{"id":"https://openalex.org/W7162305442","doi":"https://doi.org/10.48550/arxiv.2605.23298","title":"DeFi Yield Aggregators: Analysing Investment Strategies and Structural Dependencies","display_name":"DeFi Yield Aggregators: Analysing Investment Strategies and Structural Dependencies","publication_year":2026,"publication_date":"2026-05-22","ids":{"openalex":"https://openalex.org/W7162305442","doi":"https://doi.org/10.48550/arxiv.2605.23298"},"language":null,"primary_location":{"id":"doi:10.48550/arxiv.2605.23298","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2605.23298","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"type":"preprint","indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.48550/arxiv.2605.23298","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5034863610","display_name":"Stefan Kitzler","orcid":"https://orcid.org/0000-0001-8454-167X"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Kitzler, Stefan","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5135604683","display_name":"Kasra Zarinehbaf Asadi","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Asadi, Kasra Zarinehbaf","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5136915808","display_name":"Svetlana Kremer","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Kremer, Svetlana","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5078932059","display_name":"Bernhard Haslhofer","orcid":"https://orcid.org/0000-0002-0415-4491"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Haslhofer, Bernhard","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.3384000062942505,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.3384000062942505,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.1298999935388565,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11437","display_name":"Digital Platforms and Economics","score":0.07819999754428864,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/yield","display_name":"Yield (engineering)","score":0.6373000144958496},{"id":"https://openalex.org/keywords/investment-strategy","display_name":"Investment strategy","score":0.5927000045776367},{"id":"https://openalex.org/keywords/leverage","display_name":"Leverage (statistics)","score":0.5659999847412109},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.46160000562667847},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"Asset allocation","score":0.43939998745918274},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.3747999966144562},{"id":"https://openalex.org/keywords/market-liquidity","display_name":"Market liquidity","score":0.359499990940094},{"id":"https://openalex.org/keywords/risk-management","display_name":"Risk management","score":0.35370001196861267}],"concepts":[{"id":"https://openalex.org/C134121241","wikidata":"https://www.wikidata.org/wiki/Q899301","display_name":"Yield (engineering)","level":2,"score":0.6373000144958496},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.5927000045776367},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.5659999847412109},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.48429998755455017},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.4821999967098236},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.46160000562667847},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.43939998745918274},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.39430001378059387},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3910999894142151},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.3747999966144562},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.359499990940094},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.35370001196861267},{"id":"https://openalex.org/C180505990","wikidata":"https://www.wikidata.org/wiki/Q498267","display_name":"News aggregator","level":2,"score":0.3352000117301941},{"id":"https://openalex.org/C138142054","wikidata":"https://www.wikidata.org/wiki/Q5035692","display_name":"Capital allocation line","level":3,"score":0.32120001316070557},{"id":"https://openalex.org/C48243021","wikidata":"https://www.wikidata.org/wiki/Q932522","display_name":"Strategic planning","level":2,"score":0.30309998989105225},{"id":"https://openalex.org/C189188589","wikidata":"https://www.wikidata.org/wiki/Q14864997","display_name":"Investment management","level":3,"score":0.3009999990463257},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.29440000653266907},{"id":"https://openalex.org/C189259953","wikidata":"https://www.wikidata.org/wiki/Q1042259","display_name":"Liquidity risk","level":3,"score":0.29120001196861267},{"id":"https://openalex.org/C112930515","wikidata":"https://www.wikidata.org/wiki/Q4389547","display_name":"Risk analysis (engineering)","level":1,"score":0.2800000011920929},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.2797999978065491},{"id":"https://openalex.org/C75291252","wikidata":"https://www.wikidata.org/wiki/Q1315756","display_name":"TRACE (psycholinguistics)","level":2,"score":0.27070000767707825},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.2705000042915344},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.26910001039505005},{"id":"https://openalex.org/C2776517139","wikidata":"https://www.wikidata.org/wiki/Q873442","display_name":"Asset management","level":2,"score":0.2624000012874603},{"id":"https://openalex.org/C2985497776","wikidata":"https://www.wikidata.org/wiki/Q1148384","display_name":"Leverage effect","level":4,"score":0.25130000710487366}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.48550/arxiv.2605.23298","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2605.23298","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":null,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.48550/arxiv.2605.23298","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2605.23298","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"Yield":[0],"aggregators":[1],"are":[2],"financial":[3,162],"services":[4],"in":[5,176],"Decentralised":[6],"Finance":[7,35],"(DeFi)":[8],"providing":[9],"automated":[10],"investment":[11,59],"management":[12,62],"and":[13,26,36,60,71,79,99,116],"return":[14],"optimisation":[15],"for":[16,68],"users.":[17],"In":[18],"this":[19],"study,":[20],"we":[21,75],"investigate":[22],"the":[23,39,83,145,153],"operational":[24,146],"mechanisms":[25],"monetary":[27],"flows":[28,81],"of":[29,131],"two":[30],"major":[31],"yield":[32,54,95,130,177],"aggregators,":[33],"Yearn":[34,70],"Cian,":[37,105],"over":[38],"period":[40],"from":[41,148],"May":[42,46],"4,":[43],"2024":[44],"to":[45,151,164],"3,":[47],"2025.":[48],"Our":[49],"supporting":[50],"conceptual":[51],"framework":[52],"decomposes":[53],"aggregator":[55],"operations":[56],"into":[57,89,111,183],"user":[58],"strategy":[61],"cycles.":[63],"Using":[64],"a":[65],"network":[66],"approach":[67],"2,459":[69],"921":[72],"Cian":[73],"transactions,":[74],"trace":[76],"protocol":[77],"interactions":[78],"capital":[80],"across":[82,102],"ecosystem.":[84],"Users":[85],"invested":[86],"15.7M":[87],"USD":[88,110],"Yearn's":[90,124],"USDC":[91,125],"vault,":[92],"which":[93],"generated":[94],"through":[96,120],"liquidity":[97],"provision":[98],"dynamic":[100],"allocation":[101],"DeFi":[103,155],"protocols.":[104],"deployed":[106],"later,":[107],"attracted":[108],"54.0M":[109],"its":[112],"staked-ETH":[113],"(stETH)":[114],"vault":[115,126,136],"implemented":[117],"sophisticated":[118],"leverage":[119],"flashloan-enabled":[121],"recursive":[122],"staking.":[123],"achieves":[127],"an":[128],"annual":[129],"5.41%,":[132],"while":[133],"Cian's":[134],"stETH":[135],"produces":[137],"4.22%":[138],"with":[139,160],"higher":[140,184],"risk":[141,167,189],"exposure.":[142,190],"We":[143],"use":[144],"insights":[147],"our":[149,170],"analysis":[150],"extend":[152],"existing":[154],"Stack":[156],"Reference":[157],"Model":[158],"(DSR)":[159],"new":[161],"primitives":[163],"highlight":[165],"structural":[166],"dependencies.":[168],"Overall,":[169],"findings":[171],"show":[172],"that":[173],"strategic":[174],"complexity":[175],"aggregation":[178],"does":[179],"not":[180],"necessarily":[181],"translate":[182],"returns":[185],"but":[186],"materially":[187],"expands":[188]},"counts_by_year":[],"updated_date":"2026-07-28T07:46:37.118299","created_date":"2026-05-26T00:00:00"}
