4 papers
Proof-of-Stake Dynamics: The Elusive Price Anchor and Endogenous Volatility Harvesting
Mikhail Perepelitsa
In this paper, we develop an open-economy macroeconomic model of a Proof-of-Stake network to analyze nominal token-price dynamics and the systemic effects of speculative capital. W…
Bubbles vs. Baselines: Token Valuation and Institutional Capital in PoS Networks under EIP-1559
Mikhail Perepelitsa
This paper presents an open-economy macroeconomic equilibrium model for Proof-of-Stake (PoS) networks with fee-burn mechanics (EIP-1559) that formalizes the strategic interplay bet…
The Financialization of Proof-of-Stake: Asymptotic Centralization under Exogenous Risk Premiums
Mikhail Perepelitsa
This paper introduces a heterogeneous macroeconomic model of a Proof-of-Stake (PoS) network to analyze the long-term centralizing effects of external traditional finance (TradFi) y…
On a PDE model for Learning in Stochastic Market Entry Games
Esther Bou Dagher, Misha Perepelitsa, Ewelina Zatorska
We study a continuum model for stochastic reinforcement learning in repeated market entry games. Starting from a discrete-time microscopic learning rule, we derive a Fokker--Planck…