Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups
研究了加密基金如何通过缓解协调摩擦为去中心化数字平台创造价值，发现获得加密基金支持的平台在代币发行中估值更高、表现更好，且对采用率低和代币所有权集中的平台帮助更大。
Coordination frictions prevent the efficient adoption and governance of blockchain-based platforms. Crypto funds (CFs) create value by smoothing frictions on decentralized digital platforms (DDPs). CF-backed DDPs obtain higher valuations in the primary token market, outperform their peers after issuing tokens, and benefit from token price appreciation around CF investment disclosure in the secondary market. Primary transaction data from the Ethereum ledger shows that the valuations of DDPs with meager adoption and a higher centralization of token ownership benefit more from CF backing. The positive valuation and performance effects for CF-backed DDPs are more pronounced for CFs that are more central in investor networks.