主题：Equilibrium Pricing in Illiquid Crypto-currency Staking Markets
主讲人：沈吉 北京大学
主持人：王彬 暨南大学
时间：2025年12月31日（周三）上午10:00-11:30
地点：暨南大学石牌校区经济学院大楼（中惠楼）102室
摘要
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.
主讲人简介
沈吉，在伦敦政治经济学院获得金融学博士学位，现任教于北京大学光华管理学院。研究兴趣主要在资产定价理论，数字经济等。论文发表散见于《经济研究》《世界经济》《金融研究》和Review of Financial Studies、Management Science、Journal of Banking and Finance等国内外学术期刊。
校对|王彬
责编| 彭毅
初审| 李仲达
终审发布| 何凌云
（来源：暨南大学经济学院微信公众号）
