講座題目：What Doesn’t Kill You Makes You Stronger? Evidence from a Platform Entry Strategy on Decentralized Exchange（殺不死你的會讓你更強(qiáng)大嗎？來自去中心化交易平臺上新興平臺進(jìn)入戰(zhàn)略的證據(jù)）
主講人：萬祥 圣克拉拉大學(xué)
時(shí)間：2023年11月28日10:00
騰訊會議：929 517 316
主辦單位：技術(shù)經(jīng)濟(jì)及創(chuàng)新管理系
邀請人：范如國
內(nèi)容摘要：
We examine the impact of vampire attack, a unique platform entry strategy in the blockchain ecosystem, on the operational performance of the incumbent platform. During the vampire attack period, the entrant attacker clones the targeted incumbent’s business model and drains liquidity from the incumbent to its cloned platform by providing tokenized incentives to the incumbent’s liquidity providers. Prior studies offer little insight into the impact of vampire attack strategy because of its uniqueness in platform cloning, tokenized incentives, and targeted attacks. Our study provides significant contributions to this nascent platform entry strategy. We implement a quasi-experimental design by leveraging the vampire attack launched by Sushiswap (the attacker) against Uniswap (the incumbent). We examine both the deposit-side and exchange-side impact of the vampire attack on the operational performance of the liquidity pools on Uniswap. Surprisingly, we find that the vampire attack has no significant effect on the liquidity provision on the deposit side. Even more surprisingly, the vampire attack significantly increases the incumbent’s trading volume on the exchange side. We further uncover the underlying reasons contributing to these intriguing results and reveal the differential impact of the vampire attack on the market for new and existing users.
我們研究了區(qū)塊鏈生態(tài)系統(tǒng)中一種新興平臺進(jìn)入戰(zhàn)略對在位者運(yùn)營績效的影響。在該戰(zhàn)略實(shí)施期間，進(jìn)入者克隆了在位者的商業(yè)模式，并對在位者的流動性提供者進(jìn)行代幣化激勵(lì)，以期將他們引流到其克隆的平臺。由于該戰(zhàn)略在平臺克隆、代幣化激勵(lì)和針對性攻擊等方面的獨(dú)特性，現(xiàn)有平臺進(jìn)入戰(zhàn)略的研究對于理解其影響的幫助有限。我們的研究為這一新興的平臺進(jìn)入戰(zhàn)略做出了重要貢獻(xiàn)。我們基于 Sushiswap（進(jìn)入者）對 Uniswap（在位者）發(fā)起的進(jìn)入戰(zhàn)略來進(jìn)行準(zhǔn)實(shí)驗(yàn)性設(shè)計(jì)。我們研究了該戰(zhàn)略對在位者流動性池的存款端和兌換端運(yùn)營績效的影響。令人驚訝的是，我們發(fā)現(xiàn)該戰(zhàn)略對在位者存款端的流動性供應(yīng)沒有顯著影響。更令人驚訝的是，該戰(zhàn)略顯著增加了在位者兌換端的交易量。我們進(jìn)一步揭示了導(dǎo)致這些有趣結(jié)果的原因，并揭示了該戰(zhàn)略對新用戶和現(xiàn)有用戶市場的不同影響。
主講人簡介：
Xiang (Shawn) Wan is an Assistant Professor in the Department of Information Systems & Analytics at the Leavey School of Business, Santa Clara University in Silicon Valley. His research interests lie primarily in three areas: algorithmic product recommendation systems, AI & Blockchain, and the digital economy. His research has appeared in Management Science and Information Systems Research. He received the ACM SIGMIS Doctoral Dissertation First Runner-Up Award at the International Conference on Information Systems (ICIS 2022) and the Best Dissertation Runner-Up Award at the Workshop on Information Technologies and Systems (WITS 2021). He holds a Ph.D. in Information Systems and Operations Management from the University of Florida (2022). He also holds an M.S. in Management Science and Engineering from Renmin University of China (2017) and a B.S. in Engineering Management from Wuhan University (2014).
