Fabian Schär

We analyze locational preferences of investors in the metaverse. The setting allows us to compile a unique data set with parcel- and investor-specific observations. We find strong evidence that location matters even in a virtual world with negligible transportation costs. Locational preferences come in two distinct forms. Investors are willing to pay substantial premiums for (1) land in close proximity to popular landmarks, and (2), for parcels with more memorable addresses. Virtual land… Mehr anzeigen

We analyze locational preferences of investors in the metaverse. The setting allows us to compile a unique data set with parcel- and investor-specific observations. We find strong evidence that location matters even in a virtual world with negligible transportation costs. Locational preferences come in two distinct forms. Investors are willing to pay substantial premiums for (1) land in close proximity to popular landmarks, and (2), for parcels with more memorable addresses. Virtual land incorporates characteristics from real estate and domain name markets. We argue that these effects are primarily driven by commercial land use and visitor density expectations. Weniger anzeigen

The term decentralized finance (DeFi) refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way. This article highlights opportunities and potential risks of the DeFi ecosystem. I propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards… Mehr anzeigen

The term decentralized finance (DeFi) refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way. This article highlights opportunities and potential risks of the DeFi ecosystem. I propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives, and on-chain asset management protocols. I conclude that DeFi still is a niche market with certain risks but that it also has interesting properties in terms of efficiency, transparency, accessibility, and composability. As such, DeFi may potentially contribute to a more robust and transparent financial infrastructure. Weniger anzeigen

Die Blockchain wird als Innovation des Jahrzehnts gehandelt und hat das Potential die Welt auf ähnliche Weise zu verändern, wie dies das Aufkommen des Internets tat.
Dieses Buch beinhaltet sämtliche Informationen, die zum Verständnis dieser faszinierenden Technologie benötigt werden.
Der interdisziplinäre Blickwinkel und die fachliche Vollständigkeit sorgen dafür, dass das Buch für Neueinsteiger und Fortgeschrittene gleichermaßen interessant und lesenswert ist. Damit wird es zur… Mehr anzeigen

Die Blockchain wird als Innovation des Jahrzehnts gehandelt und hat das Potential die Welt auf ähnliche Weise zu verändern, wie dies das Aufkommen des Internets tat.
Dieses Buch beinhaltet sämtliche Informationen, die zum Verständnis dieser faszinierenden Technologie benötigt werden.
Der interdisziplinäre Blickwinkel und die fachliche Vollständigkeit sorgen dafür, dass das Buch für Neueinsteiger und Fortgeschrittene gleichermaßen interessant und lesenswert ist. Damit wird es zur unverzichtbaren Lektüre für alle, die sich mit dem Thema auseinandersetzen möchten. Weniger anzeigen

At the “Cash on Trial” conference, cash has been accused of three sins: First, cash
is inefficient and costly to use, and society would be better off without it. Second,
it promotes crime, and facilitates money laundering and tax evasion. Third, it
makes negative nominal interest rates infeasible. In certain situations, this may
hinder central banks from implementing optimal monetary policies. In this
article, we argue that all three accusations are fallacies; they are based on… Mehr anzeigen

At the “Cash on Trial” conference, cash has been accused of three sins: First, cash
is inefficient and costly to use, and society would be better off without it. Second,
it promotes crime, and facilitates money laundering and tax evasion. Third, it
makes negative nominal interest rates infeasible. In certain situations, this may
hinder central banks from implementing optimal monetary policies. In this
article, we argue that all three accusations are fallacies; they are based on faulty
reasoning. There is absolutely no need to limit the use of cash. On the contrary,
societies should facilitate its use. Weniger anzeigen

Die extrem expansive Geldpolitik hat zu einer Diskussion über den Nutzen von Bargeld geführt. Kritiker bringen vor allem drei Gründe gegen Cash vor. Letztlich sind alle falsch.

In this paper, we analyze various Decentralized Finance (DeFi) protocols in terms of their token distributions. We propose an iterative mapping process that allows us to split aggregate token holdings from custodial and escrow contracts and assign them to their economic beneficiaries. This method accounts for liquidity-, lending-, and staking-pools, as well as token wrappers, and can be used to break down token holdings, even for high nesting levels. We compute individual address balances for… Mehr anzeigen

In this paper, we analyze various Decentralized Finance (DeFi) protocols in terms of their token distributions. We propose an iterative mapping process that allows us to split aggregate token holdings from custodial and escrow contracts and assign them to their economic beneficiaries. This method accounts for liquidity-, lending-, and staking-pools, as well as token wrappers, and can be used to break down token holdings, even for high nesting levels. We compute individual address balances for several snapshots and analyze intertemporal distribution changes. In addition, we study reallocation and protocol usage data, and propose a proxy for measuring token dependencies and ecosystem integration. The paper offers new insights on DeFi interoperability as well as token ownership distribution and may serve as a foundation for further research. Weniger anzeigen