The Economics of Liquid Staking Derivatives: Basis Determinants and Price Discovery
研究了流动性质押代币（一种代表权益证明区块链中质押代币份额的衍生品）的经济学，发现质押奖励、集中风险、套利限制和行为因素影响其与基础加密货币的价差，且这些代币对基础资产的价格发现贡献显著且不断增长。
ABSTRACT This paper provides a first economic analysis of liquid staking tokens, which are derivatives representing a share of staked tokens in Proof‐of‐Stake blockchains. We document substantial time‐variation in the “liquid staking basis” as given by the price difference between a derivative staking token and its underlying cryptocurrency. We find evidence that staking rewards, concentration risks, limits to arbitrage, and behavioral factors influence this basis. The liquid staking basis is wider when the yields offered by the liquid staking protocol are low relative to the alternative of staking directly, when cryptocurrency returns are more volatile, and when secondary market liquidity is low. In contrast, it is smaller when investors pay more attention to liquid staking and when investor sentiment is positive. Furthermore, liquid staking tokens contribute a significant and overall growing amount to price discovery in the underlying cryptocurrencies.