External TradFi risk premiums cause asymptotic centralization in PoS networks by driving investor wealth to dominate and eliminating consumer staking participation.
Blockchain without waste: Proof-of-stake.The Review of Financial Studies, 34(3):1156–1190, 2021
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The Financialization of Proof-of-Stake: Asymptotic Centralization under Exogenous Risk Premiums
External TradFi risk premiums cause asymptotic centralization in PoS networks by driving investor wealth to dominate and eliminating consumer staking participation.