Crypto ecosystem: navigating the past, present, and future of decentralized finance
本文梳理了从比特币诞生至今的加密生态系统发展历程，涵盖技术、金融工具、参与者及欧美监管框架，并评估了当前市场的成就与挑战。
Abstract From Nakamoto’s genesis block, 15 years of technological advancements, new financial instruments, regulations, and emerging participants have defined the Crypto Ecosystem. This paper chronicles its development from the creation of Bitcoin to the present-day landscape of cryptocurrencies, tokens, and decentralized finance applications. It explores the foundational technologies, financial instruments, key players, and regulatory frameworks in Europe and the US. By critically assessing the current state of the crypto market, the paper identifies both the promises fulfilled and the challenges that remain. It contributes to the existing literature by providing a synthesized understanding of the crypto ecosystem, highlighting the interplay between technological advancements and financial market dynamics.