This paper presents an open-economy macroeconomic equilibrium model for Proof-of-Stake (PoS) networks with fee-burn mechanics (EIP-1559) that formalizes the strategic interplay between a Kelly-optimizing rational institutional investor and a utility-driven retail consumer. We analyze network dynamics across two behavioral regimes. In The Unbounded Accumulation Model, the consumer purely accumulates tokens, creating an exclusive buy-side pressure that interacts with institutional portfolio rebalancing to fuel an ever-expanding speculative bubble and generate compounding excess returns for investors. Conversely, in The Utility-Consumption Model, the consumer dynamically buys and sells tokens to balance crypto wealth against real-world fiat consumption. Within this framework, we derive an explicit steady-state equilibrium price for ETH, demonstrating how token valuation anchors to a stable fundamental baseline that scales directly with network adoption while completely dissolving the institutional yield premium. Our numerical simulations show that while exogenous traditional finance (TradFi) shocks propagate through portfolio rebalancing to drive high token price volatility, network inflation remains highly stable. Furthermore, we prove that network security is insulated from institutional monopoly by counter-cyclical consumer behavior. Our findings reveal that institutional excess wealth creation in PoS ecosystems is not native to the staking protocol itself, but is strictly driven by the leveraged extraction of the retail consumer's continuous demand for transactional utility.

翻译：本文构建了一个基于开放经济的宏观经济均衡模型，用于分析具有费用销毁机制（EIP-1559）的权益证明（PoS）网络。该模型形式化描述了遵循凯利准则优化策略的理性机构投资者与追求效用的零售消费者之间的战略互动。我们基于两种行为范式对网络动态展开分析。在“无界积累模型”中，消费者单纯积累代币，形成单边买入压力，与机构投资组合再平衡相互作用，催生持续扩大的投机泡沫，并为投资者创造复利式超额收益。反之，在“效用消费模型”中，消费者通过动态买卖代币，在加密货币财富与实际法币消费之间实现平衡。在此框架下，我们推导出ETH的显式稳态均衡价格，论证了代币估值如何锚定于一个与网络采用率直接成比例缩放、同时完全消除了机构收益率溢价的基础基准。数值模拟表明：尽管外生传统金融（TradFi）冲击通过投资组合再平衡传导，引发代币价格高波动性，但网络通胀率仍保持高度稳定。进一步地，我们证明网络安全性通过反周期的消费者行为免受机构垄断的影响。研究揭示，PoS生态系统中机构超额财富的创造并非质押协议的内生属性，而是严格由零售消费者对交易效用持续需求的杠杆化提取所驱动。