Decentralized finance has been often synonymized with cryptocurrencies, cryptoassets, or even simply with Bitcoin not only in the public perception but to a high degree also in financial research. This project aims to dive deeper into decentralized finance and in a comprehensive manner explore and describe its structural aspects. We aim to answer how these features drive and influence dynamics and interconnections within the system, how liquidity is formed, and how the perceived dominance of retail/speculative investors projects into potential behavioral patterns, utilizing the unprecedented data availability decentralized finance offers. The project will focus on two main subtopics - market microstructure, and behavioral and psychological patterns - each with a set of specific research questions outlined in the proposal that will enrich the current understanding of these novel markets.