kaal:position:2026-07-31-6540

Трансформация финансового посредничества под влиянием DeFi presents the following source proposition: Цель исследования — определить, каким образом в условиях децентрализованных финансов (DeFi) воспроизводятся функции, ранее обеспечивающиеся институциональными посредниками. This proposition is pertinent to Kaal's source-bound claim that When the bid ask spread grows too wide while trades occur at high volume, the market begins to lose liquidity and the asset's value starts to fall, forcing investors who unload positions to surrender unrealized gains. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.

• The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.
• External evidence level: abstract indexed.
• Mapping review tier: moderate-confidence claim review.
• Primary mapping confidence: 0.3594.
• The source-to-claim mapping remains explicitly ambiguous and is published with that limitation.

Трансформация финансового посредничества под влиянием DeFi

kaal:claim:4033886-022
Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886
Source PDF sha256: 52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd

Evidence: abstract indexed
Review tier: moderate-confidence claim review
Mapping confidence: 0.3594
Mapping ambiguous: true

defieconomicshistorical-responsescholarly-literatureopenalex

Affirmed in kaal-review:2026-07-31:streaming-etl-0005 on 2026-07-31. Review record.

Canonical markdown sha256: 9ff7fd9de7a8450459f7e6436e64cd846448ee754b95f4785536ae3a9d36feca
curl -s https://wulfkaal.github.io/positions/2026-07-31-6540.md | sha256sum