Pith Number

pith:6RXZMSJK

pith:2026:6RXZMSJKNQFQ57E65DA2TP6FHY

not attested not anchored not stored refs pending

The Financialization of Proof-of-Stake: Asymptotic Centralization under Exogenous Risk Premiums

Mikhail Perepelitsa

External risk premiums force Proof-of-Stake networks into complete institutional capture as internal staking yields collapse to zero.

arxiv:2604.26076 v3 · 2026-04-28 · q-fin.GN

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\usepackage{pith}
\pithnumber{6RXZMSJKNQFQ57E65DA2TP6FHY}

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Record completeness

1 Bitcoin timestamp

2 Internet Archive

3 Author claim open · sign in to claim

4 Citations open

5 Replications open

✓ Portable graph bundle live · download bundle · merged state

The bundle contains the canonical record plus signed events. A mirror can host it anywhere and recompute the same current state with the deterministic merge algorithm.

Claims

C1strongest claim

at scale, external macroeconomic factors force the complete institutional capture of the PoS consensus layer. Because investors have access to external risk premiums, their wealth compounds exponentially, leading to massive capital inflows that crush the protocol's internal staking yield to effectively zero.

C2weakest assumption

The model assumes a continuum of rational actors split into investors optimizing between staking and external variance-dominated investments and consumers using quasi-linear utility to balance staking yields against transactional liquidity needs, producing a unique equilibrium via a cubic polynomial.

C3one line summary

External TradFi risk premiums cause asymptotic centralization in PoS networks by driving investor wealth to dominate and eliminating consumer staking participation.

Receipt and verification

First computed	2026-06-08T01:04:05.849617Z
Builder	pith-number-builder-2026-05-17-v1
Signature	Pith Ed25519 (`pith-v1-2026-05`) · public key
Schema	pith-number/v1.0

Canonical hash

f46f96492a6c0b0efc9ee8c1a9bfc53e2e556d91b54dd31d1bd36bbcea3da5e8

Aliases

arxiv: 2604.26076 · arxiv_version: 2604.26076v3 · doi: 10.48550/arxiv.2604.26076 · pith_short_12: 6RXZMSJKNQFQ · pith_short_16: 6RXZMSJKNQFQ57E6 · pith_short_8: 6RXZMSJK

Agent API

Resolver JSON Graph JSON Events JSON Schema Signing key

Verify this Pith Number yourself

curl -sH 'Accept: application/ld+json' https://pith.science/pith/6RXZMSJKNQFQ57E65DA2TP6FHY \
  | jq -c '.canonical_record' \
  | python3 -c "import sys,json,hashlib; b=json.dumps(json.loads(sys.stdin.read()), sort_keys=True, separators=(',',':'), ensure_ascii=False).encode(); print(hashlib.sha256(b).hexdigest())"
# expect: f46f96492a6c0b0efc9ee8c1a9bfc53e2e556d91b54dd31d1bd36bbcea3da5e8

Canonical record JSON

{
  "metadata": {
    "abstract_canon_sha256": "7f51b8090dc036afa10de796ac503f558abf7fae2fea7931a13c5069959b6e98",
    "cross_cats_sorted": [],
    "license": "http://arxiv.org/licenses/nonexclusive-distrib/1.0/",
    "primary_cat": "q-fin.GN",
    "submitted_at": "2026-04-28T19:40:04Z",
    "title_canon_sha256": "1c7300a16852fb51d8a842fc9311acb5a9c6698af4c2c5c3db97e7209a993bfc"
  },
  "schema_version": "1.0",
  "source": {
    "id": "2604.26076",
    "kind": "arxiv",
    "version": 3
  }
}