Projects
Research Programs and Tools
My work studies how crypto markets create, transmit, and regulate
liquidity. The projects below organize several papers and tools around
broader questions in stablecoin market microstructure, blockchain
infrastructure, decentralized market regulation, and teaching
blockchain protocols.
Stablecoin Market Microstructure and Private Money
This project studies how stablecoins maintain price stability
through issuance, redemption, arbitrage, reserve-income incentives,
and secondary-market trading. The central question is how private
money remains stable when redemption, liquidity, and arbitrage are
mediated by a small set of market participants.
Related papers
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The Microstructure of Stablecoin Stability: Evidence from
Tether, with Enchuan Shao.
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The Liability Side of Private Money: Stablecoin Issuance and
Reserve-Income Profits.
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The Law of the Few in Stablecoin Arbitrage, with
Enchuan Shao.
Stablecoins
Market microstructure
Arbitrage
Private money
Crypto Intermediation, Regulation, and Settlement Risk
This project examines how prudential regulation changes
decentralized market structure. It focuses on the tradeoff between
reducing settlement failure risk and increasing concentration, entry
barriers, and intermediary rents.
Related papers
-
Prudential Regulation in Decentralized Markets: Entry,
Concentration, and Settlement Risk, with Moty Moravvej.
-
Trading in the Open: Information Leakage Across Centralized and
Decentralized Exchanges.
Regulation
Intermediation
Entry
Settlement risk
Blockchain Infrastructure, Mining, and Fee Markets
This project studies the industrial organization of blockchain
infrastructure. The papers analyze how miner competition,
block-space constraints, and costly entry shape transaction fees and
welfare in proof-of-work systems.
Related papers
-
Miner Competition and Transaction Fees, with
Enchuan Shao,
Journal of Economic Behavior & Organization, 2024.
-
The Entry of Bitcoin Mining and Its Welfare
Implications, with Enchuan Shao.
Bitcoin mining
Transaction fees
Entry
Welfare
FinTech and Blockchain Teaching Lab
This is an interactive teaching project designed to help students
understand blockchain protocols, financial infrastructure, and
incentive design. The tool illustrates transaction validation, block
formation, consensus, forks, mining incentives, fee markets, and the
business implications of decentralized financial technologies.
Components
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Interactive protocol simulation for teaching
blockchain mechanics.
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Classroom modules on consensus, mining, forks,
transaction fees, and market incentives.
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Teaching notes connecting protocol design to
finance, platform markets, and economic incentives.
Teaching tool
FinTech
Blockchain protocols
Economic incentives