• DeFi stablecoin yields track FFR/SOFR, but with a distinct T+3 structural lag. • A settlement-friction framework links fiat rails to the T+3 transmission lag. • The lag is universal for both compliant USDC and offshore, unregulated USDT. • Basis regressions reveal a predictable settlement wedge after policy moves. • Robust tests rule out protocol outliers, macro trends, and weekend artifacts. Decentralized Finance (DeFi) stablecoin markets increasingly function as a shadow overnight dollar system, yet the speed at which U.S. monetary policy transmits to on-chain yields remains unclear. Focusing on the recent “High-for-Long” regime (2023–2025), I study this pass-through using daily Aave V3 deposit rates for USDC and USDT. Guided by a simple conceptual framework of settlement frictions and arbitrage constraints, I estimate an ordered VAR that controls for equity- and crypto-market cycles. The results show that DeFi yields are tightly anchored to the Federal Funds Rate (and, in robustness, SOFR), challenging the “crypto-decoupling” narrative. However, transmission exhibits a distinct T+3 structural latency, universal across both compliant USDC and unregulated USDT, indicating an infrastructural, systemic friction rather than issuer-specific constraints. Robustness tests, alternative-explanations analysis, and quantity-based mechanism checks rule out protocol outliers, broader macro trends, and weekend artifacts, supporting an interpretation based on delayed settlement and execution across fiat rails. Complementary basis regressions provide a direct pricing implication: the on/off-chain spread exhibits a significant, predictable wedge during the settlement window that dissipates thereafter. The findings imply that despite algorithmic immediacy, DeFi remains constrained by fiat infrastructure, and that improving on-chain capital efficiency may require modernizing payment rails alongside issuer-focused regulation.
Digital assets have become a significant and indispensable part of the modern financial system and have brought innovations in the areas of payments, investments, and financial intermediation. However, their expansion brings numerous regulatory challenges, particularly with regard to preventing money laundering, user identification, the legal treatment of decentralized finance, and privacy protection. Approaches to the regulation of digital assets vary significantly among jurisdictions - while some countries introduce comprehensive legislation, others apply restrictive or fragmented policies. Serbia has positioned itself as one of the first countries in the region to adopt a specific Law on Digital Assets (2020), thereby establishing a regulatory framework for this market. This paper analyses the legal challenges of digital assets, exploring national and international regulatory approaches, including the European Union's MiCA Regulation. It also examines the need to strike a balance between fostering innovation and ensuring the stability of the financial system. The key finding is that continuous international cooperation and a flexible regulatory framework are necessary to enable the sustainable development of digital assets and the technologies that support them.
<b><i>Liquidity Exit Drain</i></b>, also referred to as a <b><i>Rug Stream</i></b>, describes a class of gradual capital extraction attacks in decentralized finance (DeFi) and stablecoin ecosystems. Unlike abrupt rug pulls or discrete exploit-based failures, Liquidity Exit Drains operate through prolonged, cumulative actions that remain within protocol-defined operational and governance boundaries. By exploiting trust persistence, governance opacity, and parameter flexibility, these attacks systematically siphon liquidity over extended time horizons while evading conventional audits and user detection. This paper formalizes <b><i>Liquidity Exit Drain</i></b> as a distinct economic attack class, examines its structural enablers and execution patterns, and outlines why existing security, audit, and monitoring frameworks frequently fail to detect it. The analysis highlights the need for longitudinal economic oversight and governance-aware risk assessment beyond static code correctness.
Кваліфікаційна робота бакалавра складається зі вступу, чотирьох розділів, висновків, списку використаних джерел та додатків. Перший розділ кваліфікаційної роботи присвячено дослідженню актуального стану досліджуваної проблематики, обґрунтуванню обраного напряму роботи, а також визначенню та відбору методів і засобів проектування. У другому розділі розглянуто та обґрунтовано підходи й технології для вирішення поставлених завдань. Також наведено функціонально-структурну схему об’єкта проектування та ER-діаграму бази даних. Третій розділ охоплює безпосередню розробку програмного забезпечення та практичне втілення проєктованого об’єкта. Четвертий розділ містить SEO-оптимізацію інформаційно-комп’ютерної системи. У висновках підсумовано результати, отримані в ході виконання всіх попередніх розділів роботи.
Choonhwa Lee, Yibo Zhang, Dani Mertens, Eunsam Kim
Decentralized workflows supported by provenance data aim to combine into a platform with high trustworthiness, transparency, and accountability. Despite the huge potential of the approach, one limitation of the system architecture is that it lacks access to external data, limiting the functionality and potential use cases of the workflow. To address this limitation, we extend an existing decentralized workflow with a provenance bridge, enabling the workflow to access external provenance-supported data without damaging the trustworthiness of the system. The introduction of this bridge effectively broadens the range of use cases for the decentralized workflow by opening it to various external provenance-supported data sources. This article presents the architectural design of the provenance bridge-enabled workflow system, and discusses our prototype implementation effort along with evaluation results. Specifically, we have designed and implemented the architectural framework of the provenance bridge that expands the provenance domain boundary by incorporating support for provenance model translation and oracle-based external data access. The proposed approach lays a solid foundation for a wider adoption of smart contract-based workflow systems by effectively bridging the gap between different provenance domains.