The Differential Diffusion of Exchange and Utility Value Blockchain Tokens

• 成果类型: Article; Early Access
• 署名作者: Genc, Yegin; Kyriakou, Harris; Maruping, Likoebe Mohau; Xue, Ling
• 署名单位: Pace University; ESSEC Business School; University System of Georgia; Georgia State University; University System of Georgia; University of Georgia
• 刊物名称: INFORMATION SYSTEMS RESEARCH
• ISSN/ISSBN: 1047-7047; 1526-5536
• DOI: 10.1287/isre.2022.0711
• 发表日期: 2026-03-02
• 关键词: blockchain; exchange value; utility value; diffusion; portfolio size; LEAD USERS; transaction platforms; panel vector autoregression; information-technology; network externalities; internet; MODEL; BEHAVIOR; adoption; CONSEQUENCES; INNOVATION; platforms; cascades

摘要

Blockchain tokens have seen widespread adoption by users. Although prior work examines approaches for making tokens available to the public, for example, via initial coin offerings, airdrops, and initial token offerings, our understanding of how dualvalue digital artifacts diffuse within the same category remains limited, posing a challenge for theory and practice (e.g., start-ups and token creators), also carrying significant implications for ongoing policy discussions. Extant diffusion theories, such as innovation diffusion theory and informational cascades, offer valuable foundations for understanding how technologies spread. However, they have not yet fully incorporated the role of value orientation, that is, whether a digital artifact primarily facilitates exchange or utility value, in shaping diffusion dynamics. In this research, we address this theoretical and empirical gap by leveraging an exchange-versus-utility value lens to understand how blockchain tokens within the same digital product category diffuse differently when they embody divergent value orientations (exchange versus utility). Specifically, by conceptualizing blockchain tokens as financial tokens versus utility tokens, we theorize that they facilitate exchange value and utility value, respectively, manifesting in distinct diffusion patterns based on the portfolio size of their users, the actions of lead users, and their availability through transaction platforms. We employ a series of panel vector autoregressions analyzing more than 200 million transactions associated with 24,430 public Ethereum-based tokens and provide empirical evidence regarding how some tokens realize more of their exchange value, whereas other tokens realize more of their utility value, leading to markedly distinct diffusion patterns. We find that increases in the portfolio size of the userbase and decreased adoption by lead users foster the diffusion of financial tokens. In sharp contrast, we provide evidence that decreases in the portfolio size of the userbase, increased adoption by lead users, and increased facilitation of user interactions through transaction platforms foster the diffusion of utility tokens. We conclude by discussing how this work advances broader conversations in information systems, technology management, and innovation diffusion, offering a novel perspective on the diffusion of blockchain tokens and informing policy discussions on blockchain tokens and their regulation as securities or commodities.