Tokenomics: Dynamic Adoption and Valuation

被引：212
作者：
Cong, Lin William [1 ]
Li, Ye [2 ]
Wang, Neng [3 ,4 ]
机构：
[1] Cornell Univ, SC Johnson Coll Business, Ithaca, NY 14853 USA
[2] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA
[3] Columbia Business Sch, New York, NY USA
[4] NBER, Cambridge, MA 02138 USA
来源：
REVIEW OF FINANCIAL STUDIES | 2021年 / 34卷 / 03期
关键词：
TRANSACTIONS DEMAND; EQUILIBRIUM; MARKETS; COSTS; MODEL; CASH;
D O I：
10.1093/rfs/hhaa089
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is determined by aggregating heterogeneous users' transactional demand, rather than discounting cash flows as is done in standard valuations models. Endogenous platform adoption builds on user network externality and exhibits an S-curve: it starts slow, becomes volatile, and eventually tapers off. The introduction of tokens lowers users' transaction costs on the platform by allowing users to capitalize on platform growth. The resultant intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility.
引用
收藏
页码：1105 / 1155
页数：51
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