嘉    宾：卢   杨 副教授 香港科技大学

主持人：欧声亮 副教授 上海交通大学安泰经济与管理学院

时    间：2026年5月13日（周三）下午14:00-15:30

地    点: 上海交通大学徐汇校区安泰经济与管理学院A503

内容简介：We develop a model of Proof-of-Stake (PoS) Ethereum in which ETH serves both as a liquid asset and as consensus collateral, so ledger security rises with the market value of staked ETH. This link creates a central trade-off: increasing token issuance enhances incentives to stake and thus strengthens security, but it also dilutes the liquidity value of ETH, reducing the value at stake. Under Ethereum’s current stake-dependent issuance rule, the balanced-growth path yields zero long-run ETH supply growth, rendering long-run outcomes largely insensitive to adjustments in issuance policy. Motivated by this result, we study two simple rule changes on token issuance and base-fee update that produce a unique interior balanced-growth equilibrium and establish a transparent mapping from the issuance rule to the long-run staked share and ETH price growth. We then characterize the protocol designer’s optimal staked share and the associated issuance rule and show how they vary with protocol designer's objectives and PoS transaction capacity.

演讲人简介：Yang K. Lu is an Associate Professor (with tenure) of Economics at the Hong Kong University of Science and Technology (HKUST). Her research focuses on understanding how information affects macroeconomic and financial systems. Her papers have appeared on leading economic journals such as JME, JET, IER, JPubE, JMCB, etc

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