We survey extant literature on the economics of blockchain fundamentals, with particular
focus on Bitcoin, proof-of-work, and proof-of-stake. We formally clarify Bitcoin's economic …

We explain the mechanics of smart contracts. We then highlight the benefits of smart
contracts, such as overcoming commitment problems. We also discuss limitations, such as …

We model cryptocurrencies as utility tokens used by a decentralized digital platform to
facilitate transactions between users of certain goods or services. The network effect …

We examine decentralization of digital platforms through tokenization as an innovation to
resolve the conflict between platforms and users. By delegating control to users, tokenization …

We examine the universe of public blockchains over time, providing several important
empirical insights. Of particular note, we identify a class of blockchains, referred to as …

Stablecoins are at the center of debate surrounding decentralized finance. We develop a
dynamic model to analyze the instability mechanism of stablecoins, the complex incentives …

We construct an economic framework for understanding the incentives of the participants of
a permissioned blockchain for supply chains and other related industries. Our study aims to …

In recent years, the designs of many new blockchain applications have been inspired by the
Byzantine fault tolerance (BFT) problem. While traditional BFT protocols assume that most …

We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have
different trading horizons. We find that, contrary to conventional wisdom, staking levels do …

We demonstrate theoretically that Bitcoin's limited adoption arises as an equilibrium
outcome rather than as a short-lived property. Our results are driven by negative network …