Tokenomics and Risk Spillovers

National Natural Science Foundation project investigating how platform tokens transmit risk into traditional markets.

We study how governance design, staking incentives, and liquidity mining policies alter the cross-sectional pricing of platform tokens. The project combines blockchain transaction graphs, centralized exchange order books, and DeFi protocol data to trace where shocks originate and how they propagate to equities and fixed-income products.

  • PI: Weiyi Zhao (Grant No. 72503258)
  • Collaborators: Danxia Xie (Tsinghua), Qingquan Zhang (ZUEL)
  • Funding: 2026–2028

Key deliverables include predictive signals for factor investing, a regulatory sandbox evaluation toolkit, and open-source code for measuring token-based spillovers.

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