We conceptually identify and empirically verify using marketplace lending data the features distinguishing FinTech platforms from non-financial platforms: (i) Long-term contracts introducing default risk at both the individual and platform levels; (ii) Lenders' investment diversification to...

We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-digit distributions,...

We predict asset returns and measure risk premia using a prominent technique from artificial intelligence -- deep sequence modeling. Because asset returns often exhibit sequential dependence that may not be effectively captured by conventional time series models, sequence modeling offers a...

Web3 and DeFi are widely advocated as innovations for greater financial inclusion and democratization. We conduct an initial investigation using data from the Ethereum network. We describe its network structure and distributions of transactions, mining, and ownership. Mining and ownership of...

We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-digit distributions,...

Web3 and DeFi are widely advocated as innovations for greater financial inclusion and democratization. We conduct an initial investigation using large-scale computing and big data concerning Ethereum, the largest Web3 platform. We describe its network structure, time trends, and distributions of...

Web3 and DeFi are widely advocated as innovations for greater financial inclusion and democratization. We assemble the most comprehensive dataset to date on the largest Web3 ecosystem and use large-scale computing to conduct an initial investigation. We describe Ethereum's network structure,...

Tokens offer convenience in digital networks and earn rewards when staked for consensus generation or economic activities. In our continuous-time model, agents dynamically allocate wealth over on-platform transactions and staking. Aggregate staking ratio crucially shapes platform productivity,...