Assets on the blockchain: An empirical study of Tokenomics

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Assets on the blockchain: An empirical study of Tokenomics

Lo, YC; Medda, F; (2020) Assets on the blockchain: An empirical study of Tokenomics. Information Economics and Policy , 53 , Article 100881. 10.1016/j.infoecopol.2020.100881. Green open access

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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.

Type:	Article
Title:	Assets on the blockchain: An empirical study of Tokenomics
Open access status:	An open access version is available from UCL Discovery
DOI:	10.1016/j.infoecopol.2020.100881
Publisher version:	https://doi.org/10.1016/j.infoecopol.2020.100881
Language:	English
Additional information:	This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords:	Blockchain, Bitcoin, Ethereum, Initial coin offering, Tokenization, Tokenomics
UCL classification:	UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Civil, Environ and Geomatic Eng
URI:	https://discovery.ucl.ac.uk/id/eprint/10109987