Exploring trust in decentralized finance intermediaries: a taxonomy and archetypes for guiding blockchain-based investment decisions on the web
Christian Zeiß, Lisa Straub, Maximilian Greiner, Marcel Neis, Nicolas Neis, Axel Winkelmann, Ulrike Lechner · Internet Research · 2025
Purpose To promote acceptance of blockchain-based investment options and enhance confidence for new investors, the market must become more comprehensible and accessible to the broad masses. This requires transparency to build trust in web-based intermediaries, particularly given the multitude of websites that often advertise unrealistic returns in the crypto sector. Consequently, intermediaries within the decentralized finance ecosystem need to be clearly identified and categorized to facilitate mass-market adoption. Design/methodology/approach We employ a six-iteration taxonomy approach, establishing a data foundation through literature reviews, expert interviews and document analysis of 50 intermediaries. Archetypes are derived using a hierarchical clustering algorithm. Finally, a survey is conducted to evaluate the taxonomy and the archetypes. Findings The taxonomy encompasses three meta-characteristics (functionality, architecture, security) and 63 characteristics. Furthermore, the research findings reveal six archetypes of blockchain-based investment intermediaries, demonstrating significant discrepancies between them, particularly in terms of financial features and governance structures. Given the complexity of crypto intermediary platforms for novice users, the findings underscore the need to implement technology-based and institutional-based trust mechanisms, improve risk assessment and enable informed decision-making. Originality/value By increasing market transparency and fostering trust, this study contributes to the acceptance and adoption of blockchain-based financial intermediaries, drawing on the diffusion of innovation theory. The proposed taxonomy, particularly its dimensions, specifically addresses the requirements of both technology-based and institution-based trust, which are critical for crypto investments. Moreover, the findings emphasize the importance of educational resources and communicated trust features in strengthening user confidence and facilitating broader market participation.