The New Tokenomics of Crowdfunding

IF 4.5 2区 管理学 Q1 BUSINESS
Carol Alexander, Michael Dakos
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引用次数: 0

Abstract

Whether proxied by the amount raised or the probability that this amount exceeds the soft cap, the factors driving the fundraising success of token offerings have changed considerably over the past 4 years. Possible factors include target market capitalization for the token, genuine signals of the venture's public credibility, price and momentum of ether, domicile of the venture and distribution of the token. There is a large previous literature on this topic, rooted in the entrepreneurial finance and crowdfunding literature, with numerous hypotheses based on signalling theory in its broadest sense. But due to substantial differences in samples, which end before 2020, the results are not only mixed but out of date. We have built the largest and most complete dataset on token offerings, spanning 2017 and 2022. The determinants of the amount raised were robust to different subsamples until the market virtually disappeared during the Covid pandemic. But it resumed in early 2021 and within 12 months had reached an all-time high in terms of number if not market capitalization of new offerings. During this period the market changed completely, with success now depending mostly on the type of token offering and the choice of launchpad platform.

Abstract Image

众筹的新代币经济学
无论是以募集金额还是以募集金额超过软上限的概率来衡量,推动代币发行募资成功的因素在过去 4 年中都发生了很大变化。可能的因素包括代币的目标市值、风险企业公信力的真实信号、以太币的价格和势头、风险企业的所在地以及代币的发行。以前有大量关于这一主题的文献,这些文献植根于创业融资和众筹文献,并根据最广义的信号理论提出了许多假设。但是,由于样本的巨大差异(2020 年前结束),研究结果不仅参差不齐,而且已经过时。我们建立了最大、最完整的代币发行数据集,时间跨度从 2017 年到 2022 年。募集金额的决定因素对不同的子样本都是稳健的,直到科威德大流行期间市场几乎消失。但在 2021 年初,市场又重新恢复,并在 12 个月内创下了新发行数量(如果不是市值)的历史新高。在此期间,市场发生了翻天覆地的变化,现在成功与否主要取决于代币发行的类型和启动平台的选择。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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