讲座题目：What Doesn’t Kill You Makes You Stronger? Evidence from a Platform Entry Strategy on Decentralized Exchange（杀不死你的会让你更强大吗？来自去中心化交易平台上新兴平台进入战略的证据）

主讲人：万祥 圣克拉拉大学

时间：2023年11月28日10:00

腾讯会议：929 517 316

主办单位：技术经济及创新管理系

邀请人：范如国

内容摘要：

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.

我们研究了区块链生态系统中一种新兴平台进入战略对在位者运营绩效的影响。在该战略实施期间，进入者克隆了在位者的商业模式，并对在位者的流动性提供者进行代币化激励，以期将他们引流到其克隆的平台。由于该战略在平台克隆、代币化激励和针对性攻击等方面的独特性，现有平台进入战略的研究对于理解其影响的帮助有限。我们的研究为这一新兴的平台进入战略做出了重要贡献。我们基于 Sushiswap（进入者）对 Uniswap（在位者）发起的进入战略来进行准实验性设计。我们研究了该战略对在位者流动性池的存款端和兑换端运营绩效的影响。令人惊讶的是，我们发现该战略对在位者存款端的流动性供应没有显著影响。更令人惊讶的是，该战略显著增加了在位者兑换端的交易量。我们进一步揭示了导致这些有趣结果的原因，并揭示了该战略对新用户和现有用户市场的不同影响。

主讲人简介：

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).