主题：Liquid Staking
主讲人：Kathy Zhichao Yuan，伦敦政经做爱影片
金融学教授
时间：9月23日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
We develop a model of tradable deposits motivated by liquid staking. Depositors exit either by selling their tokens in a secondary market or by joining a redemption queue. We decompose the difference in net stress between the liquid and the queue-only protocol, state by state, into four channels: market absorption, redemption routing, provider information, and staker information. The market absorbs part of the redemption pressure, but buyers redeem some of the purchased tokens, for arbitrage profit or to reduce inventory, and those tokens return to the queue. The public order flow informs the liquidity provider and coordinates the remaining holders, and both effects depend on what the flow reveals. The four channels imply no unconditional ranking of the two protocols’ fragility. We find that a thinner market raises the failure threshold of the liquid protocol, and that when noise trading is small enough for the order flow to give holders common beliefs, the redemption game admits multiple equilibria.
主讲人简介：
Kathy Yuan is a Professor of Finance at the London School of Economics and Political Science (LSE), where she has been a faculty member since 2008. She earned her Ph.D. in Economics from the Massachusetts Institute of Technology (MIT) in 2000, following an early career at the Emerging Markets Trading Desk at J.P. Morgan. Her research focuses on asset pricing and market microstructure, with current projects examining liquidity and financial stability across bank and non-bank financial institutions. She is particularly interested in the evolution of digital financial infrastructure, developing theories where money functions as a programmable, data-capable, and collateralizable safe asset. Her work encompasses DeFi, payment and data technologies, and securities lending. Beyond academia, Kathy has held influential policy and advisory roles. She has been a Houblon-Norman Fellow at the Bank of England, a Research Fellow at the Bank for International Settlements (BIS), and a Research Economist at the International Monetary Fund (IMF). She is a Research Fellow at the Centre for Economic Policy Research (CEPR) and Financial Market Group (FMG), also previously served as a Director of the European Finance Association.
