Tokenomics: Dynamic adoption and valuation
Open accessAbstract
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.
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AWASTHI, V. (2024) · INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT · doi:10.55041/ijsrem35343 · Cited by 1 · see citing works
Blockchain Tokens, Price Volatility, and Active User Base: An Empirical Analysis Based on TokenomicsPreprint
Moncada, R., Ferro, E., Fiaschetti, M., & Medda, F. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4573716 · Cited by 1 · see citing works
Leveraging Token Economies for Public Goods
Shilina, M. (2026) · The Impact of Blockchain in Token Economies · doi:10.4018/979-8-3373-3371-7.ch009
Exploring the Development History of Cryptocurrency's Impact on Fundraising
Shi, J. (2023) · International Journal of Science and Research (IJSR) · doi:10.21275/sr23716133829
Valuing Cryptocurrencies: A Model of Price and HashratePreprint
Johnson, W. C. (2025) · SSRN Electronic Journal · doi:10.2139/ssrn.5165821
Umut, E. Ş. (2025) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub689.c2909
- Authors
- Cong, L. W., Li, Y., & Wang, N.
- Affiliations
- Cornell University (US)
- The Ohio State University (US)
- Columbia University (US)
- Corresponding author
- Li, Ye
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-08-11
- Volume
- 34
- Issue
- 3
- Pages
- 1105-1155
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3125334970
- Cited by
- 58
- References
- 62
- Citations by year
- 2025: 3 · 2024: 1 · 2023: 2 · 2022: 4 · 2021: 10 · 2020: 16 · 2019: 16 · 2018: 6
- FWCI
- 7.53
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Licence
- academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model (vor)
- Locations
- Review of Financial Studies (publishedVersion)
- SSRN Electronic Journal (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Business, Management and Accounting › Strategy and Management › Digital Platforms and Economics
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Keywords
- tokenomics, cryptocurrency, token valuation, dynamic asset pricing, peer-to-peer transactions, digital platforms, network effects, transaction costs
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