protocolos baseados em Prova de Trabalho (Proof-of-Work) – o grau de irreversibilidade de uma transação cresce à medida que novos blocos são adicionados sobre o bloco que a contém, de modo que a probabilidade de reversão tende assintoticamente a zero sem, contudo, alcançar garantia determinística, o que justifica a prática de mercado de aguardar múltiplas confirmações antes de considerar a liquidação efetivamente concluída. Em contrapartida, cadeias dotadas de finalidade absoluta – também denominada finalidade instantânea – usualmente implementadas sobre protocolos de tolerância a falhas bizantinas (BFT) ou em arquiteturas híbridas que combinam Prova de Participação (PoS) e BFT, oferecem irreversibilidade assim que um bloco é atestado por um superconjunto qualificado de validadores, aproximando-se das expectativas de definitividade inerentes a sistemas de liquidação financeira tradicionais. A metodologia adotada combina revisão conceitual das diferentes acepções de finality em mecanismos de consenso, análise de documentação técnica de protocolos BFT – a exemplo de Tendermint, IBFT e QBFT – e discussão de relatórios recentes sobre risco de liquidação e finality aplicáveis à tokenização de ativos do mundo real (Real World Assets – RWA) em infraestruturas on-chain. Os resultados obtidos sinalizam que, embora a finalidade probabilística se mostre adequada a pagamentos de varejo e transferências de valor moderado, aplicações financeiras de maior montante, processos de tokenização de ativos e infraestruturas de mercado requerem, na prática, garantias mais robustas de irreversibilidade, com frequência combinando finalidade técnica e mecanismos jurídicos de mitigação de risco de liquidação. Conclui-se que a opção entre os dois modelos de finalidade encerra trade-offs relevantes entre segurança, velocidade de confirmação, complexidade de protocolo e conformidade regulatória, e que o desenho de aplicações financeiras em ambiente Web3 deve considerar explicitamente essas diferenças ao definir janelas de liquidação, políticas de gerenciamento de risco e estratégias de integração com o sistema financeiro tradicional.
This chapter explores the transformative role of fintech, blockchain, and cryptocurrency in advancing ethical finance, with a focus on Islamic financial principles. It examines how technologies like distributed ledger technology and smart contracts can enhance transparency, efficiency, and financial inclusion while adhering to sharīʿah prohibitions against ribā, gharar, and maysir. The discussion highlights key fintech applications, including crowdfunding, digital waqf, and precious metal-backed cryptocurrencies, which align with Islamic finance’s emphasis on asset-backed and risk-sharing models. Case studies from Malaysia, Saudi Arabia, Indonesia, and other Organization of Islamic Cooperation countries illustrate the growth of Islamic fintech ecosystems. The chapter also addresses regulatory challenges and the need for robust frameworks to ensure ethical compliance and systemic stability. By integrating fintech with maqāṣid al-sharīʿah (higher purposes of Islamic law), Islamic finance can promote social justice, sustainability, and equitable resource distribution, offering a viable alternative to conventional financial systems.
Monetary technology (FinTech) represents the integration of era into financial services to enhance performance, accessibility, transparency, and purchaser revel in. over the last decade, FinTech has disrupted conventional banking structures, charge mechanisms, investment control, insurance, and lending practices. innovations along with blockchain, synthetic intelligence (AI), digital payments, peer-to-peer lending, and decentralized finance (DeFi) have reshaped the monetary panorama. This paper explores the evolution of FinTech, key technological improvements, economic and regulatory implications, dangers and challenges, and destiny potentialities. The study concludes that whilst FinTech fosters financial inclusion and operational efficiency, it also introduces regulatory, cybersecurity, and systemic dangers that require coordinated global governance frameworks.
This study provides a comprehensive evaluation of six volatility forecasting models applied to twelve dominant and less dominant cryptocurrencies across multiple time horizons using high-frequency intraday data. The exponential generalized autoregressive conditional heteroskedastic (EGARCH), integrated GARCH (IGARCH), standard GARCH, GJR-GARCH, lagged realized volatility (LRE), and heterogeneous autoregressive (HAR) models are systematically compared using 5 min computed return data from September 2018 to September 2020. Our analysis encompasses three forecast horizons (1-day, 7-day, and 30-day) to assess model performance under varying temporal constraints. Through univariate Mincer–Zarnowitz regressions, encompassing tests, and out-of-sample evaluation using root mean squared error (RMSE) and quasi-likelihood loss (QLIKE) functions, we identify significant performance heterogeneity across models and cryptocurrencies. The HAR model exhibits stronger predictive accuracy at short horizons, while EGARCH exhibits relatively stronger performance at longer horizons, although overall explanatory power declines as forecast horizon increases. Importantly, no single model consistently provides optimal forecasts across all cryptocurrencies. Consistent with prior evidence suggesting model performance varies across assets. Encompassing regressions reveal that combining HAR with EGARCH specifications significantly enhances explanatory power across all temporal frames. Out-of-sample Diebold–Mariano tests indicate that HAR generates the lowest forecast errors for most cryptocurrencies, though EGARCH performs exceptionally well for high-market-capitalization assets. These findings provide regime-conditional insights into horizon- and asset-specific volatility dynamics during the pre-institutionalization phase of cryptocurrency markets. The study contributes to emerging literature by incorporating less-dominant cryptocurrencies and offering robust empirical evidence on the asymmetric and persistent volatility characteristics unique to digital asset markets. These findings should be interpreted within the context of the 2018–2020 sample period, representing a pre-institutionalized phase of cryptocurrency markets, and may not fully generalize to structurally different market regimes characterized by increased institutional participation and regulatory development.
This study investigates the rising security vulnerabilities in decentralized finance (DeFi) platforms from both technical and operational perspectives. Through literature review, case studies, and a comparative platform analysis, the research identifies the root causes, user impacts, and mitigation strategies for common security issues. Prominent incidents such as Ronin Network, Poly Network, Mango Markets, and Curve Finance are examined in depth, while security strategies of major DeFi platforms such as Aave, Compound, Uniswap, and Synthetix are compared. The study also discusses the implications of new technological developments like Ethereum Layer-2 solutions, Zero-Knowledge rollups, and account abstraction mechanisms on DeFi security. Findings emphasize that achieving a sustainable DeFi ecosystem requires a holistic approach involving not only technical safeguards but also transparent governance, user education and robust audit processes.