![Publication Fundamental Pricing Utility Token | Blockchain@X](https://blockchain-polytechnique.com/wp-content/uploads/2021/02/Publication-Fundamental-Pricing-Utility-Token-couvBIS.jpg)
Publications
Fundamental Pricing of Utility Tokens
We propose a framework for the fundamental valuation of utility tokens. Our model endogenizes the velocity of circulation of tokens and yields a pricing formula that is fully microfounded. According to our model, tokens are valuable because they have to be immediately accessible when the services are needed, a requirement…