What data have told us about decentralized finance
综述了去中心化金融的实证文献，分析协议设计和激励机制如何影响区块链金融系统的经济结果，涵盖代币、交易所、借贷平台、收益农场、衍生品、治理和监管等主题，适合关注DeFi机制与风险的学者。
This paper surveys the growing empirical literature on decentralized finance (DeFi), emphasizing how protocol design and incentive structures shape economic outcomes in blockchain-based financial systems. We review evidence on tokens, decentralized exchanges, lending platforms, yield farming, derivatives, governance, infrastructure, and regulation. Across these domains, research highlights mechanisms of liquidity provision, price discovery, leverage, systemic fragility, and investor behavior, as well as vulnerabilities stemming from arbitrage frictions, liquidation dynamics, and maximal extractable value. We also examine the roles of audits, oracle networks, settlement mechanisms, and transparency tools in substituting for traditional oversight. The findings indicate that DeFi replicates many functions of traditional finance while introducing new risks linked to pseudonymity, smart contracts, and composability. The survey concludes by outlining open questions for research and policy on market efficiency, governance, systemic risk, and long-term sustainability.