Pré-Publication, Document De Travail Année : 2025

Fundamental Pricing of Utility Tokens

Résumé

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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hal-03096267 , version 1 (04-01-2021)

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