BISWorkingPapersNo1183WhyDeFilending?EvidencefromAaveV2ByGiulioCornelli,LeonardoGambacorta,RodneyGarrattandAlessioReghezzaMonetaryandEconomicDepartmentMay2024JELclassification:G18,G23,O39.Keywords:cryptocurrency,DeFi,decentralizedfinance,lending.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)WhyDeFilending?EvidencefromAaveV2∗GiulioCornelliLeonardoGambacortaRodneyGarrattAlessioReghezzaApril2024AbstractDecentralisedfinance(DeFi)lendingprotocolshaveexperiencedsignificantgrowthrecently,yetthemotivationsdrivinginvestorsremainlargelyunexplored.Weusegranular,transaction-leveldatafromAave,aleadingplayerintheDeFilendingmarket,tostudythesemotivations.OurtheoreticalandempiricalfindingsrevealthatthesearchforyieldpredominantlydrivesliquidityprovisioninDeFilendingpools,whereasborrowingactivityismainlyinfluencedbyspeculativeand,tosomeextent,governanc...
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