The Avalanche Foundation has assembled an independent selection committee to evaluate proposals submitted to the Call For Research Program, offering grants of up to $50,000 USD for original academic research on the economics of decentralized networks.

The committee comprises members from Ava Labs, the Avalanche Foundation, and external academics with deep expertise in economics, finance, and decentralized network design. 

Together, they bring rigorous academic standards and deep ecosystem knowledge to ensure that selected proposals represent the highest standard of academic inquiry into the economic questions that matter most for the long-term sustainability of decentralized networks.

“Avalanche was built on rigorous academic foundations, and this research program is a continuation of that commitment. As a selection committee, our focus is clear: to select research that advances our understanding of the fundamental economic questions facing decentralised networks and deliver findings that can be directly applied to how Avalanche evolves.” - Emin Gün Sirer, Founder and CEO, Ava Labs.

Learn more about the program, here. 

Committee Members

Emin Gün Sirer: Founder and CEO, Ava Labs

Before founding Ava Labs, he spent over 15 years as a Professor at Cornell University, where his research laid foundational groundwork in Byzantine fault tolerance, peer-to-peer systems, and blockchain scalability. 

As the architect of the Avalanche consensus protocol, he brings both deep academic rigor and direct practical experience building one of the fastest and most widely adopted blockchain ecosystems in the world. His combination of academic depth and ecosystem-building experience gives him a uniquely grounded perspective on the research questions at the heart of this program.

Matias A.: Chief Investment Officer, Avalanche Foundation

Matias A. serves as Chief Investment Officer of the Avalanche Foundation, bringing over a decade of experience managing institutional portfolios across traditional finance and digital assets. His career spans roles at the International Monetary Fund, where he developed analytical frameworks for evaluating sovereign economic policy, and the World Bank Treasury, where he directed multi-billion dollar fixed-income portfolios and contributed to pension fund management. 

At the Avalanche Foundation, he leads investment strategy and capital deployment across the ecosystem. His rare combination of macroeconomic policy expertise and capital markets execution makes him exceptionally well placed to evaluate research at the intersection of economic theory and decentralised network design.

Eric Lu: Lead Economist, Avalanche Foundation

Siyu (Eric) Lu is a cryptoeconomist and data scientist with a PhD in Financial Economics, bringing over a decade of experience across traditional finance and digital assets. His expertise spans quantitative modeling, machine learning, tokenomics, and large-scale data systems. Previously, Eric served as a Cryptoeconomist and Senior Data Scientist at TRM Labs, where he led the development of on-chain analytics and risk-scoring models for regulators and institutions, and as a Financial Economist at Cornerstone Research. 

At the Avalanche Foundation, his work centres on protocol design, liquidity dynamics, staking economics, and token models, building the analytical frameworks that support data-driven, sustainable growth across the ecosystem.

Campbell Harvey: Professor of Finance, Duke University and Research Associate, National Bureau of Economic Research

Campbell R. Harvey is Distinguished Professor of Finance at Duke University's Fuqua School of Business, former President of the American Finance Association, and a Research Associate at the National Bureau of Economic Research. He has published over 150 scholarly articles across investment finance, decentralized finance, and financial econometrics, and serves as Director of Research at Research Affiliates, overseeing more than $180 billion in client funds. 

He is the author of DeFi and the Future of Finance and has taught decentralized finance and Web3 technology at Duke for over 12 years.

Fahad Saleh: Emerson/Merrill Lynch Professor, University of Florida and Cryptoeconomics Advisor, Columbia University CDFT

Fahad Saleh is the Emerson/Merrill Lynch Professor at the University of Florida and the Cryptoeconomics Advisor at Columbia University's Center for Digital Finance and Technologies. His research informs both the design of blockchain protocols (e.g., proof-of-work, proof-of-stake) and the design of blockchain business applications (e.g., decentralized exchanges, decentralized lending protocols, supply chain applications). His work has been published in the top peer-reviewed scholarly journals, including Management Science, the Review of Financial Studies, and the Journal of Financial Economics. He is among the most widely cited blockchain researchers in the world today and has written the most widely cited scholarly article on the economic design of the proof-of-stake blockchain protocol. He serves on the editorial boards of Management Science and the World Scientific Annual Review of FinTech, co-organizes the Crypto and Blockchain Economic Research (CBER) Forum, and is a FinTech Fellow at Cornell University.

Agostino Capponi: Professor of Industrial Engineering and Operations Research, Columbia University and Director, Center for Digital Finance and Technologies

Agostino Capponi is a Professor of Industrial Engineering and Operations Research at Columbia University with a courtesy appointment at the Columbia Business School, and Director of the Columbia Center for Digital Finance and Technologies. His research spans financial technology, market microstructure, and machine learning in finance, published in leading journals including the Journal of Political Economy, Review of Financial Studies and the Journal of Financial Economics. 

He received a Presidential Early Career Award for Scientists and Engineers in 2025 and has collaborated with the US Department of Treasury, the Federal Reserve Board, and the US Commodity Futures Trading Commission.

Apply Now

Proposals will be assessed by the selection committee on five criteria: relevance to the research themes, methodological rigor, novelty of the proposed contribution, feasibility of scope and timeline, and the qualifications of the research team.

The Avalanche Foundation's Call for Research Proposals offers grants of up to $50,000 USD for original academic work on two interconnected research areas: cryptoasset pricing and valuation, and validator economics and network security.

Applications are open now. 

Full details and submission instructions are available here. 

Avalanche Foundation 

The Avalanche Foundation is a non-profit organisation dedicated to the growth and long-term sustainability of the Avalanche ecosystem. Through programs, grants, and strategic initiatives, the Foundation supports builders, fosters innovation, and drives real onchain activity across the Avalanche network.

Disclaimer: The Avalanche Foundation's Research Grants Program is designed to support independent academic inquiry into the economics of decentralized networks. The award of a grant does not constitute an endorsement of any specific research findings, conclusions, or recommendations. All funding decisions are made at the sole discretion of the Avalanche Foundation and its selection committee. Participation in the program does not guarantee funding. The Avalanche Foundation reserves the right to modify or discontinue the program at any time.