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Fundamental Pricing of Utility Tokens

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.
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Preprints, Working Papers, ...
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https://hal.archives-ouvertes.fr/hal-03096267
Contributor : Vincent Danos <>
Submitted on : Monday, January 4, 2021 - 9:50:06 PM
Last modification on : Thursday, May 6, 2021 - 5:16:58 PM
Long-term archiving on: : Monday, April 5, 2021 - 9:52:24 PM

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2019-11.pdf
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  • HAL Id : hal-03096267, version 1

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Julien Prat, Vincent Danos, Stefania Marcassa. Fundamental Pricing of Utility Tokens. 2021. ⟨hal-03096267⟩

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