The fusion of composable finance and generative AI signals a transformative leap in decentralized asset management. Composable finance, grounded in modular and interoperable Decentralized Finance (DeFi) protocols, allows developers and users to assemble, customize and automate financial services using plug-and-play smart contract components. Generative AI, leveraging advanced architectures like transformers and diffusion models, introduces new possibilities for dynamic portfolio generation, synthetic asset creation and predictive market analysis. This paper presents an integrated view of how generative AI can enhance composability by intelligently automating decision pathways, risk profiling and liquidity routing across blockchain ecosystems. Drawing insights from Finance 4.0 innovations, AI- powered automation in financial infrastructure and the design of secure, data-driven DeFi environments, we explore use cases that redefine user interaction and asset control in decentralized settings. The research proposes a reference architecture where generative agents act as co-creators of financial strategies, supporting autonomous rebalancing and compliance monitoring in real time. We also analyze how Decentralized Autonomous Organizations (DAOs) can integrate AI agents for governance optimization and crowd-sourced financial intelligence. Challenges such as model transparency, tokenomics, adversarial manipulation and explainability are examined in depth. The paper outlines a future-forward blueprint for scalable, AI-augmented composable finance platforms that reduce technical complexity, increase inclusivity and align with the core tenets of decentralization, user sovereignty and verifiable execution in the Web3 era.
The promise of Web3's decentralized, transparent, and user-owned systems offers transformative potential for global commerce. However, Web3 remains largely inaccessible or intentionally avoided due to user experience friction and persistent risk perceptions. Highly publicized failures over the years point to a fundamental weakness in achieving durable trust required for widespread adoption. This paper introduces a normative theory centered on five interdependent principles, spanning enforcement, trust, duty segregation, governance, and adaptability. Together, they define falsifiable conditions for integrity-by-design Web3 commercial infrastructure. These principles are collectively necessary, though not sufficient, to uphold investor protection, maintain efficient and orderly markets, and ensure transparent capital formation. This framework supports regulators, builders, investors, and institutions with a methodical approach for distinguishing legitimate infrastructure innovations from sophisticated regulatory arbitrage. As major infrastructure decisions accumulate daily, path dependencies continue to entrench brittle architectures. This work aims to chart a socio-technical path to achieving sustainable commercial integrity, thereby broadening access to trustworthy, extensible systems for long-term growth in Web3 commerce.
The web is evolving from centralized servers and trusted intermediaries toward decentralized systems that empower users to own their data, assets, and identities. Decentralized applications connect familiar frontend interfaces to blockchains and smart contracts, shifting trust from corporations to transparent, self-executing code.
The first conversations about the potential of blockchain technology began with the rise of cryptocurrencies. The first attempts at applying blockchain were focused on storing and transferring value, with cryptocurrencies being used exclusively as a means of payment. Recently the use of blockchain entered a new stage of development – the generation of Web3. The logic behind distributed ledger technologies opened up opportunities for various sectors, from financial services and DeFi to new formats of digital value – tokenization of physical assets and decentralized autonomous organizations. Web3 is a term that describes new models for building digital businesses, applications, and economic relationships between different participants based on distributed ledger technology. Where do the boundaries of Web3 lie? What role does Web3 play in the world, and what place does Russia has in it? Sber's Blockchain Laboratory, in collaboration with the SKOLKOVO School of Management, prepared an analytical report. This research aims to shed light on the basic aspects and risks of the Web3 market and predict changes that will impact existing traditional market business models.
Trust in democratic institutions has waned in recent years, stemming from insufficient transparency and representation in public decision-making processes, expanding social and wealth disparities, and growing apprehensions surrounding mis/disinformation fueled by the emergence of highly persuasive AI-generated content such as ChatGPT. Decentralized Web3 technologies such as blockchain emerged as instruments for creating an alternative “trustless” system that uses cryptography and decentralized consensus mechanisms to obviate the need for third party human intermediaries, but suffered significant setbacks due to massive frauds and speculations throughout the past decade of their evolution. Although it might appear counterintuitive to advocate for the potential benefits of these technologies in light of their evident failures, we assert that, before dismissing them, it is essential to differentiate the technological layer from the social layer in these instances and examine them with greater care and criticality. We argue that the recurrent failures of blockchain-based projects, as reported in the media and denounced by critics, are less indicative of the technology’s inherent weakness, and more a consequence of malicious actors exploiting the social layer within the system. What is thus heavily lacking in the current Web3 landscape is the collaborative development and innovation in the social and institutional layer to build systems that genuinely enhance democracy and address the trust crisis society faces as a whole in a more sustainable way through leveraging the capabilities offered by decentralized technologies. As such, rather than perceiving these technologies as decentralized trust-replacing technologies, we consider them as “Decentralized Trust-Building Technologies” (DTTs). DTTs do not seek to replace trust, but instead serve to fortify trust through transparent and secure mechanisms combined with robust institutional designs. In this report, we investigate a variety of case studies that showcase emerging efforts to employ DTTs in the physical realities and the built environment of our social institutions. These empirical examples offer valuable insights – both inspirational and cautionary lessons – into the practical applications of DTTs in transforming our society and lived environments. From this empirical analysis, our goal is to establish a set of guidelines and best practices for current and future endeavors in fostering innovation within this space, ultimately paving ways for more resilient and sustainable lived ecosystems that harness the power of DTTs.
Oleksandr Manoylenko, S.S. Kuznetsova, Anton O. Pysakovskyi
The article explores the conception of decentralized finance (DeFi) as one of the key innovations of the modern digital economy, which has the potential to fundamentally change traditional approaches to providing financial services. An analysis of the main characteristics of DeFi protocols, their functional capabilities, and differences from centralized financial institutions has been conducted. Particular attention is paid to the analysis of such advantages of DeFi as open access to financial products, transaction transparency, process automation based on smart contracts, and the reduction of dependence on centralized intermediaries. At the same time, key issues in the development of DeFi have been outlined, including high technological complexity, regulatory uncertainty, financial volatility of assets, and risks associated with the vulnerability of smart contracts. The article emphasizes the need to create tools for a comprehensive assessment of the investment potential of DeFi protocols, as traditional analysis methods, which are primarily based on profitability or liquidity indicators, do not fully reflect the specifics of decentralized systems. In response to this issue, the conception of a multifactor indicator DIAD (DeFi Investment Attractiveness Dashboard) has been proposed, which allows for the integration of the assessment of financial parameters (return, volatility, liquidity), institutional characteristics (level of governance decentralization), and behavioral variables (user activity) into a single model. The developed methodology enables objective cross-platform comparison of various DeFi protocols, which is crucial for making informed investment decisions in the high-risk environment of digital assets. The article forms the theoretical basis for further empirical research on the efficiency of decentralized platforms, the development of risk management strategies in the DeFi sector, as well as the advancement of regulatory initiatives aimed at ensuring the resilience of the new financial ecosystem in the Web3 environment. The obtained results are of practical significance for investors, developers of decentralized applications, and regulatory bodies working on the integration of innovative financial technologies into the global economy.
Open access
Sharing Economy and Platforms
Hungarian Social, Economic and Educational Studies
The Regenerative Finance (ReFi) movement is gaining traction in the Web3 space, with numerous blockchain-based initiatives claiming alignment with regenerative outcomes. However, many of these claims remain vague or structurally unsubstantiated. This study evaluates 40 self-identified ReFi initiatives to determine the extent to which their design, governance, capital structures, and impact logic align with foundational regenerative principles. Drawing from regenerative economics, living systems theory, and regenerative organizational design, a structured evaluation framework was developed covering six dimensions across three domains: regenerative finance, real-world impact, and regenerative organizational design. The framework informed two scoring-based questionnaires, enabling systematic assessment of regenerative and impact claims. Results revealed significant variation in alignment: 50% of initiatives were categorized as Regenerative Finance (ReFi), 45% as Sustainable DeFi, and 5% as Structurally Misaligned, reflecting limited coherence between regenerative claims and actual practice. The findings showed that team diversity and initiative maturity were positively correlated with regenerative performance, and that a lack of holistic impact evaluation—across thematic dimensions and throughout operational, direct, and indirect value chains—remains a key limitation across the sector. A typology of regenerative alignment and a replicable self-evaluation tool were developed to help funders, practitioners, and protocol developers assess which ReFi initiatives are structurally aligned with regenerative principles and which remain aspirational. This research advances conceptual and practical clarity around the term “regenerative” in Web3, supporting the evolution of more accountable, transparent, and transformation-oriented financial systems in service to the Global Commons.