This research explores the developments and challenges in decentralized finance (DeFi) since
2015 and the increasing use of blockchain technology. DeFi provides access to financial services
without traditional intermediaries, improving the economic system's efficiency through automated and
transparent smart contracts. The bibliometric analysis shows a significant growth in DeFi-related
publications, with 1,909 articles identified between 2015 and 2025. The research also highlights the
importance of collaboration between authors and stakeholders to build a more secure and sustainable
financial ecosystem. Analysis results using VOSviewer identified 173 keywords in 18 clusters, focusing
on "digital twin" and "artificial intelligence." This research recommends further exploration into DeFi
adoption, blockchain technology innovation, and the application of smart contracts to support the
development of an inclusive, efficient, and innovative DeFi ecosystem in the future. In addition, this
research aims to bridge existing research gaps and provide deeper insights into the potential of DeFi in
the global financial system.
Keywords: Decentralized Finance, Development, Analysis, Research Trends, VOSviewer