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Restructured from flat .tex/.pdf files into per-paper subdirectories. Added Antje Worring as co-author on all papers. Synced PDFs to pdfs/ for download site.
38 lines
1.4 KiB
TeX
38 lines
1.4 KiB
TeX
\section{Capital Efficiency Analysis}
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\label{sec:efficiency}
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\subsection{Direct Staking vs.\ }
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\begin{definition}[Capital Efficiency]
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Capital efficiency $\eta$ is the ratio of yield earned to total capital opportunity cost:
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\begin{equation}
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\eta = \frac{y_{\text{net}}}{\text{yield}_{\text{staking}} + \text{opportunity cost of illiquidity}}
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\end{equation}
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\end{definition}
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\begin{table}[H]
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\centering
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\caption{Capital efficiency comparison.}
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\label{tab:efficiency}
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\begin{tabular}{lrrr}
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\toprule
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\textbf{Method} & \textbf{Net Yield} & \textbf{Liquidity Cost} & \textbf{Efficiency} \\
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\midrule
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Direct staking & 7.3\% & $\sim$3.0\% (14-day lock) & 71\% \\
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sLUX (hold) & 6.6\% & $\sim$0.3\% (AMM exit) & 95\% \\
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wsLUX + lending & 6.6\% + 2\% & $\sim$0\% (instant) & 99\% \\
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\bottomrule
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\end{tabular}
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\end{table}
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\subsection{Network Security Equivalence}
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\begin{theorem}[Security Preservation]
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Liquid staking provides equivalent network security to direct staking: the underlying LUX remains delegated to validators and subject to slashing, regardless of sLUX transfers in the secondary market.
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\end{theorem}
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\begin{proof}
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The StakingPool contract holds the delegation and cannot be unstaked except through the withdrawal process (which burns sLUX). sLUX transfers change the beneficiary of future rewards but do not affect the delegation. The total staked amount remains constant as long as withdrawals do not exceed deposits.
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\end{proof}
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