Scoring Explained: Where Do the Numbers Come From?
Full transparency report for the 14-channel systemic risk scoring framework. Every number traced to its source data.
Contents
The Big Picture: Three Dimensions, One Score
How Papers Contribute (and Where They Do Not)
Per-Channel Deep Dive
The Weight Question
Known Issues and Limitations
1. The Big Picture: Three Dimensions, One Score
The scoring framework ranks 14 systemic risk channels using a composite of three dimensions. Each dimension is independently normalized to [0, 1], then combined via fixed weights. The weights are the author's analytical judgment, hardcoded in channel_mapper.py lines 276–278. No optimization or theoretical derivation was used to set them.
composite = 0.35 × literature_volume + 0.35 × citation_impact + 0.30 × crisis_evidence
Literature Volume 0.35
How many papers were retrieved for this channel via OpenAlex search.
Normalization: paper_count / max_paper_count
Max = 348 papers (gateway_risk)
Source: openalex_merged.json (2,433 papers)
Citation Impact 0.35
Mean citations of the 10 most-cited papers in the channel.
Normalization: mean_top10 / max_mean_top10
Max = 5,228.8 cites (bridge_vulnerability)
Source: openalex_merged.json cited_by_count field
Crisis Evidence 0.30
Sum of log10 (losses_usd) for all crisis events activating this channel.
Normalization: sum_log10 / max_sum_log10
Max = 116.08 (counterparty_concentration)
Source: crisis_chronology.json (curated events)
Key architectural fact: Papers feed dimensions 1 and 2. Crisis events feed dimension 3. These are separate data sources that meet only at the composite formula.
2. How Papers Contribute (and Where They Do Not)
Each paper in openalex_merged.json has a channels[] array (assigned during search) and a cited_by_count integer (from OpenAlex). Here is exactly how each paper affects the score:
Dimension 1: Literature Volume
→ Each paper adds +1 to every channel listed in its channels[] array. Binary counting. No weighting by citations, year, or relevance.
Result: 10 of 14 channels hit the 200-paper retrieval cap and therefore have identical literature_volume scores of 0.5747.
Dimension 2: Citation Impact
→ Within each channel, papers are sorted by cited_by_count descending. Only the top 10 most-cited papers matter. Their citations are summed and divided by 10 (always 10, even if fewer papers exist). Papers ranked #11 and below contribute nothing to this dimension.
Critical design implication: A single highly-cited paper that is topically irrelevant to the channel — but was retrieved by the search query — can dominate the channel's citation impact score. This is the primary source of score inflation.
Dimension 3: Crisis Evidence
→ Papers do not contribute at all to this dimension. Crisis evidence comes entirely from crisis_chronology.json, a manually curated list of crisis events. Each event has a channels_activated[] array and a losses_usd value. The weight contributed per event = log10 (losses_usd). Events with undetermined losses receive the median imputed value (log10 = 8.4843).
3. Per-Channel Deep Dive (14 Channels)
Each card below shows the full scoring breakdown for one channel, in rank order. Expand any card to see which papers and events produced the numbers.
▶ 1 Cross-Chain Bridge Vulnerability CAP-200 RELEVANCE 0.7063
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
1.0000
Crisis Evidence
0.5171
0.35 × 0.5747 + 0.35 × 1.0000 + 0.30 × 0.5171 = 0.7063
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 CHARMM: The biomolecular simulation program IRRELEVANT? 2009 8,937 1
2 Nano based drug delivery systems: recent developments and future prospects IRRELEVANT? 2018 6,328 1
3 ImageJ2: ImageJ for the next generation of scientific image data IRRELEVANT? 2017 6,112 1
4 A survey of transfer learning IRRELEVANT? 2016 5,982 1
5 Biological properties of extracellular vesicles and their physiological functions IRRELEVANT? 2015 5,761 1
6 Natural products in drug discovery: advances and opportunities IRRELEVANT? 2021 4,666 1
7 Artificial Intelligence (AI): Multidisciplinary perspectives on emerging challenges, opportunities, IRRELEVANT? 2019 3,760 1
8 The role of hydrogen and fuel cells in the global energy system IRRELEVANT? 2018 3,620 1
9 Present and Future of Surface-Enhanced Raman Scattering IRRELEVANT? 2019 3,596 1
10 Internet of things: Vision, applications and research challenges IRRELEVANT? 2012 3,526 1
Sum / 10 = mean_top10 52,288 / 10 = 5,228.8
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Critical review of the molecular design progress in non-fullerene electron acceptors towards commerc 970
Survey of Multifidelity Methods in Uncertainty Propagation, Inference, and Optimization 958
Selective chemical protein modification 957
Reconceptualising adaptation to climate change as part of pathways of change and response 953
Next-generation sequencing technologies and their implications for crop genetics and breeding 947
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Poly Network Hack 2021-08 $611M 8.7860
Wormhole Bridge Hack 2022-02 $326M 8.5132
Ronin Bridge Hack 2022-03 $625M 8.7959
Nomad Bridge Hack 2022-08 $190M 8.2788
Multichain Bridge Collapse 2023-07 $126M 8.1004
Bybit $1.5B Hack 2025-02 $1.5B 9.1761
WazirX Multi-Sig Exploit 2024-07 $235M 8.3711
Sum (raw) 60.0215
Normalized (/ 116.08) 0.5171
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 10 of 10 top-cited papers have titles with no channel-related keywords.
▶ 2 Liquidity Spirals RELEVANCE RETRACTED 0.6705
a) Score Breakdown
Lit. Volume
0.7557
Cit. Impact
0.3067
Crisis Evidence
0.9957
0.35 × 0.7557 + 0.35 × 0.3067 + 0.30 × 0.9957 = 0.6705
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 2009 3,361 8
2 Blockchain technology in the energy sector: A systematic review of challenges and opportunities 2018 2,297 5
3 Unmanned Aerial Vehicles (UAVs): A Survey on Civil Applications and Key Research Challenges IRRELEVANT? 2019 2,138 1
4 A survey on sentiment analysis methods, applications, and challenges IRRELEVANT? 2022 1,331 1
5 Physical Unclonable Functions and Applications: A Tutorial IRRELEVANT? 2014 1,274 1
6 SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies 2015 1,205 3
7 Impact of COVID-19 pandemic on information management research and practice: Transforming education, IRRELEVANT? 2020 1,192 1
8 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
9 Post-quantum cryptography 2017 1,078 1
10 A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities 2019 1,057 4
Sum / 10 = mean_top10 16,036 / 10 = 1,603.6
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Global Trends in Cryptocurrency Regulation: An Overview 5
Blockchain Empowers Chain Enterprises in the Digital Economy to Strengthen Risk Management Research 5
The Economics of the Blockchain: A study of its engineering and transaction services marketplace 5
On the Just-In-Time Discovery of Profit-Generating Transactions in DeFi Protocols 5
Decentralized Finance (DeFi): Benefits, Risks, and RiskMitigation Strategies 5
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Black Thursday (COVID Crash) 2020-03 undetermined (median imputed) 8.4843
SushiSwap Vampire Attack 2020-09 undetermined (median imputed) 8.4843
Iron Finance / TITAN Collapse 2021-06 $2.0B 9.3010
Wormhole Bridge Hack 2022-02 $326M 8.5132
Terra/Luna Collapse 2022-05 $45.0B 10.6532
Three Arrows Capital Insolvency 2022-06 $3.5B 9.5441
Celsius Network and Voyager Digital Failures 2022-06/07 $5.4B 9.7324
FTX Collapse 2022-11 $8.7B 9.9395
Euler Finance Exploit 2023-03 $197M 8.2945
SVB Failure and USDC De-Peg 2023-03 undetermined (median imputed) 8.4843
Curve Finance Pool Exploit 2023-07 $62M 7.7924
Bybit $1.5B Hack 2025-02 $1.5B 9.1761
Hyperliquid Whale Manipulation Events 2025-03 $15M 7.1761
Sum (raw) 115.5754
Normalized (/ 116.08) 0.9957
e) Red Flag Check
RELEVANCE 4 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 3 Gateway Risk (Fiat-Crypto Bridging) RELEVANCE RETRACTED 0.6677
a) Score Breakdown
Lit. Volume
1.0000
Cit. Impact
0.3250
Crisis Evidence
0.6799
0.35 × 1.0000 + 0.35 × 0.3250 + 0.30 × 0.6799 = 0.6677
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
2 Hyperledger fabric IRRELEVANT? 2018 3,246 1
3 Blockchain technology in the energy sector: A systematic review of challenges and opportunities 2018 2,297 5
4 Where Is Current Research on Blockchain Technology?—A Systematic Review 2016 2,262 1
5 SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies 2015 1,205 3
6 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
7 Blockchain for AI: Review and Open Research Challenges 2019 963 3
8 Fiscal Volatility Shocks and Economic Activity IRRELEVANT? 2015 914 1
9 Security and Privacy on Blockchain 2019 848 2
10 The impact of the blockchain on the supply chain: a theory-based research framework and a call for a 2018 796 1
Sum / 10 = mean_top10 16,995 / 10 = 1,699.5
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Designing the future of bond markets: Reducing transaction costs through tokenization 6
United States 6
Capital Flow Management Measures in the Digital Age 5
Smart Contract Enabled Cryptocurrency Payment Gateways for SAP ERP Modules 5
Working Paper 38: Cryptocurrencies in Asia and beyond: law, regulation and enforcement 5
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Mt. Gox Collapse 2014-02 $460M 8.6628
QuadrigaCX Collapse 2019-02 $190M 8.2788
Black Thursday (COVID Crash) 2020-03 undetermined (median imputed) 8.4843
Celsius Network and Voyager Digital Failures 2022-06/07 $5.4B 9.7324
FTX Collapse 2022-11 $8.7B 9.9395
SVB Failure and USDC De-Peg 2023-03 undetermined (median imputed) 8.4843
BTC-e Seizure and Shutdown 2017-07 undetermined (median imputed) 8.4843
DMM Bitcoin Exchange Hack and Closure 2024-05 $305M 8.4843
WazirX Multi-Sig Exploit 2024-07 $235M 8.3711
Sum (raw) 78.9218
Normalized (/ 116.08) 0.6799
e) Red Flag Check
RELEVANCE 3 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 4 Composability Risk CAP-200 RELEVANCE 0.6257
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.5784
Crisis Evidence
0.7403
0.35 × 0.5747 + 0.35 × 0.5784 + 0.30 × 0.7403 = 0.6257
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Global, regional, and national incidence, prevalence, and years lived with disability for 310 diseas IRRELEVANT? 2016 7,311 1
2 2015 ESC Guidelines for the management of patients with ventricular arrhythmias and the prevention o IRRELEVANT? 2015 3,862 1
3 The Blood–Brain Barrier IRRELEVANT? 2015 3,176 1
4 Safeguarding human health in the Anthropocene epoch: report of The Rockefeller Foundation–Lancet Com IRRELEVANT? 2015 2,738 2
5 The FNIH Sarcopenia Project: Rationale, Study Description, Conference Recommendations, and Final Est IRRELEVANT? 2014 2,429 1
6 The Brazilian health system: history, advances, and challenges IRRELEVANT? 2011 2,345 1
7 2010 ACCF/AHA/AATS/ACR/ASA/SCA/SCAI/SIR/STS/SVM Guidelines for the Diagnosis and Management of Patie IRRELEVANT? 2010 2,281 1
8 Toxicity of lead: a review with recent updates IRRELEVANT? 2012 2,067 1
9 Paving the Way for Lignin Valorisation: Recent Advances in Bioengineering, Biorefining and Catalysis IRRELEVANT? 2016 2,029 1
10 Neutrophil elastase and myeloperoxidase regulate the formation of neutrophil extracellular traps IRRELEVANT? 2010 2,007 1
Sum / 10 = mean_top10 30,245 / 10 = 3,024.5
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Role of B Cells in Multiple Sclerosis and Related Disorders 271
Liver zonation: Novel aspects of its regulation and its impact on homeostasis 270
The Beneficial Roles of SIRT1 in Neuroinflammation-Related Diseases 270
Geology of the Caucasus: A Review 270
Forgotten fungi—the gut mycobiome in human health and disease 269
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
The DAO Hack 2016-06 $60M 7.7782
SushiSwap Vampire Attack 2020-09 undetermined (median imputed) 8.4843
Iron Finance / TITAN Collapse 2021-06 $2.0B 9.3010
Poly Network Hack 2021-08 $611M 8.7860
Wormhole Bridge Hack 2022-02 $326M 8.5132
Terra/Luna Collapse 2022-05 $45.0B 10.6532
Nomad Bridge Hack 2022-08 $190M 8.2788
Euler Finance Exploit 2023-03 $197M 8.2945
Curve Finance Pool Exploit 2023-07 $62M 7.7924
Mango Markets Exploit 2022-10 $114M 8.0569
Sum (raw) 85.9385
Normalized (/ 116.08) 0.7403
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 10 of 10 top-cited papers have titles with no channel-related keywords.
▶ 5 Counterparty Concentration CAP-200 RELEVANCE 0.5751
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.2113
Crisis Evidence
1.0000
0.35 × 0.5747 + 0.35 × 0.2113 + 0.30 × 1.0000 = 0.5751
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
2 Blockchain technology in the energy sector: A systematic review of challenges and opportunities 2018 2,297 5
3 SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies 2015 1,205 3
4 Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? 2019 851 3
5 Solutions to Scalability of Blockchain: A Survey 2020 673 1
6 Blockchain Technologies: The Foreseeable Impact on Society and Industry 2017 669 3
7 Fusing Blockchain and AI With Metaverse: A Survey 2022 539 3
8 Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets 2021 499 7
9 Central Bank Digital Currency and the Future of Monetary Policy 2017 492 4
10 Converging blockchain and next-generation artificial intelligence technologies to decentralize and a 2017 465 4
Sum / 10 = mean_top10 11,051 / 10 = 1,105.1
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Blockchain Meets Sharing Economy: A Case of Smart Contract Enabled Ridesharing Service 31
PEReDi 31
Global networks of money and information at the crossroads: Correspondent banking and SWIFT 30
Cryptocurrency volatility markets 30
Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks 30
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Mt. Gox Collapse 2014-02 $460M 8.6628
Bitfinex Hack 2016-08 $72M 7.8573
QuadrigaCX Collapse 2019-02 $190M 8.2788
Ronin Bridge Hack 2022-03 $625M 8.7959
Terra/Luna Collapse 2022-05 $45.0B 10.6532
Three Arrows Capital Insolvency 2022-06 $3.5B 9.5441
Celsius Network and Voyager Digital Failures 2022-06/07 $5.4B 9.7324
FTX Collapse 2022-11 $8.7B 9.9395
Multichain Bridge Collapse 2023-07 $126M 8.1004
BTC-e Seizure and Shutdown 2017-07 undetermined (median imputed) 8.4843
Bybit $1.5B Hack 2025-02 $1.5B 9.1761
DMM Bitcoin Exchange Hack and Closure 2024-05 $305M 8.4843
WazirX Multi-Sig Exploit 2024-07 $235M 8.3711
Sum (raw) 116.0802
Normalized (/ 116.08) 1.0000
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 1 of 10 top-cited papers have titles with no channel-related keywords.
▶ 6 Validator/Miner Concentration CAP-200 RELEVANCE 0.5613
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.9641
Crisis Evidence
0.0758
0.35 × 0.5747 + 0.35 × 0.9641 + 0.30 × 0.0758 = 0.5613
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 A comparative risk assessment of burden of disease and injury attributable to 67 risk factors and ri IRRELEVANT? 2012 11,936 1
2 Integrative analysis of 111 reference human epigenomes IRRELEVANT? 2015 7,015 1
3 Heavy Metal Toxicity and the Environment IRRELEVANT? 2012 6,837 1
4 Cancer nanomedicine: progress, challenges and opportunities IRRELEVANT? 2016 5,475 1
5 Interaction between microbiota and immunity in health and disease IRRELEVANT? 2020 3,652 1
6 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
7 Parkinson's disease IRRELEVANT? 2021 3,327 1
8 World agriculture towards 2030/2050: the 2012 revision IRRELEVANT? 2012 3,142 1
9 Role of the normal gut microbiota IRRELEVANT? 2015 2,928 1
10 Safeguarding human health in the Anthropocene epoch: report of The Rockefeller Foundation–Lancet Com IRRELEVANT? 2015 2,738 2
Sum / 10 = mean_top10 50,411 / 10 = 5,041.1
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Understanding and Enhancing Soil Biological Health: The Solution for Reversing Soil Degradation 421
New Particle Formation in the Atmosphere: From Molecular Clusters to Global Climate 421
Toxicity of Heavy Metals and Recent Advances in Their Removal: A Review 420
The oralome and its dysbiosis: New insights into oral microbiome-host interactions 418
The dental plaque biofilm matrix 416
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Ronin Bridge Hack 2022-03 $625M 8.7959
Sum (raw) 8.7959
Normalized (/ 116.08) 0.0758
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 10 of 10 top-cited papers have titles with no channel-related keywords.
▶ 7 Information Asymmetry and Opacity CAP-200 RELEVANCE RETRACTED 0.4485
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.1773
Crisis Evidence
0.6175
0.35 × 0.5747 + 0.35 × 0.1773 + 0.30 × 0.6175 = 0.4485
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Blockchain technology in the energy sector: A systematic review of challenges and opportunities 2018 2,297 5
2 The Road Towards 6G: A Comprehensive Survey IRRELEVANT? 2021 1,430 1
3 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
4 A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities 2019 1,057 4
5 Blockchain for Industry 4.0: A Comprehensive Review 2020 726 3
6 ZEUS: Analyzing Safety of Smart Contracts IRRELEVANT? 2018 695 1
7 Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets 2021 499 7
8 Central Bank Digital Currency and the Future of Monetary Policy IRRELEVANT? 2017 492 4
9 The i-frame and the s-frame: How focusing on individual-level solutions has led behavioral public po IRRELEVANT? 2022 491 4
10 Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales 2019 482 4
Sum / 10 = mean_top10 9,272 / 10 = 927.2
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Intelligent Smart Contracts for Innovative Supply Chain Management 54
Central bank digital currencies: A critical review 53
Blockchain: A Comparative Study of Consensus Algorithms PoW, PoS, PoA, PoV 53
Energy Internet Opportunities in Distributed Peer-to-Peer Energy Trading Reveal by Blockchain for Fu 52
Blockchain-Based Wireless Sensor Networks for Malicious Node Detection: A Survey 52
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Mt. Gox Collapse 2014-02 $460M 8.6628
Bitfinex Hack 2016-08 $72M 7.8573
QuadrigaCX Collapse 2019-02 $190M 8.2788
Three Arrows Capital Insolvency 2022-06 $3.5B 9.5441
Celsius Network and Voyager Digital Failures 2022-06/07 $5.4B 9.7324
FTX Collapse 2022-11 $8.7B 9.9395
Bybit $1.5B Hack 2025-02 $1.5B 9.1761
DMM Bitcoin Exchange Hack and Closure 2024-05 $305M 8.4843
Sum (raw) 71.6753
Normalized (/ 116.08) 0.6175
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 4 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 8 Liquidation Cascades CAP-200 RELEVANCE 0.3811
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.2202
Crisis Evidence
0.3429
0.35 × 0.5747 + 0.35 × 0.2202 + 0.30 × 0.3429 = 0.3811
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
2 The pandemic of physical inactivity: global action for public health IRRELEVANT? 2012 2,987 1
3 Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks* IRRELEVANT? 2016 1,170 1
4 World Development Report 2018: Learning to Realize Education's Promise IRRELEVANT? 2017 1,087 1
5 The political origins of health inequity: prospects for change IRRELEVANT? 2014 664 1
6 Essential medicines for universal health coverage IRRELEVANT? 2016 593 1
7 Did Fair-Value Accounting Contribute to the Financial Crisis? 2010 547 1
8 Nanomaterials and nanotechnology for the delivery of agrochemicals: strategies towards sustainable a IRRELEVANT? 2022 423 1
9 Power Laws in Economics: An Introduction IRRELEVANT? 2016 415 5
10 Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding IRRELEVANT? 2019 266 1
Sum / 10 = mean_top10 11,513 / 10 = 1,151.3
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Macroeconomic factors behind financial instability: Evidence from Granger causality tests 5
Underdeveloping Appalachia: Toward an Environmental Sociology of Extractive Economies 5
WATERKINO and HYDROMEDIA: How to Dissolve the Past to Build a More Viable Future 5
Effects of Shopping Flow in Experiential Fashion Stores on Brand Advocacy : Multi-mediating Effects 5
Financial Regulatory Reform: A Progress Report 5
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Black Thursday (COVID Crash) 2020-03 undetermined (median imputed) 8.4843
Euler Finance Exploit 2023-03 $197M 8.2945
Curve Finance Pool Exploit 2023-07 $62M 7.7924
Mango Markets Exploit 2022-10 $114M 8.0569
Hyperliquid Whale Manipulation Events 2025-03 $15M 7.1761
Sum (raw) 39.8042
Normalized (/ 116.08) 0.3429
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 9 of 10 top-cited papers have titles with no channel-related keywords.
▶ 9 Network Contagion CAP-200 RELEVANCE RETRACTED 0.3801
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.1635
Crisis Evidence
0.4058
0.35 × 0.5747 + 0.35 × 0.1635 + 0.30 × 0.4058 = 0.3801
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
2 Refined Measures of Dynamic Connectedness based on Time-Varying Parameter Vector Autoregressions 2020 1,309 1
3 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
4 Dynamic connectedness and integration in cryptocurrency markets 2018 580 2
5 The i-frame and the s-frame: How focusing on individual-level solutions has led behavioral public po IRRELEVANT? 2022 491 4
6 Power Laws in Economics: An Introduction IRRELEVANT? 2016 415 5
7 Cryptocurrency trading: a comprehensive survey 2022 379 7
8 Discriminating Data IRRELEVANT? 2021 363 1
9 Examining the interconnectedness of green finance: an analysis of dynamic spillover effects among gr 2023 316 2
10 Dynamic connectedness between stock markets in the presence of the COVID-19 pandemic: does economic 2021 231 2
Sum / 10 = mean_top10 8,548 / 10 = 854.8
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Money for Nothing and Bits for Free: The Geographies of Bitcoin 18
Spillovers between cryptocurrencies and financial markets in a global framework 18
Stock market responses to COVID-19: The behaviors of mean reversion, dependence and persistence 18
“Economically inefficient and legally untenable”: constitutional limitations on the introduction of 18
Financial market information flows when counteracting rogue states: The indirect effects of targeted 18
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Black Thursday (COVID Crash) 2020-03 undetermined (median imputed) 8.4843
Terra/Luna Collapse 2022-05 $45.0B 10.6532
Three Arrows Capital Insolvency 2022-06 $3.5B 9.5441
FTX Collapse 2022-11 $8.7B 9.9395
SVB Failure and USDC De-Peg 2023-03 undetermined (median imputed) 8.4843
Sum (raw) 47.1054
Normalized (/ 116.08) 0.4058
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 4 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 10 Governance Failure CAP-200 RELEVANCE RETRACTED 0.3453
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.2320
Crisis Evidence
0.2099
0.35 × 0.5747 + 0.35 × 0.2320 + 0.30 × 0.2099 = 0.3453
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Blockchain technology in the energy sector: A systematic review of challenges and opportunities 2018 2,297 5
2 Scientists' warning on invasive alien species IRRELEVANT? 2020 1,994 1
3 Blockchain technology overview 2018 1,453 1
4 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
5 A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities 2019 1,057 4
6 Blockchain for AI: Review and Open Research Challenges 2019 963 3
7 Blockchain application and outlook in the banking industry 2016 946 1
8 Applications of Blockchains in the Internet of Things: A Comprehensive Survey 2018 836 2
9 Blockchain smart contracts: Applications, challenges, and future trends 2021 767 3
10 New frontiers and conceptual frameworks for energy justice IRRELEVANT? 2017 717 1
Sum / 10 = mean_top10 12,133 / 10 = 1,213.3
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Chikungunya seroprevalence, force of infection, and prevalence of chronic disability after infection 62
The computing continuum: From IoT to the cloud 62
Advancing disaster risk reduction through the integration of science, design, and policy into eco-en 62
A conceptual model and case study of blockchain-enabled social media platform 61
Globalization, National Identity, and Citizenship Education: China’s Search for Modernization and a 61
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
The DAO Hack 2016-06 $60M 7.7782
SushiSwap Vampire Attack 2020-09 undetermined (median imputed) 8.4843
Multichain Bridge Collapse 2023-07 $126M 8.1004
Sum (raw) 24.3629
Normalized (/ 116.08) 0.2099
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 2 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 11 Stablecoin Runs RELEVANCE 0.3036
a) Score Breakdown
Lit. Volume
0.6264
Cit. Impact
0.0309
Crisis Evidence
0.2450
0.35 × 0.6264 + 0.35 × 0.0309 + 0.30 × 0.2450 = 0.3036
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China 2022 287 5
2 A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrenc 2022 275 3
3 Blockchain Meets Metaverse and Digital Asset Management: A Comprehensive Survey IRRELEVANT? 2023 228 4
4 Automated market makers and decentralized exchanges: a DeFi primer 2022 139 3
5 Self-Sovereign Identity in a Globalized World: Credentials-Based Identity Systems as a Driver for Ec IRRELEVANT? 2020 128 4
6 Essays in International Finance IRRELEVANT? 2024 122 1
7 Decentralized finance research and developments around the world IRRELEVANT? 2022 119 5
8 From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution IRRELEVANT? 2021 112 6
9 The Promise of Fintech IRRELEVANT? 2020 112 2
10 Cryptocurrencies and Decentralized Finance (DeFi) 2022 92 6
Sum / 10 = mean_top10 1,614 / 10 = 161.4
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Valuation of cryptoassets in <scp>EU</scp> insolvency: Challenges and prospects 5
Digital Modernity 5
A Comprehensive Guide for Web3 Security 5
Technology versus trust: Non-bank credit systems from notarized loans in Early Modern Europe to cryp 5
Crypto-Litigation: An Empirical Overview for 2020–Present 5
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Iron Finance / TITAN Collapse 2021-06 $2.0B 9.3010
Terra/Luna Collapse 2022-05 $45.0B 10.6532
SVB Failure and USDC De-Peg 2023-03 undetermined (median imputed) 8.4843
Sum (raw) 28.4385
Normalized (/ 116.08) 0.2450
e) Red Flag Check
RELEVANCE 6 of 10 top-cited papers have titles with no channel-related keywords.
▶ 12 Oracle Manipulation RELEVANCE 0.2945
a) Score Breakdown
Lit. Volume
0.5977
Cit. Impact
0.1314
Crisis Evidence
0.1312
0.35 × 0.5977 + 0.35 × 0.1314 + 0.30 × 0.1312 = 0.2945
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Setting the future of digital and social media marketing research: Perspectives and research proposi IRRELEVANT? 2020 2,302 1
2 Molecular Mechanisms That Influence the Macrophage M1–M2 Polarization Balance IRRELEVANT? 2014 1,893 1
3 Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets 2021 499 7
4 Use of Delphi in health sciences research: A narrative review IRRELEVANT? 2023 474 1
5 Decentralized Finance: On Blockchain- and Smart Contract-based Financial Markets 2020 389 7
6 The Metaverse: A new digital frontier for consumer behavior IRRELEVANT? 2023 330 2
7 Evaluative infrastructures: Accounting for platform organization IRRELEVANT? 2017 303 1
8 Quantum Computer Systems for Scientific Discovery IRRELEVANT? 2021 232 1
9 Innovative Business Models and Varieties of Capitalism: Financialization of the U.S. Corporation IRRELEVANT? 2010 231 1
10 Sustainability of the Metaverse: A Transition to Industry 5.0 IRRELEVANT? 2023 216 1
Sum / 10 = mean_top10 6,869 / 10 = 686.9
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Digital monsters: Representations of humans on the Internet 5
Towards Verified Price Oracles for Decentralized Exchange Protocols 5
ACFIX: Guiding LLMs with Mined Common RBAC Practices for Context-Aware Repair of Access Control Vuln 5
Revolutionizing Cryptocurrency Operations: The Role of Domain-Specific Large Language Models (LLMs) 5
When ChatGPT Meets Smart Contract Vulnerability Detection: How Far Are We? 5
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
Mango Markets Exploit 2022-10 $114M 8.0569
Hyperliquid Whale Manipulation Events 2025-03 $15M 7.1761
Sum (raw) 15.2330
Normalized (/ 116.08) 0.1312
e) Red Flag Check
RELEVANCE 8 of 10 top-cited papers have titles with no channel-related keywords.
▶ 13 Regulatory Contagion CAP-200 RELEVANCE RETRACTED 0.2858
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.1793
Crisis Evidence
0.0731
0.35 × 0.5747 + 0.35 × 0.1793 + 0.30 × 0.0731 = 0.2858
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Deciphering the Liquidity and Credit Crunch 2007–2008 IRRELEVANT? 2009 3,361 8
2 A Comprehensive Review of the COVID-19 Pandemic and the Role of IoT, Drones, AI, Blockchain, and 5G 2020 1,108 1
3 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
4 Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? 2019 851 3
5 Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 2020 586 2
6 Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets 2021 499 7
7 Central Bank Digital Currency and the Future of Monetary Policy 2017 492 4
8 Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales 2019 482 4
9 The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin 2016 468 2
10 Artificial Intelligence and Entrepreneurship: Implications for Venture Creation in the Fourth Indust IRRELEVANT? 2020 423 1
Sum / 10 = mean_top10 9,373 / 10 = 937.3
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Novel evidence from APEC countries on stock market integration and volatility spillover: A Diebold a 46
Assessing the impact of renewable energy tokens on BRICS stock markets: A new diversification approa 46
CAN BITCOIN BE A SAFE HAVEN IN FEAR SENTIMENT? 46
A Critical Analysis of Volatility Surprise in Bitcoin Cryptocurrency and Other Financial Assets 46
Impact of COVID-19 and economic policy uncertainty on China’s stock market returns: evidence from qu 46
d) Crisis Events Contributing
Event Date Loss (USD) log10 Weight
BTC-e Seizure and Shutdown 2017-07 undetermined (median imputed) 8.4843
Sum (raw) 8.4843
Normalized (/ 116.08) 0.0731
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 2 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
▶ 14 Real-World Asset Transmission CAP-200 RELEVANCE RETRACTED 0.2780
a) Score Breakdown
Lit. Volume
0.5747
Cit. Impact
0.2196
Crisis Evidence
0.0000
0.35 × 0.5747 + 0.35 × 0.2196 + 0.30 × 0.0000 = 0.2780
b) Top-10 Most-Cited Papers (Define Citation Impact)
# Title Year Citations # Channels
1 Digital Innovation Management: Reinventing Innovation Management Research in a Digital World IRRELEVANT? 2017 2,579 2
2 GPT-4 Technical Report IRRELEVANT? 2023 2,239 1
3 Data Feminism IRRELEVANT? 2020 1,364 1
4 RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis 2018 1,103 7
5 A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities 2019 1,057 4
6 Politicizing energy justice and energy system transitions: Fossil fuel divestment and a “just transi IRRELEVANT? 2017 785 1
7 Zero Trust Architecture IRRELEVANT? 2020 706 1
8 Participatory action research IRRELEVANT? 2023 565 2
9 Strategies to save energy in the context of the energy crisis: a review IRRELEVANT? 2023 544 1
10 A global federated real-world data and analytics platform for research IRRELEVANT? 2023 542 1
Sum / 10 = mean_top10 11,484 / 10 = 1,148.4
c) Bottom-5 Papers (Illustrate Range)
Title Citations
Additional Labors of the Entrepreneurial Self 75
Markets in crypto-assets regulation: Does it provide legal certainty and increase adoption of crypto 74
Natural disasters as a development opportunity: a spatial economic resilience interpretation 74
A Systematic Review and Thematic Analysis of Community-Collaborative Approaches to Computing Researc 74
Blockchain and Smart Contracting for the Shareholder Community 74
d) Crisis Events Contributing
No crisis events activate this channel. Crisis evidence = 0.0000.
e) Red Flag Check
CAP-200 Hit the 200-paper retrieval cap. Literature volume is compressed.
RELEVANCE 8 of 10 top-cited papers have titles with no channel-related keywords.
RETRACTED 1 retracted paper(s) in the top-10.
4. The Weight Question
Why 0.35 / 0.35 / 0.30?
No theoretical derivation exists for these weights. They reflect the author's judgment that literature volume and citation impact should carry equal weight, with crisis evidence slightly down-weighted because it is based on a smaller, manually curated dataset. This is disclosed in the paper.
Sensitivity analysis tests whether channel retention decisions change under four alternative weighting schemes:
Channel
Primary (paper)0.35 / 0.35 / 0.30
Equal0.33 / 0.33 / 0.33
Crisis-dominant0.25 / 0.25 / 0.50
Lit-dominant0.50 / 0.25 / 0.25
Cross-Chain Bridge Vulnerability
#1 (0.7063)
#1 (=) (0.6973)
#5 (+4) (0.6522)
#3 (+2) (0.6666)
Liquidity Spirals
#2 (0.6705)
#2 (=) (0.6860)
#1 (-1) (0.7634)
#2 (=) (0.7035)
Gateway Risk (Fiat-Crypto Bridging)
#3 (0.6677)
#3 (=) (0.6683)
#3 (=) (0.6712)
#1 (-2) (0.7512)
Composability Risk
#4 (0.6257)
#4 (=) (0.6312)
#4 (=) (0.6585)
#4 (=) (0.6170)
Counterparty Concentration
#5 (0.5751)
#5 (=) (0.5954)
#2 (-3) (0.6965)
#5 (=) (0.5902)
Validator/Miner Concentration
#6 (0.5613)
#6 (=) (0.5382)
#7 (+1) (0.4226)
#6 (=) (0.5473)
Information Asymmetry and Opacity
#7 (0.4485)
#7 (=) (0.4565)
#6 (-1) (0.4967)
#7 (=) (0.4861)
Liquidation Cascades
#8 (0.3811)
#9 (+1) (0.3793)
#9 (+1) (0.3702)
#9 (+1) (0.4281)
Network Contagion
#9 (0.3801)
#8 (-1) (0.3813)
#8 (-1) (0.3874)
#8 (-1) (0.4297)
Governance Failure
#10 (0.3453)
#10 (=) (0.3389)
#10 (=) (0.3066)
#10 (=) (0.3978)
Stablecoin Runs
#11 (0.3036)
#11 (=) (0.3008)
#11 (=) (0.2868)
#11 (=) (0.3822)
Oracle Manipulation
#12 (0.2945)
#12 (=) (0.2868)
#12 (=) (0.2479)
#12 (=) (0.3645)
Regulatory Contagion
#13 (0.2858)
#13 (=) (0.2757)
#13 (=) (0.2250)
#13 (=) (0.3504)
Real-World Asset Transmission
#14 (0.2780)
#14 (=) (0.2648)
#14 (=) (0.1986)
#14 (=) (0.3423)
Key finding: The bottom 4 channels (ranks 11–14) remain the bottom 4 under all four weighting schemes. The top 5 are always in the top 5. Weight choice affects ordering within tiers but not the retention/exclusion boundary that the paper's analysis depends on.
5. Known Issues and Limitations
Issue 1: 200-Paper Retrieval Cap
10 of 14 channels hit the 200-paper cap imposed during OpenAlex search. This means their literature_volume scores are all identical (0.5747), eliminating Dimension 1 as a differentiator for the majority of channels. Only 4 channels (Liquidity Spirals, Gateway Risk (Fiat-Crypto Bridging), Stablecoin Runs, Oracle Manipulation) have distinct literature volume scores.
Issue 2: Irrelevant Papers Inflate Citation Scores
81 papers across all channels' top-10 lists have titles with no obvious keyword match to their assigned channel. The worst offenders:
Channel Flagged Highest-Cited Flagged Paper Citations
Cross-Chain Bridge Vulnerability 10/10 CHARMM: The biomolecular simulation program 8,937
Liquidity Spirals 4/10 Unmanned Aerial Vehicles (UAVs): A Survey on Civil Applications and Key Research Challenges 2,138
Gateway Risk (Fiat-Crypto Bridging) 3/10 Deciphering the Liquidity and Credit Crunch 2007–2008 3,361
Composability Risk 10/10 Global, regional, and national incidence, prevalence, and years lived with disability for 310 diseas 7,311
Counterparty Concentration 1/10 Deciphering the Liquidity and Credit Crunch 2007–2008 3,361
Validator/Miner Concentration 10/10 A comparative risk assessment of burden of disease and injury attributable to 67 risk factors and ri 11,936
Information Asymmetry and Opacity 4/10 The Road Towards 6G: A Comprehensive Survey 1,430
Liquidation Cascades 9/10 Deciphering the Liquidity and Credit Crunch 2007–2008 3,361
Network Contagion 4/10 Deciphering the Liquidity and Credit Crunch 2007–2008 3,361
Governance Failure 2/10 Scientists' warning on invasive alien species 1,994
Stablecoin Runs 6/10 Blockchain Meets Metaverse and Digital Asset Management: A Comprehensive Survey 228
Oracle Manipulation 8/10 Setting the future of digital and social media marketing research: Perspectives and research proposi 2,302
Regulatory Contagion 2/10 Deciphering the Liquidity and Credit Crunch 2007–2008 3,361
Real-World Asset Transmission 8/10 Digital Innovation Management: Reinventing Innovation Management Research in a Digital World 2,579
Issue 3: Single-Coder Crisis Chronology
All crisis events and their channel assignments were curated by a single researcher. No inter-coder reliability was assessed. The channels_activated mapping is subjective.
Issue 4: Terra/Luna Cross-Channel Amplification
The Terra/Luna collapse ($45B) activates 5 channels simultaneously: Liquidity Spirals, Composability Risk, Counterparty Concentration, Network Contagion, Stablecoin Runs. Its log10 weight of 10.6532 is the single largest event contribution. This one event substantially shapes Dimension 3 for multiple channels.
Issue 5: Retracted Papers in Top-10
The following retracted papers appear in top-10 lists and contribute to citation impact scores:
Paper Channels Citations
RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis Network Contagion, Liquidity Spirals, Regulatory Contagion, Gateway Risk (Fiat-Crypto Bridging), Governance Failure, Information Asymmetry and Opacity, Real-World Asset Transmission 1,103
Issue 6: Multi-Channel Papers Inflate Multiple Scores
13 papers appear in the top-10 list of more than one channel. A single highly-cited paper thus inflates citation impact for multiple channels simultaneously:
Paper Appears in Top-10 of
Deciphering the Liquidity and Credit Crunch 2007–2008 Liquidity Spirals, Gateway Risk (Fiat-Crypto Bridging), Counterparty Concentration, Validator/Miner Concentration, Liquidation Cascades, Network Contagion, Regulatory Contagion
RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis Liquidity Spirals, Gateway Risk (Fiat-Crypto Bridging), Information Asymmetry and Opacity, Network Contagion, Governance Failure, Regulatory Contagion, Real-World Asset Transmission
Blockchain technology in the energy sector: A systematic review of challenges and opportun Liquidity Spirals, Gateway Risk (Fiat-Crypto Bridging), Counterparty Concentration, Information Asymmetry and Opacity, Governance Failure
A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunitie Liquidity Spirals, Information Asymmetry and Opacity, Governance Failure, Real-World Asset Transmission
Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets Counterparty Concentration, Information Asymmetry and Opacity, Oracle Manipulation, Regulatory Contagion
SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies Liquidity Spirals, Gateway Risk (Fiat-Crypto Bridging), Counterparty Concentration
Central Bank Digital Currency and the Future of Monetary Policy Counterparty Concentration, Information Asymmetry and Opacity, Regulatory Contagion
Blockchain for AI: Review and Open Research Challenges Gateway Risk (Fiat-Crypto Bridging), Governance Failure
Safeguarding human health in the Anthropocene epoch: report of The Rockefeller Foundation– Composability Risk, Validator/Miner Concentration
Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? Counterparty Concentration, Regulatory Contagion
The i-frame and the s-frame: How focusing on individual-level solutions has led behavioral Information Asymmetry and Opacity, Network Contagion
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales Information Asymmetry and Opacity, Regulatory Contagion
Power Laws in Economics: An Introduction Liquidation Cascades, Network Contagion
Generated from: openalex_merged.json (2,433 papers), channel_rankings.json, crisis_chronology.json, sensitivity_analysis.json
Scoring logic: channel_mapper.py (lines 40–158 for dimension computation, 276–278 for weights)
Report generated: 2026-03-28