Fundamental Pricing of Utility Tokens

Julien Prat, Vincent Danos () and Stefania Marcassa
Additional contact information
Vincent Danos: CNRS - Centre National de la Recherche Scientifique

Working Papers from HAL

Abstract: We explain how to evaluate the fundamental price of utility tokens. Our model endogenizes the velocity of circulation of tokens and yields a pricing formula that is fully microfounded. According to our approach, tokens are valuable because they have to be immediately accessible when the platform service is needed, a requirement that is reminiscent of the cash-in-advance constraint in the theory of money.

Keywords: Asset pricing; utility tokens; Blockchain; ICOs JEL CODE: G12; G24 (search for similar items in EconPapers)
Date: 2019-11
Note: View the original document on HAL open archive server: https://hal.science/hal-03096284
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://hal.science/hal-03096284/document (application/pdf)

Related works:
Working Paper: Fundamental Pricing of Utility Tokens (2021)
Working Paper: Fundamental Pricing of Utility Tokens (2019)
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:hal:wpaper:hal-03096284

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD ().