Fundamental Pricing of Utility Tokens

• 成果类型: Article; Early Access
• 署名作者: Prat, Julien; Danos, Vincent; Marcassa, Stefania
• 署名单位: Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; CY Cergy Paris Universite
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.00566
• 发表日期: 2025
• 关键词: Asset pricing; utility token; Blockchain; Cryptocurrency; ICOs; platform

摘要

We propose a framework for the fundamental valuation of utility tokens. We introduce a requirement that is reminiscent of the cash-in-advance constraint, stipulating that services have to be accessed immediately. Our model endogenizes the velocity of token circulation, yielding a microfounded pricing formula that we calibrate using Ethereum's adoption data. The equilibrium price path goes through two successive phases: initially, a portion of the tokens are held for purely speculative motives, and later on, all tokens are held with the intention of being used.