CROSS-CHAIN FINANCIAL BUSINESS MODELS BASED ON STRUCTURAL ANTIFRAGILITY: EVIDENCE FROM THE POLKADOT ECOSYSTEM

The modern blockchain industry is characterized by the presence of numerous isolated, specialized platforms, which create critical barriers to interaction and call into question the effectiveness of decentralized infrastructure. Comprehending the mechanisms of structural antifragility is essential for designing systems that do not merely adapt to stressors and volatility but actively benefit and grow stronger from them. The goal of this study is to develop a conceptual model of structural antifragility as a specific type of systemic adaptability implemented through the modular architecture of heterogeneous multi-chain networks, using the Polkadot ecosystem as an example. This study operationalizes the concept of structural antifragility in relation to blockchain systems and identifies its differences from institutional and temporal forms of antifragility. Four mechanisms of Polkadot's structural antifragility have been identified: a) heterogeneous multi-chain architecture; b) shared security; c) Cross-consensus messaging (XCM); d) Hardfork-free updates. The OpenGov decentralized governance system with conviction voting and multi-role delegation tools is analyzed. A typology of cross-chain business models is developed, highlighting their antifragile properties: structural risk decomposition, modular adaptation, cascading diffusion of innovations, economies of specialization, and shared security. The identified business models demonstrate the potential for creating innovative entrepreneurial strategies based on interoperability. A conceptual model is constructed demonstrating the relationship between modular architecture, fault isolation principles, and the antifragile properties of the system. Structural antifragility is conceptualized as an independent dimension of blockchain system antifragility, complementing the institutional and temporal forms. The triad of antifragility paradigms represents complementary approaches, each optimized for specific business challenges and operating conditions. The developed conceptual model is applicable as an architectural pattern for building adaptive business ecosystems, enabling the isolation of experimental risks, scaling of successful solutions, and evolution without disruptive restructuring. The research results contribute to the development of innovative strategies for the sustainable and adaptive development of economic systems, providing a conceptual foundation for the creation of modular organizational structures capable of transforming stress factors into competitive advantages.