The Future of Digital Assets

Friday Agenda

Second Annual DeFi Academic Research Conference

Day 2 of the event will be an academic research conference with presentations of research that focus on decentralized exchange (DEX), decentralized stablecoins, DAOs, NFTs, Web3 applications, lending, derivatives, payments, insurance, prediction, tokenization, identity, oracles and other protocols.


Friday, March 03

9:50 AM-10:00 AM

Welcome Eric Ghysels and Campbell Harvey

10:00 AM-12:45 PM

Session 1


Eric Ghysels

Edward Bernstein Distinguished Professor of Economics and Professor of Finance, Faculty Director of Rethinc. Labs

Automated Market Making and Loss-Versus-Rebalancing
10:00 AM-10:50 AM


Ciamac C. Moallemi

Columbia University

Coffee break
10:50 AM-11:05 AM

Reaching for Yield in Decentralized Financial Markets
11:05 AM-11:55 AM


Patrick Augustin

McGill University

Systemic Fragility in Decentralized Markets
11:55 AM-12:45 PM


Alfred Lehar

University of Calgary
12:45 PM-1:45 PM


1:45 PM-4:20 PM

Session 2


Cam Harvey

Professor of Finance at the Fuqua School of Business, Duke University

Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence
1:45 PM-2:35 PM


Luofeng Zhou

Columbia University

Stablecoin Runs and the Centralization of Arbitrage
2:35 PM-3:25 PM


Yao Zeng

University of Pennsylvania

Coffee break
3:05 PM-3:30 PM

Anatomy of a Run: The Terra Luna Crash
3:45 PM-4:35 PM


Igor Makarov


Antoinette Schoar




Kenan Institute of Private Enterprise

Fundamental to our belief in a free society is an economic system described as “free enterprise” which is dependent upon individual initiative. This encompasses social and ethical standards derived from this system and embodied in a democratic society.

The Frank Hawkins Kenan Institute of Private Enterprise fosters mutual understanding and appreciation between members of the private enterprise sector, the academic community, and their government, and to encourage cooperative efforts among these groups.

The Kenan Institute serves these communities as a national center for scholarly research, joint exploration of issues, and course development all associated with the principal theme of preservation, encouragement, and understanding of private enterprise.



Rethinc. Labs is a consortium of globally prominent thought leaders and researchers examining how businesses can best mitigate challenges and leverage opportunities amid today’s rapid digital transformation. With the rate of this technological change largely outpacing academic research and rendering traditional approaches to managing change ineffective, the labs facilitate and promote a cross-sector, interdisciplinary approach to examining emerging technologies and evolving disciplines including fintech, value chain and customer science. By fostering collaboration among top scholars, business executives and government leaders, the labs aim to harness the power of emerging technologies not only to drive business value creation, but also to benefit consumers and society more broadly. Rethinc. Labs is an initiative of the Frank Hawkins Kenan Institute of Private Enterprise at UNC Kenan-Flagler Business School.


UNC Kenan-Flagler Business School

For the past century, we have offered an alternative to a traditional business education. We equip students with the real-world skills to succeed and the enduring values and courage to do what’s right. In and out of the classroom, through the curriculum we design, the experiences we provide, the collaborative culture we promote, the faculty we hire, and even the way we conduct ourselves as an employer and a member of our community, we are guided by our core values of integrity, inclusion, innovation and impact. Today, our graduates number more than 42,000. These high-achieving alumni live, work and flourish in all states and 86 countries. They are ambitious, principled leaders keenly focused on the bottom line as well as the greater good. Our mission is to build and inspire leaders who make the world a better place. We challenge and prepare our students to be best in the world and the best for the world.


Duke University's Fuqua School of Business

Duke University's Fuqua School of Business attracts and nurtures a new kind of leader who has the power to bring out the strength in others and move teams forward toward a common purpose. Our community is made up of students and faculty from around the world who thrive in an environment with differing viewpoints. We bring them together to inform a leadership style that inspires entire organizations to do better while doing what’s best.



Through blockchain technology, Ripple enables global financial institutions, businesses, governments and developers to move, manage and tokenize value, helping to unlock greater economic opportunity for everyone, everywhere.

A Frank Hawkins Kenan Institute of Private Enterprise Event