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Through creative, open, and interoperable financial solutions, decentralized finance is upending the financial system. Decentralized finance, based on distributed ledger technology, is a young and quickly developing field. In terms of growth, decentralized finance protocols are experiencing a perfect storm. However, this developing field requires careful examination because particular hazards are associated with these financial innovations for consumers, creators, regulators, and other stakeholders. The current study seeks to categorize and rank the risks involved in decentralized finance. The present study aims to identify the numerous dangers of decentralized finance through a thorough literature review. Data obtained from experts in previous studies were used for the survey used for empirical analysis. A Fermatean fuzzy AHP (FF-AHP) was used to rank various risks in decentralized finance. Technical risks are the most important, followed by legal, regulatory, and financial risks, according to pairwise comparisons and weights of all the criteria and sub-criteria. Financial risks are the most significant sub-risk, followed by smart contract and transaction risks. The findings of this study have several ramifications for legislators, businesspeople, technologists, and practitioners. These stakeholders can concentrate on these weaknesses in the future and provide longer-lasting solutions.
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