Bitcoin operates as a macroeconomic paradox: it combines a strictly predetermined, inelastic monetary issuance schedule with a stochastic, highly elastic demand for scarce block space. This paper empirically validates the Endogenous Constraint Hypothesis, positing that protocol-level throughput limits generate a non-linear negative feedback loop between network friction and base-layer monetary velocity. Using a verified Transaction Cost Index (TCI) derived from Blockchain.com on-chain data and Hansen's (2000) threshold regression, we identify a definitive structural break at the 90th percentile of friction (TCI ~ 1.63). The analysis reveals a bifurcation in network utility: while the network exhibits robust velocity growth of +15.44% during normal regimes, this collapses to +6.06% during shock regimes, yielding a statistically significant Net Utility Contraction of -9.39% (p = 0.012). Crucially, Instrumental Variable (IV) tests utilizing Hashrate Variation as a supply-side instrument fail to detect a significant relationship in a linear specification (p=0.196), confirming that the velocity constraint is strictly a regime-switching phenomenon rather than a continuous linear function. Furthermore, we document a "Crypto Multiplier" inversion: high friction correlates with a +8.03% increase in capital concentration per entity, suggesting that congestion forces a substitution from active velocity to speculative hoarding.

آخری نظرثانی: 20 ستمبر، 2026. مقالہ اور نسخوں کی تاریخ پڑھیں ↗

Decentralized finance (DeFi) can broaden access while leaving activity, network position, and infrastructure concentrated. We develop a four-dimensional framework for participation, activity distribution, structural position, and infrastructure dependence, integrating network theory, theorem-consistent agent-based simulation, and longitudinal analysis of 1,956,216 Aave V3 Pool events. We study GHO issuance on Ethereum (15 July 2023) and its first cross-chain expansion to Aave's existing Arbitrum market (2 July 2024). Excluding each activation week, mean weekly active position-holder addresses increased by 91.0% around Ethereum issuance and 1.7% around Arbitrum expansion, while activity concentration fell by 31.5% on Ethereum but rose by 58.1% on Arbitrum. On a common 2024 calendar, the Arbitrum--Gnosis DiD-style change is +1.9833 for log participation and -0.01842 for position-holder-event HHI. Rule-based simulations recover the analytical equilibrium and show why aggregate growth can coexist with lower, unchanged, or higher concentration, while chain dispersion alone cannot establish route or shared-component resilience. Role-aware analysis further shows that network-structure conclusions vary by protocol action and scale. Intellectually, the framework explains why four dimensions of decentralization can diverge. Practically, it helps researchers, protocol designers, governance communities, and policymakers assess stablecoin growth without equating adoption with decentralization.

آخری نظرثانی: 5 اکتوبر، 2026. مقالہ اور نسخوں کی تاریخ پڑھیں ↗