Xiaotong Sun

I am a PhD student at the Adam Smith Business School, University of Glasgow. I am also Research Lead at DAO^2. BUIDL!

Contact Information

Email: Xiaotong.Sun@glasgow.ac.uk;

See my work

About Me

My research interests generally lie in the area of blockchain and cryptofinance. I am particularly interested in Decentralized Finance (DeFi) and Decentralized Autonomous Organization (DAO). Currently, I focus on empirical evidence of centralization in blockchain, especially governance centralization in DAO.


Decentralized illusion in Decentralized Finance: Evidence from tokenized voting in MakerDAO polls. Accepted by Journal of Financial Stability, forthcoming (with Charalampos Stasinakis and Georgios Sermpinis).


Voter coalitions and democracy in Decentralized Finance: Evidence from MakerDAO. Working paper (with Xi Chen, Michele Fabi, Charalampos Stasinakis and Georgios Sermpinis).
Liquidity Risks in Lending Protocols: Evidence from Aave Protocol. Working paper (with Charalampos Stasinakis and Georgios Sermpinis).
Bribes to Miners: Evidence from Ethereum. Working paper.


PhD in Finance, University of Glasgow (2020 - 2024)
MSc in Financial Mathematics, University of Leeds (2018 - 2019)
BEcon in Mathematical Economics, Fudan University (2014 - 2018)


June 12 - June 14, 2024 - Finance and Business Analytics Conference, Athens, Greece
June 28 - July 1, 2023 -the 32nd European Financial Management Association (EFMA) conference, Cardiff, UK
May 26, 2023 - UCSB-Econ DeFi seminar, UC Santa Barbara
May 17, 2023 - BlockSem@Paris, École Polytechnique, Paris, France
December 16-17, 2022 - World Finance Banking Symposium 2022, Miami, USA
December 14-16, 2022 - the 35th Australasian Finance & Banking Conference, Sydney, Australia, invited talk
October 12, 2022 - Cardiff FinTech Conference 2022, Cardiff, UK
September 22-23, 2022 - Cryptocurrency Research Conference 2022 (CRC2022), Durham, UK
June 29 - July 1, 2022 - International Conference on Forecasting Financial Markets, Milan, Italy
May 6, 2022 - The 2nd Workshop on Decentralized Finance (DeFi) In Association with Financial Cryptography 2022, Grenada
September 16-17, 2021 - Cryptocurrency Research Conference 2021 (CRC2021)
June 28, 2021 - Scottish Doctoral Colloquium in Accounting and Finance (ScotDoc2021)


Dec, 2022 - Travel grant, Asian Development Bank
May, 2022 - Travel grant, Harmony Blockchain through ResearchDAO


I am currently a Graduate Teaching Assistant (GTA) at Adam Smith Business School. I am involved in courses below:
2022,23 Foundations of Financial Technology, Master Level
2021,22 Corporate Finance and Investment, Master Level
2022 Risk Management and Derivative Securities, Master Level
2021 Foundations of Finance, Undergraduate level

Honors and Awards

2021 - Best PhD paper, awarded by Cryptocurrency Research Conference
2020 - First Prize in Global FinTech Application and Innovation Competition, awarded by Fudan University and Peking University
2019 - First prize in UBS Global Markets Hackathon, awarded by UBS
2016 - Excellent Project Award, awarded by Hope Project
2015 - Silver Award of 4th China Charity Fair, awarded by China Charity Federation
2015 - Individual Award, awarded by Fudan University
2014 - First-class Scholarship, awarded by Fudan University

Contact Me