We examine the dramatic collapse of the Terra blockchain in May 2022. Using granular blockchain data, we show that the run resulted from the interaction of three economic forces: subsidized money creation, real-time observability of transactions, and investor concentration. The early success of Terra’s algorithmic stablecoin, UST, was fueled by highly subsidized deposit rates, which attracted many investors but failed to engage them meaningfully with other services. Blockchain transparency allowed investors to observe Terra’s worsening fundamentals and monitor each other’s exits in real time. Larger and sophisticated investors reacted faster to adverse signals and served as catalysts for the run. These findings challenge the idea that blockchain transparency levels the playing field and highlight how greater observability and concentration can amplify financial fragility. Our results contribute to the understanding of the limits of private money creation and the dynamics of runs in fully digital financial systems.

Entrepreneurs typically seek financing in decentralized markets, where they approach investors sequentially. We develop a model of sequential capital markets with privately informed investors. The sequential market creates a dynamic adverse selection externality that leads to overinvestment and excessive rents to intermediaries, even as the number of competing investors becomes arbitrary large. The resulting rents lead to excessive entry of investors and insufficient entry of entrepreneurs. Moving to a centralized market structure or reducing transparency restores competitiveness but may harm efficiency. The model also explains how even a small skill advantage for an investor can lead to preferential deal flow and outsized returns.

Depending on the method of cellulose production, the proportion of alpha fraction in it can vary significantly. Paper pulp, unlike dissolving cellulose, has an alpha proportion of less than 90%. The presence of cellulose satellites in the system does not impede the formation of concentrated solutions of N-methylmorpholine-N-oxide (NMMO). In the current study, spinning solutions based on cellulose with a low alpha fraction (up to 90%) (pulp cellulose) are investigated. The morphological features and rheological behavior of such solutions are examined. It is suggested to roll the obtained solutions in order to obtain cellulose membranes. X-ray diffraction, IR spectroscopy, AFM and SEM were used to investigate the resulting structure and morphology of the obtained membranes. It is shown that the degree of crystallinity for the membranes varies based on the impurity content in the sample. The morphology of the films is characterized by a dense texture and the absence of vacuoles. The highest strength and elastic modulus were found for membranes made of bleached hardwood sulfate cellulose, 5.7 MPa and 6.4 GPa, respectively. The maximum values of the contact angle (48°) were found for films with a higher proportion of lignin. The presence of lignin in the membranes leads to an increase in rejection for the anionic dyes Orange II and Remazol Brilliant Blue R.

Mechanical integrity is a pivotal characteristic of cellulose fiber networks; however, their wet strength frequently deteriorates under humid conditions due to the hydrophilic nature of cellulose. This study presents a novel conjugate additive, synthesized by grafting carbohydrate-binding modules onto amphoteric polyacrylamide (CBM3-AmPAM), aimed at enhancing the mechanical properties of cellulose fiber networks at the wet-end of papermaking. The incorporation of CBM3-AmPAM significantly improved performance compared to AmPAM alone, with stress-strain properties enhanced by 1130.34 % and 202.25 % under humid conditions at a 1 % dosage. Notably, the foldability of the cellulose fiber networks increased by 33 %. Employing quartz crystal microbalance with dissipation monitoring (QCM-D), the adsorption behaviors of CBM3, AmPAM, their conjugate (CBM3-AmPAM) and mixture (CBM3+AmPAM) onto fibers were assessed. Results indicated that CBM3-AmPAM exhibited notably robust and more irreversible adsorption compared to other tested formulations. This research highlights the potential of CBM3-AmPAM as an effective wet-end additive in papermaking and provides valuable insights into its interaction with cellulose fibers.

An emulsion stabilization technique based on molecularly thin cellulose nanoribbons (CR) is described, demonstrating superior emulsifying capability at concentrations as low as 0.05 %. The results show that CR enables the stabilization of oil-in-water emulsions that remain stable for over 60 days, even at high oil-to-water ratios. Rheological assessment reveals a shear-thinning profile and dominance of storage modulus (G') over loss modulus (G"), signifying the emulsions' viscoelastic nature and resistance to structural breakdown. In particular, emulsions containing 0.5 % CR presented exceptional centrifugal stability at 8000 rpm without oil leakage or emulsion breakage. In contrast, emulsions stabilized by cellulose nanocrystals (CNC) and nanofibrils (CNF) exhibited significantly reduced stability and viscosity. This study underscores CR's potential in creating eco-friendly, high-performance food-grade emulsions that meet the burgeoning demands for environmentally friendly and healthy foods.

Magnetic properties of DyCo2 and HoCo2 have been investigated in both low and high magnetic fields up to 350 T. At low temperature, the compounds form ferrimagnetic structure with the rare-earth moments close to 10 mu(B) and a Co moment of similar to 1 mu(B). With increasing temperature, the magnetic disordering occurs through the first-order type transition, which confirms the itinerant nature of magnetism of d-electron subsystem of Co. From the field dependences of the voltage induced in the measuring coils of the explosive magnetocumulative generator, the values of critical field of metamagnetic transition in the Co sublattice from a field-disordered to a magnetically ordered state were determined to be 295 T and 329 T for HoCo2 and DyCo2, respectively. Using reliable literature data on the field of metamagnetic transition for the exchange-enhanced Pauli paramagnet YCo2, the values of molecular fields of the intersublattice exchange interaction and R-Co exchange coupling parameter were directly estimated. The obtained data are compared with those determined previously by indirect methods.

Polymer matrices can be reinforced with cellulose fillers in a variety of geometric shapes. Depending on the morphology of the particles, the volume fraction of the composite additive may decrease, while the values of the elastic modulus may increase. Increasing the length while decreasing the width of the cellulose filler is an intriguing path in the development of composite additives and materials based on it. It is difficult to form thin continuous cellulose fibers, but this can be accomplished via the sea-island composite fiber manufacturing process. The creation of cellulose fibrils in polyacrylonitrile (PAN)/cellulose based systems happens during the spinning of the mixed solution. A selective solvent facilitates the isolation of cellulose fibrils. The structure of the isolated microfibers was investigated using X-ray diffraction, IR spectroscopy, SEM, and AFM. The structure of the resulting cellulose microfibers was compared to bacterial cellulose. It has been shown that composite fibers have a superposition pattern, while cellulose fibrils have a structure different from native cellulose and similar to Lyocell fibers (polymorph II). The crystallite sizes and crystallinity of regenerated cellulose were determined. The identified structural parameters for cellulose fibrils provide strength at the level of industrial hydrated cellulose fibers.

Betulin is a promising natural organic substance due to its antibacterial, fungicidal, and antitumor properties, as are their derivatives. The particle size of betulin can reach several tens of micrometers, and its thickness is several microns. There are various ways of processing betulin, but the most promising are solution methods (applying thin layers, impregnation, etc.). Application or impregnation of various materials is carried out using betulin; however, currently known solvents do not allow obtaining solutions with the necessary content of it. Since a number of direct solvents are already known for betulin, which provides only low-concentration solutions, the use of complex systems based on two solvents can become the optimal solution to the problem. The literature data show that the use of mixtures of solvents allows for the preparation of homogeneous solutions, for example, for natural polymers like cellulose, etc. This approach to obtaining solutions has become the basis for the processing of betulin. The use of a mixed solvent based on ethanol and DMSO for the preparation of betulin solutions has been proposed for the first time. The solubility of betulin in a mixture system with a ratio of components of 50 wt.% to 50 wt.% was studied, and a solubility curve was plotted. It is shown that the use of a two-component solvent makes it possible to transfer up to 10% of betulin into solution, which is almost twice as much as compared to already known solvents. The rheological properties of the obtained solutions have been studied. The viscosity of betulin solutions in a complex solvent depends on its content and temperature, so for 7% solutions at 70 °C, it is approximately 0.008 Pa*s. Applying betulin to the surface of the cardboard increases its hydrophobic properties and repellency.

Metathesis homo- and copolymerization of bifunctional monomers bearing two norbornene moieties was studied. The monomers were synthesized from cis-5-norbornene-exo-2,3-dicarboxylic anhydride and various diamines (hexamethylenediamine, decamethylenediamine, 1R,3S-isophoronediamine). The metathesis homopolymerization of these bis(nadimides) in the presence of the second-generation Grubbs catalyst afforded glassy cross-linked polymers in more than 90% yields. The metathesis copolymerization of the bis(nadimides) and a monofunctional norbornene derivative containing the β-pinene fragment also resulted in insoluble cross-linked polymers in nearly quantitative yields. The structures and purity of the synthesized polymers were confirmed via IR spectroscopy and CP/MAS NMR spectroscopy. Conditions for the fabrication of mechanically strong solution-cast thin films based on copolymers synthesized from the comonomers mentioned above were determined by varying the content of the cross-linking agent. It was shown that the films made in this way are stable in a range of organic solvents and could be useful as semipermeable or membrane materials for use in liquid organic media. The permeability of the polymer films in question to 1-phenylethanol and mandelic acid was studied. The results obtained are discussed along with the data from the DSC, TGA, and powder X-ray diffraction studies of the properties of the synthesized metathesis homo- and copolymers.

This study focuses on the development of environmentally sustainable polypropylene (PP)-based composites with the potential for biodegradability by incorporating cellulose and the oligomeric siloxane ES-40. Targeting industrial applications such as fused deposition modeling (FDM) 3D printing, ES-40 was employed as a precursor for the in situ formation of silica particles via hydrolytic polycondensation (HPC). Two HPC approaches were investigated: a preliminary reaction in a mixture of cellulose, ethanol, and water, and a direct reaction within the molten PP matrix. The composites were thoroughly characterized using rotational rheometry, optical microscopy, differential scanning calorimetry, and dynamic mechanical analysis. Both methods resulted in composites with markedly reduced crystallinity and shrinkage compared to neat PP, with the lowest shrinkage observed in blends prepared directly in the extruder. The inclusion of cellulose not only enhances the environmental profile of these composites but also paves the way for the development of PP materials with improved biodegradability, highlighting the potential of this technique for fabricating more amorphous composites from crystalline or semi-crystalline polymers for enhancing the quality and dimensional stability of FDM-printed materials.

Cationic starch serves as a prevalent wet-end additive in the papermaking industry. Yet, the definitive effects of the ratio between the two principal components-amylose (AM) and amylopectin (AP)-and the degree of substitution (DS) on the mechanical strength enhancement of paper sheets remain incompletely understood. This study synthesizes a series of quaternized amylose (QAM) and quaternized amylopectin (QAP) with varying DS levels and blended these derivatives in diverse ratios. Subsequently, these mixtures are integrated into pulp suspensions to ascertain the DS and the AM-to-AP ratio that optimize paper strength. These results indicate that a QAM-to-QAP blend with a DS of 0.08 at a ratio of 2:8 yielded the most pronounced improvement in paper mechanical properties. This precise formulation significantly enhances tensile, burst, and tear strength indices, increasing by approximately 55.0%, 44.4%, and 78.4%, respectively, under the most favorable conditions and with an additive dosage of 1 wt.%. This investigation provides substantive and actionable knowledge for selecting starch additives in the wet-end of papermaking, which can significantly augment the efficiency and efficacy of paper manufacturing processes.

Both annual (cotton, flax, hemp, etc.) and perennial (trees and grasses) plants can serve as a source of cellulose for fiber production. In recent years, the perennial herbaceous plant miscanthus has attracted particular interest as a popular industrial plant with enormous potential. This industrial crop, which contains up to 57% cellulose, serves as a raw material in the chemical and biotechnology sectors. This study proposes for the first time the utilization of miscanthus, namely Miscanthus Giganteus “KAMIS”, to generate spinning solutions in N-methylmorpholine-N-oxide. Miscanthus cellulose’s properties were identified using standard methods for determining the constituent composition, including also IR and atomic emission spectroscopy. The dry-jet wet method was used to make fibers from cellulose solutions with an appropriate viscosity/elasticity ratio. The structural characteristics of the fibers were studied using IR and scanning electron microscopy, as well as via X-ray structural analysis. The mechanical and thermal properties of the novel type of hydrated cellulose fibers demonstrated the possibility of producing high-quality fibers from miscanthus.

A method for obtaining nonwoven precursors of carbon materials based on natural and viscose fibers was developed. Bast (flax and hemp) fibers were used as sources of natural fibers which were previously processed in order to remove impurities and enrich with the alpha fraction of cellulose. The structure, morphology, and chemical composition of natural and viscose fibers were studied by X-ray, SEM, and IR spectroscopy. The mechanical characteristics of the fibers were determined. The results of studies of the thermal behavior of mixed materials based on viscose, flax, and hemp fibers at temperatures up to 1000 °C were presented. The introduction of a small fraction of natural fibers into viscose (up to 30

The paper discusses experimental techniques for pulping, bleaching, and creating manmade fibers based on Na-sulfite and Mg-bisulfite dissolving pulps utilizing a dry-jet wet spinning procedure with solutions in N-methylmorpholine-N-oxide. After pulping, Mg-bisulfite pulp had a cellulose yield of 46.1

The Environmental Kuznets Curve (EKC) hypothesis has become a widely used framework for the investigation of the income-environment nexus. However, the literature in this field is biased toward the reliance on production-based carbon dioxide (CO2) emissions (PBE) as a proxy for environmental degradation. This production perspective ignores the carbon emissions embedded in trade, which are estimated to make up approximately a quarter of total global emissions. Therefore, the carbon leakage issue makes consumption-based CO2 emissions (CBE) accounting vital for better understanding the relationship between income and carbon emissions. In this study, we comparatively investigate the EKC pattern based on both PBE and CBE for a sample of 85 countries over the period between 1990 and 2020. In doing so, we investigate whether different emission accounting methods have an impact on the EKC pattern and examine how this impact differs depending on whether the countries are net importers or exporters of emissions embedded in trade. To this end, we first endogenously classify countries based on the club convergence approach proposed by Phillips & Sul [1] and obtain country groups such as those that are net exporters or importers of CO2 emissions. Using the system generalized method of moments (SGMM) estimator, we test the validity of the EKC hypothesis in the second step and identify the main driving forces behind the changes in PBE and CBE for each convergent club by controlling the effect of trade and urbanization. Therefore, for the first time, we compare the EKC hypothesis based on both PBE and CBE for a large sample of countries that are endogenously divided into different groups, and investigate the potential impact of alternative emission accounting approaches and the status of being net exporters or importers of CO2 emissions on the EKC pattern. The findings support the different patterns for PBE and CBE: while the EKC hypothesis is supported for both PBE and CBE for countries that are net importers of emissions, neither PBE nor CBE show an inverted U-shaped relationship with income for countries that are net exporters of emissions. These results strongly support the need for coordination in policies to reduce CO2 emissions between importers and exporters of hydrocarbons and energy-intensive goods.

This chapter depicts BRICS countries' climate policies in three dimensions. First, it summarises key aims, priorities, and directions of national and global GHG emission reduction policies. Second, it features the main institutions and instruments underlying these policies and presents the mechanisms through which primary interest groups' preferences are formed, coordinated, and incorporated into decision-making. Third, based on the Climate Action Tracker assessments and the analysis of the emissions-growth decoupling effect, it provides an evaluation of the efficiency of climate policy in each country and the prospects of its development. Such three-dimensional analysis helps determine the factors that play a role in the formulation of climate policies, defining their ambitions and design in China, Russia, Brazil, South Africa, and India – countries with divergent characteristics of social and economic development. This chapter concludes that the countries' readiness to embark on low-carbon development and the coordination level of influence groups' interests in emission reduction measures is largely determined by their ability to devise such institutional design of a climate policy that allows not only achieving climate targets but also attaining some of the crucial aims and objectives of countries' social and economic developments.

A method for obtaining nonwoven carbon materials by the staged heat treatment of cellulose felt is developed. Fabrics produced from fibrous flax cellulose and viscose fibers by needle punching are used as nonwoven precursors. To obtain carbon fabric precursors the optimum ratios of components are chosen from the data on the formation of nonwoven fabrics and the thermal analysis of various blend formulations. It is shown that the content of flax fibers in the system should be at least 50%. Viscose fibers play the role of a reinforcing material and so far cannot be fully excluded from the system. With an increase in the content of flax cellulose the value of carbon yield grows. The mechanical properties of the carbon felt are provided by the physical network of friction and dispersion contacts between individual fibers. Upon heat treatment of the composite nonwoven material, the morphological features of precursor fibers remain unchanged. The interplanar distances of carbon layers in the carbon material are calculated using X-ray diffraction analysis and transmission electron microscopy. The fraction of carbon upon heat treatment to 1700°С is at least 90%, and after graphitization to 2400°С the purity of the product is above 99%. The maximum values of carbon yield at this temperature may be as high as 25‒27%. The coefficients of thermal conductivity of the carbon felt are measured, and the values obtained are 30% lower than the corresponding parameters of carbon fabrics.

The aim of this work was to understand the main structural features and ways of formation of Ge-O bonds in organogermanium compounds under the conditions of ArnGeHal4-n (Hal = halide) hydrolysis. The structural types of these compounds were considered, providing 11 blocks (A–K). The molecular structures of the novel compounds [(p-FC6H4)3Ge]2O (1), [(p-F3CC6H4)3Ge]2O (2), and cyclo-[(p-F3CC6H4)2GeO]4 (3) were studied through XRD (X-ray diffraction) analysis. The molecular structure of [(p-F3CC6H4)3GeO]4Ge (4), representing a novel structural type, was also investigated. The data presented in this study will be important in the design of materials with useful properties based on group 14 element derivatives with element–oxygen bonding.

ABSTRACT We show that information aggregation in primary financial markets fails precisely when investors hold socially useful information for screening projects. Being wary of the Winner's Curse, less optimistic investors refrain from making financing offers, since their offers would be accepted only when a project is unviable. Their information is therefore lost. The Winner's Curse and associated information loss grow with the number of informed market participants, so that larger markets can lead to worse financing decisions and higher cost of capital for firms seeking financing. Precommitment to ration fundraising allocations, collusive club bidding, and shorting markets can mitigate the inefficiency.

Vinyl-addition polynorbornenes are of great interest as versatile templates for the targeted design of polymer materials with desired properties. These polymers possess rigid and saturated backbones, which provide them with high thermal and chemical stability as well as high glass transition temperatures. Vinyl-addition polymers from norbornenes with bromoalkyl groups are widely used as precursors of anion exchange membranes; however, high-molecular-weight homopolymers from such monomers are often difficult to prepare. Herein, we report the systematic study of vinyl-addition polymerization of norbornenes with various bromoalkyl groups on Pd-catalysts bearing N-heterocyclic carbene ligands ((NHC)Pd-systems). Norbornenes with different lengths of hydrocarbon linker (one, two, and four CH2 groups) between the bicyclic norbornene moiety and the bromine atom were used as model monomers, while single- and three-component (NHC)Pd-systems were applied as catalysts. In vinyl-addition polymerization, the reactivity of the investigated monomers varied substantially. The relative reactivity of these monomers was assessed in copolymerization experiments, which showed that the closer the bromine is to the norbornene double-bond, the lower the monomer’s reactivity. The most reactive monomer was the norbornene derivative with the largest substituent (with the longest linker). Tuning the catalyst’s nature and the conditions of polymerization, we succeeded in synthesizing high-molecular-weight homopolymers from norbornenes with bromoalkyl groups (Mn up to 1.4 × 106). The basic physico-chemical properties of the prepared polymers were studied and considered together with the results of vinyl-addition polymerization.