리스크를 고려한 블록체인 검증자 보상 포트폴리오 최적화

Optimization Blockchain Validator Reward Portfolio to Account for Risk

This paper explores the viability of investment opportunities through earning rewards as validators in blockchain networks, moving beyond traditional approaches to cryptocurrency investment. Recently, there has been growing interest in participating as blockchain validators to receive stable rewards, rather than merely purchasing and holding cryptocurrencies. This shift reflects a perception among investors that participating in blockchain validation is a safer investment method. Despite this, most investment decisions still focus primarily on the volatility of cryptocurrency prices, with investment strategies considering validator reward rates being relatively underexplored. This study selects five major cryptocurrencies based on the Proof of Stake (PoS) mechanism (Ethereum, Cosmos, BNB, Polkadot, Polygon) and compares the validator reward rates from the fourth quarter of 2022 to the fourth quarter of 2023. The selected cryptocurrencies were chosen based on their market capitalization, validator reward rates, and the number of wallets staked, representing popular and trustworthy options. Through this analysis, the research applies Modern Portfolio Theory (MPT) by Harry Markowitz to propose a method of portfolio composition that maintains an optimal balance between risk and return. This is expected to contribute to investors making more stable and sustainable investment decisions based on the fundamental value and long-term growth potential of blockchain technology. Additionally, this study is anticipated to provide significant insights into academic discussions related to cryptocurrency investments, deepen understanding of the cryptocurrency market, and enhance the efficiency of investment strategies.