{"id":"https://openalex.org/W4401718861","doi":"https://doi.org/10.1109/icbc59979.2024.10634417","title":"Exploring the Market Dynamics of Liquid Staking Derivatives (LSDs)","display_name":"Exploring the Market Dynamics of Liquid Staking Derivatives (LSDs)","publication_year":2024,"publication_date":"2024-05-27","ids":{"openalex":"https://openalex.org/W4401718861","doi":"https://doi.org/10.1109/icbc59979.2024.10634417"},"language":"en","primary_location":{"id":"doi:10.1109/icbc59979.2024.10634417","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc59979.2024.10634417","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101343503","display_name":"Xihan Xiong","orcid":null},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Xihan Xiong","raw_affiliation_strings":["Imperial College London,United Kingdom"],"affiliations":[{"raw_affiliation_string":"Imperial College London,United Kingdom","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100424148","display_name":"Zhipeng Wang","orcid":"https://orcid.org/0000-0001-7281-1839"},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Zhipeng Wang","raw_affiliation_strings":["Imperial College London,United Kingdom"],"affiliations":[{"raw_affiliation_string":"Imperial College London,United Kingdom","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5010515168","display_name":"Qing K. Wang","orcid":"https://orcid.org/0000-0002-5639-8519"},"institutions":[{"id":"https://openalex.org/I42894916","display_name":"Data61","ror":"https://ror.org/03q397159","country_code":"AU","type":"other","lineage":["https://openalex.org/I1292875679","https://openalex.org/I2801453606","https://openalex.org/I42894916","https://openalex.org/I4387156119"]},{"id":"https://openalex.org/I1292875679","display_name":"Commonwealth Scientific and Industrial Research Organisation","ror":"https://ror.org/03qn8fb07","country_code":"AU","type":"funder","lineage":["https://openalex.org/I1292875679","https://openalex.org/I2801453606","https://openalex.org/I4387156119"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Qin Wang","raw_affiliation_strings":["CSIRO Data61,Australia"],"affiliations":[{"raw_affiliation_string":"CSIRO Data61,Australia","institution_ids":["https://openalex.org/I42894916","https://openalex.org/I1292875679"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5101343503"],"corresponding_institution_ids":["https://openalex.org/I47508984"],"apc_list":null,"apc_paid":null,"fwci":3.1044,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.93061735,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":96},"biblio":{"volume":null,"issue":null,"first_page":"334","last_page":"342"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.973800003528595,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.973800003528595,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9610999822616577,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9513000249862671,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/dynamics","display_name":"Dynamics (music)","score":0.6275208592414856},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5186816453933716},{"id":"https://openalex.org/keywords/psychology","display_name":"Psychology","score":0.12501052021980286}],"concepts":[{"id":"https://openalex.org/C145912823","wikidata":"https://www.wikidata.org/wiki/Q113558","display_name":"Dynamics (music)","level":2,"score":0.6275208592414856},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5186816453933716},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.12501052021980286},{"id":"https://openalex.org/C19417346","wikidata":"https://www.wikidata.org/wiki/Q7922","display_name":"Pedagogy","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1109/icbc59979.2024.10634417","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc59979.2024.10634417","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"},{"id":"pmh:oai:pure.atira.dk:publications/80297a7e-eb2c-483d-ad3d-fb0099488ba6","is_oa":false,"landing_page_url":"https://research.manchester.ac.uk/en/publications/80297a7e-eb2c-483d-ad3d-fb0099488ba6","pdf_url":null,"source":{"id":"https://openalex.org/S4306400662","display_name":"Research Explorer (The University of Manchester)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I28407311","host_organization_name":"University of Manchester","host_organization_lineage":["https://openalex.org/I28407311"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Xiong, X, Wang, Z & Wang, Q 2024, Exploring the Market Dynamics of Liquid Staking Derivatives (LSDs). in 2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC). https://doi.org/10.1109/icbc59979.2024.10634417","raw_type":"info:eu-repo/semantics/publishedVersion"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":32,"referenced_works":["https://openalex.org/W2090059250","https://openalex.org/W2092058573","https://openalex.org/W2739845435","https://openalex.org/W2913353093","https://openalex.org/W2979777917","https://openalex.org/W3009765502","https://openalex.org/W3133932565","https://openalex.org/W3134196592","https://openalex.org/W3151748982","https://openalex.org/W3206329751","https://openalex.org/W3209715990","https://openalex.org/W4211253574","https://openalex.org/W4248175462","https://openalex.org/W4296544172","https://openalex.org/W4297433024","https://openalex.org/W4299704115","https://openalex.org/W4361273198","https://openalex.org/W4385774711","https://openalex.org/W4386229252","https://openalex.org/W4387687187","https://openalex.org/W4388758141","https://openalex.org/W4389304817","https://openalex.org/W4391012807","https://openalex.org/W4401718861","https://openalex.org/W4404863698","https://openalex.org/W6774817649","https://openalex.org/W6793285265","https://openalex.org/W6843370259","https://openalex.org/W6853089827","https://openalex.org/W6855556071","https://openalex.org/W6857690257","https://openalex.org/W6860648486"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2748952813","https://openalex.org/W2390279801","https://openalex.org/W4391913857","https://openalex.org/W2358668433","https://openalex.org/W4396701345","https://openalex.org/W2376932109","https://openalex.org/W2001405890","https://openalex.org/W4396696052","https://openalex.org/W4402327032"],"abstract_inverted_index":{"Staking":[0,17],"has":[1,20],"emerged":[2],"as":[3],"a":[4],"crucial":[5],"concept":[6],"following":[7],"Ethereum\u2019s":[8],"transition":[9],"to":[10,78,86],"Proof-of-Stake":[11],"consensus.":[12],"The":[13],"introduction":[14],"of":[15,44,112],"Liquid":[16],"Derivatives":[18],"(LSDs)":[19],"effectively":[21],"addressed":[22],"the":[23,37,42,56,60,83,93,124],"illiquidity":[24],"issue":[25],"associated":[26],"with":[27],"solo":[28],"staking,":[29],"gaining":[30],"significant":[31],"market":[32,39],"attention.":[33],"This":[34],"paper":[35],"analyzes":[36],"LSD":[38,61,87,113],"dynamics":[40],"from":[41,121],"perspectives":[43],"both":[45],"liquidity":[46,50,105,114],"takers":[47],"(LTs)":[48],"and":[49,63,69,96],"providers":[51],"(LPs).":[52],"We":[53],"first":[54],"quantify":[55],"price":[57],"discrepancy":[58,77],"between":[59],"primary":[62],"secondary":[64],"markets.":[65],"Then":[66],"we":[67,91],"investigate":[68],"empirically":[70],"measure":[71],"how":[72],"LTs":[73],"can":[74],"leverage":[75],"such":[76],"exploit":[79],"arbitrage":[80],"opportunities,":[81],"unveiling":[82],"potential":[84],"barriers":[85],"arbitrages.":[88],"In":[89],"addition,":[90],"evaluate":[92],"financial":[94],"profit":[95],"losses":[97],"experienced":[98],"by":[99],"LPs":[100],"who":[101],"supply":[102],"LSDs":[103],"for":[104],"provision.":[106],"Our":[107],"results":[108],"show":[109],"that":[110],"66%":[111],"positions":[115],"generate":[116],"returns":[117],"lower":[118],"than":[119],"those":[120],"simply":[122],"holding":[123],"corresponding":[125],"LSDs.":[126]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1}],"updated_date":"2026-01-13T01:12:25.745995","created_date":"2025-10-10T00:00:00"}