# kaal:claim:3808873-034

**Claim.** Because basic standards for the governance of digital assets were still missing at the beginning of the 2020s, the digital asset market stagnated and decentralized finance remained in its infancy; without standards and governance, certainty and market confidence cannot develop.

**Type.** condition  **Support.** argued

**Holds when.**

- digital asset markets at the beginning of the 2020s

**Source quote.**

> At the beginning of the 2020s, basic standards for the governance of digital assets were still missing. As a result, the digital asset market stagnated and DeFi (decentralized finance) remained in its infancy.

**From.** Wulf A. Kaal, *Decentralization Neutralizers* (2021), XI. Lack of Decentralized Governance Systems, page 29

**Cite as.** Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873

**Verify.** sha256 of source PDF `f11493915e6b8c266d421510b5546816e33defb5650aac9d09b20d78549da727` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20Neutralizers.pdf

**Failure mode.** Standards Vacuum Market Stagnation  (family: harmonization-and-standardization-failure)

**Topics.** governance-design, defi, economics

**Keywords.** governance-standards, digital-assets, defi, market-confidence

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3949098-032
- generalizes: https://wulfkaal.github.io/claims/3936876-001

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