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Living cationic polymerization of alkenes is discussed in terms of rapid dynamic equilibration between carbenium ions and either covalent species or onium ions. Rates of exchange between these species have strong effect on polydispersities of the synthesized polymers. In the discussed living systems, rates of exchange are faster than rates of propagation. Propagation proceeds via classic carbocationic mechanism.
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Matyjaszewski et al. (1991) studied this question.
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