We thank Bruno Biais, Philip Bond, Jonathan Chiu, Rod Garratt, Niklas Haeusle, Shiyang Huang, Huisu Jang, Stephen Karolyi, Leonid Kogan, Jiasun Li, Tao Li, Evgeny Lyandres, Urban Jermann, Jonathan Payne, Julien Prat, Daniel Rabetti, Qihong Ruan, Fahad Saleh, Ville Savolainen, Donghwa Shin, Endong Yang, Jingjie Zhang, Shunming Zhang, and conference and seminar participants at the 2025 American Finance Association (AFA) Annual Meeting, Asian Bureau of Finance and Economic Research (ABFER) 10th Annual Conference, the 36th Australasian Finance and Banking Conference (AFBC), the 18th Annual Conference of the Asia-Pacific Association of Derivatives (APAD), the 19th Chinese Finance Annual Meeting (CFAM 2022), China Fintech Research Conference (CFTRC 2024), AsianFA 2024, University of Cincinnati, Columbia Business School and School of Engineering and Applied Science (Digital Finance Seminar),Crypto and Blockchain Research Economics (CBER), the Department of the Treasury Office of Financial Research, the Economic Club of Memphis, Luohan Academy Webinar Series, Rizzo Center Decentralized Finance (DeFi) Conference at UNC Chapel Hill, the Fields-CFI Workshop on Mathematical Finance and Cryptocurrencies, FinTech Conference at the Fubon Center for Technology, Business and Innovation (NYU Stern), Halle Institute for Economic Research (IWH), HEC Paris, 2022 Hong Kong Conference for Fintech, AI, and Big Data in Business, Office of the Comptroller of the Currency (OCC) Novel Charters Working Group, The Pennsylvania State University Smeal College of Business, 4th Shanghai Financial Forefront Symposium, Tsinghua University PBC School of Finance, University of International Business and Economics School of Banking and Finance, the China Meeting of Econometric Society (CMES 2021, Shanghai), 7th PHBS Workshop in Macroeconomics and Finance, Ripple Labs London Onsite (Markets Team), Wolfe QES Virtual Global Innovation Conference, and Zhejiang University QingYuan Academy Digital Social Science Public Lecture Series for helpful comments and discussions. We are also grateful to the stakingrewards.com team for generously sharing the updated data that cover Sept 2020 - Feb 2022 for academic research and to the Fintech Dauphine Chair in partnership with Mazars and Crédit Agricole CIB, the Hogeg Blockchain Research Institute, as well as Ripple’s University Blockchain Research Initiative (UBRI) for financial support. Some results were circulated under the permanent working paper titled “Staking, Token Pricing, and Crypto Carry.” Send correspondence to will.cong@cornell.edu. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
