Tokenomics: Dynamic Adoption and Valuation
构建了一个加密货币/代币的动态资产定价模型，代币价格由用户交易需求聚合决定，而非现金流贴现。模型发现用户采纳呈现S曲线，代币通过降低交易成本加速平台增长并抑制用户波动。
Abstract We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is determined by aggregating heterogeneous users’ transactional demand, rather than discounting cash flows as is done in standard valuations models. Endogenous platform adoption builds on user network externality and exhibits an $S$-curve: it starts slow, becomes volatile, and eventually tapers off. The introduction of tokens lowers users’ transaction costs on the platform by allowing users to capitalize on platform growth. The resultant intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility.