This paper aims to examine decentralized finance (DeFi) as a Web 3.0 information system, not solely as a financial innovation. It synthesizes how DeFi mechanisms are structured across architectural, functional and governance dimensions and clarifies how they reshape trust, coordination, transparency and accountability in decentralized digital environments.
The study adopts a state-of-the-art survey based on a structured review of academic, industry and regulatory literature. The reviewed sources are analyzed to identify major system components, including decentralized applications, smart contracts, blockchain-based execution layers, oracle-based data integration, governance protocols and interoperability mechanisms. Expert interviews provide supplementary interpretive context on adoption barriers and governance tensions.
DeFi operates as a web-native information system composed of interconnected service layers supporting exchange, lending, payments, insurance, asset management and protocol governance. These mechanisms increase programmability, automation and accessibility while introducing persistent challenges related to governance concentration, security vulnerabilities, scalability constraints, usability barriers, oracle dependence and regulatory fragmentation.
While prior DeFi surveys have characterized mechanisms, business models or regulatory arrangements, this paper is the first to read DeFi as a layered Web 3.0 information system, integrating distributed execution, data coordination, service composition and decentralized governance. It offers a structured synthesis and a system-oriented perspective relevant to researchers and practitioners interested in decentralized applications, blockchain-based web services and digital financial infrastructure design.
