Equilibrium Pricing in llliquid Crypto-currency Staking Markets

主讲嘉宾沈吉

报告人简介：

沈吉，现任北京大学光华管理学院金融学系副教授。他在伦敦政治经济学院获得金融学博士学位。主要研究方向包括：市场微观结构，资本市场监管，数字经济等。近年来在《经济研究》，《金融研究》《世界经济》和Review of Financial Studies,Management Science等国内外学术期刊发表论文多篇。报告论文简介：

The recent decades witness the burgeoning development of on- chain staking platform (DeFi).The paper constructs a unified framework to analyze the different venues for trading liquid tokens and illiquid tokens due to being staked.The economy is populated by long-lived cyrptocurrency investors with heterogeneous valuations, where an individual investor either chooses to hold liquid token or stake his token to a blockchain platform for extra reward at the loss of liquidity. We investigate the equilibrium pricing for both assets and analyze the factors and determinants of price gaps between liquid staking derivatives and underlying assets. Our empirical evidences,based on data from a large on-chain staking platform,are mostly consistent with predictions drawn from theoretical exploration. The research provides insights into cryptocurrency staking dynamics and structures relevant for investors and policy makers.

活动时间：2026年4月24日 星期五 上午9:00-10:30

活动地点：金融学院会议室(劝学楼345小会议室)

主办单位：金融学院，实验经济学实验室

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