Entry fees should be treated as participation instruments priced on the admissible interval, never as a direct deterrent; any equilibrium-selection role is protocol-dependent and remains unproved.
Source quote, verbatim
Fifth, treat entry fees as partic- ipation instruments priced on the admissible interval of Proposition 3, never as a direct deterrent; any equilibrium-selection role is protocol-dependent and remains unproved.
From
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 8 Design implications, p. 11 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
The quote above is an exact passage from the source PDF, whose sha256 is 130ee4e65fb79a9f3a96f6df22408b40c2de76e9ec8fc2bd1c68f0f6a7104333. Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/7322599-027.md | sha256sum