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Tokens are used as an input into financial services, as a platform-specific medium of exchange, and as an asset that stores value. DeFi platforms have complex input-output linkages from locking tokens into smart contracts that provide financial services. In this paper, we measure value added and document network linkages, develop a model of decentralized money (token) creation in a production network model, and quantitatively assess the value of DeFi.

scoco@ceibs.edu