Table 1.

DeFi Index constituents

AssetCategoryJan 1, 2022 TVL
Curve DEX     23.25
Maker CDP     17.5
Aave Decentralized money market with lending and governance14.21
Compound Lending     8.9
Uniswap DEX     8.36
PancakeSwapDEX     5.53
Yearn financeYield aggregator    4.12
SushiSwap DEX     3.91

Notes:

TVL and DeFi function category for constituents of the DeFi Index composed for evaluation of DeFi sectors exposure to the Terra Luna crash. The index is weighted by projects TVL as of 1 January 2022, providing an ideal representation during the start of the sample period. To ensure robustness, projects built on the Terra-Luna Blockchain, such as Anchor Protocol, were excluded due to their direct role in the crash. DEX stands for Decentralized Exchange, and CDP for Collateralized Debt Position. A cap of 50% dominance per category was used to prevent overrepresentation of a particular DeFi function, ensuring a liquid and representative sample

Sources: Authors’ own work; data from Trading View

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