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Subject. This article discusses the development of the conceptual framework in the theory of finance in the context of digitalization. Objectives. The article aims to review and summarize the academic literature on decentralized finance (DeFi) and assess their impact on the development of the global financial system. Methods. For the study, we used the methods of comparative, logical and conceptual analyses, expert assessment, and the heuristic modeling. Results. Based on a review of scientific foreign and Russian financial literature regarding the concept of Decentralized Finance, the article finds that there is no single approach to this concept yet. Most authors associate decentralized finance with the use of innovative financial instruments based on distributed ledgers, and almost all researchers believe that the development of decentralized finance will lead to a change in the global financial architecture without the participation of financial intermediaries. The article proposes to separate the concepts of Decentralized Finance, Decentralized Financial Instruments, Decentralized Financial Technologies, which can help organize and sort out the research vocabulary, taking into account the transformation and changes in the global financial architecture. Conclusions and Relevance. The development of information technology has a serious impact on the financial sector and is accompanied by the transformation of old concepts and the emergence of new ones, including decentralized finance. The results expand the theoretical apparatus of modern financial theory, can be applied in areas related to the use of decentralized financial technologies and financial instruments, as well as in the formation of new training courses and for understanding trends in the development of the financial sector.
Sabitova et al. (Fri,) studied this question.