报告题目：Equilibrium Pricing in Illiquid Crypto-currency Staking Markets
报告人：沈吉 副教授 北京大学
报告时间：2026年5月25日下午14：00
线下报告地点：红瓦楼726
报告内容简介：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.
报告人简介: 沈吉为北京大学光华管理学院金融学系副教授，兼任北京大学数量经济与数理金融教育部重点实验室成员。研究兴趣主要有：有摩擦金融市场的资产定价理论、公司金融、金融市场、数字经济、政治经济学。近年来在《经济研究》、《金融研究》、《世界经济》以及国际顶级期刊发表论文多篇，包括：Review of Financial Studies：Collateral-Motivated Financial Innovation(2014)，Management Science：Financial Intermediation Chains in an OTC Market(2021)，Review of Financial Studies：Simultaneous Multilateral Search，Journal of Banking and Finance 等。
沈吉副教授简历：
2015-伦敦政治经济学院 金融系 博士
2010-耶鲁大学 经济学系 硕士
2007-北京大学 光华管理学院应用经济学系 硕士
2004-复旦大学 物理学系 学士
报告邀请人：徐承龙
