The results do not extend to consensus-layer security, where stake secures the entire chain simultaneously, attack payoffs are priced by attack-cost economics, and the token's value is endogenous to the attack.
Source quote, verbatim
The results do not extend to consensus-layer security, including one-shot safety attacks, where stake secures the entire chain simultaneously, attack payoffs are priced by attack-cost economics, and the token’s value is endogenous to the attack.
From
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 6 The regime map and the capacity prediction, p. 9 https://ssrn.com/abstract=7322599 · source PDF
Cite as
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026). SSRN: https://ssrn.com/abstract=7322599
Holds when
one-shot safety attacks and chain-level security are designated future work
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