A heterogeneous PoS model with investors and consumers derives a cubic equilibrium polynomial showing external yields cause asymptotic centralization and consumer exit from staking.
Blockchain without waste: Proof-of-stake.The Review of Financial Studies, 34(3):1156–1190
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The Financialization of Proof-of-Stake: Asymptotic Centralization under Exogenous Risk Premiums
A heterogeneous PoS model with investors and consumers derives a cubic equilibrium polynomial showing external yields cause asymptotic centralization and consumer exit from staking.