Assets on the blockchain: An empirical study of Tokenomics

Yuen C. Lo and Francesca Medda

Information Economics and Policy, 2020, vol. 53, issue C

Abstract: Digital tokens linked to financial and economic ventures may have multiple functions and uses. In this work, we examine the relationship between various token functions and the market price of the corresponding token. We consider 86 venture related blockchain tokens, and develop the analysis through a stepwise testing of four hypotheses using panel ordinary least squares with cluster-robust standard errors. We find that token functions are statistically significant in relation to token prices. In the absence of an established legal framework, we argue that our results complements recent regulatory actions identifying tokens to be investment contracts in a common venture.

Keywords: Blockchain; Bitcoin; Ethereum; Initial coin offering; Tokenization; Tokenomics (search for similar items in EconPapers)
JEL-codes: G32 O31 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0167624520301256
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:iepoli:v:53:y:2020:i:c:s0167624520301256

DOI: 10.1016/j.infoecopol.2020.100881

Access Statistics for this article

Information Economics and Policy is currently edited by D. Waterman

More articles in Information Economics and Policy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().