Initial Coin Offerings As a Commitment to Competition

Goldstein, Itay; Gupta, Deeksha; Sverchkov, Ruslan

doi:10.2139/ssrn.3484627

Cited by 28 publications

(17 citation statements)

References 42 publications

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“…In dynamic settings, Athey, Parashkevov, Sarukkai, and Xia (2016) emphasize the role of learning in agents' decisions to use Bitcoin absent stochastic platform productivity and user network externality; Biais, Bisière, Bouvard, Casamatta, and Menkveld (2018) emphasize the fundamental value of Bitcoin from transactional benefits; Fanti, Kogan, and Viswanath (2019) provide a valuation framework for Proof-of-Stake (PoS) payment systems; Goldstein, Gupta, and Sverchkov (2019) study initial token offerings that allow monopolistic platforms 4 Tokens in our model facilitate transactions. They should be distinguished from security tokens that represent claims on issuers' cashflows or rights to redeem products/services (e.g., Slice and Siafund tokens).…”

Section: Introductionmentioning

confidence: 99%

Tokenomics: Dynamic Adoption and Valuation

Cong,

Li,

Wang

2018

SSRN Journal

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Section: Introductionmentioning

confidence: 99%

Tokenomics: Dynamic Adoption and Valuation

Cong,

Li,

Wang

2018

SSRN Journal

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“…15 Decentralized finance ("DeFi") offers blockchain-based alternatives to traditional financial services, such as banking, brokerage, and exchanges (Lehar and Parlour, 2021). It also builds on smart contracts (coded enforcement via programmable money (Tinn, 2017;Cong and He, 2019;Goldstein, Gupta, and Sverchkov, 2019), a concept independent from blockchain (Halaburda, 2018).…”

Section: Background: Crypto Shadow Banking In Decentralized Financementioning

confidence: 99%

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking

Mayer

2021

SSRN Journal

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Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large platforms, we develop a dynamic model of optimal stablecoin management and characterize an instability trap. The system is bimodal: stability can last for a long time, but once stablecoins break the buck following negative shocks, volatility persists. Debasement triggers a vicious cycle but is unavoidable as it allows efficient risk sharing between the issuer and stablecoin users.

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“…(2018), Li and Mann (2018), Malinova and Park (2018), Catalini and Gans (2019), Goldstein et al (2019), Gryglewicz et al (2020), and Shakhnov and Zaccaria (2020). Close to our line of inquiry, Gryglewicz et al (2020) develop a unified model of the issuance and design of tokens.…”

Section: Introductionmentioning

confidence: 96%

Security token offerings

2021

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This paper posits that distinguishing security token offerings (STOs) from initial coin offerings (ICOs) is important for the study of entrepreneurial finance. We first provide a working definition of a security token and present an overview of the STO market using a unique STO sample. The STO activity developed after the end of the ICO market bubble. The STO market is, however, still a nascent market. STOs are geographically dispersed but concentrated in jurisdictions with accommodating securities laws. Next, we explore STO success factors. We show that various issuer and offering characteristics traditionally used in the ICO literature also matter for STO success. We also find that success is associated with good governance practices, consistent with the corporate finance literature. We conclude by discussing the implications of native digital securities, the next generation of security tokens, for entrepreneurial finance.

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Initial Coin Offerings As a Commitment to Competition

Cited by 28 publications

References 42 publications

Tokenomics: Dynamic Adoption and Valuation

Tokenomics: Dynamic Adoption and Valuation

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking

Security token offerings

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