Subject. The decentralized finance (DeFi) ecosystem. Objectives. To identify the key features of its functioning based on an analysis of the DeFi ecosystem. Methods. The study applied general scientific methods, as well as generalized, object-subject, systems, process, and functional approaches, and conducted a structural analysis. Results. A decomposition of the DeFi ecosystem by levels has been carried out. Key features have been identified, including the absence of mandatory institutional separation of products, high flexibility of ecosystem interactions, a specific mechanism for liquidity generation, and hybridization with TradFi into a new type of high-level unified ecosystem. A mapping of levels, elements, and products has been developed. The analysis has also distinguished four analytical approaches: technological architecture, product environment, institutional composition, and hybrid solutions with TradFi. Conclusions. The DeFi ecosystem is characterized by high algorithmic connectivity and a weak institutional structure. Its operational features include technological neutrality, modularity, de-institutionalized interaction, and expansion towards TradFi. At the technological level, the DeFi ecosystem is vertical. At the product level, it is largely localized on the lower layers of the technology stack and is rather horizontal: various products interact without a pronounced hierarchy. The external ecosystem enables interaction with the traditional financial system. There is a clear trend towards increasing connectivity between DeFi and TradFi.
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