April 2026
Intermediate
288 pages
9h 2m
English
Content preview from Financial Mathematics for Cryptocurrencies
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CHAPTER 12Discounting and Staking
12.1 CLOCKS
While physical time is the standard in quantitative finance, blockchain systems benefit from choosing time coordinates that simplify most computations and assumptions in pricing.
Time changes have been used in TradFi, including in the context of commodities pricing [263, 277, 317]. We note that these concepts can be easily applied beyond the field of pricing for digital assets and cryptocurrencies, in particular the concept of market time.
12.1.1 Network Time
We introduce the concept of network time 
for pricing applications, as opposed to physical time , which is off-chain.
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