Abstract
This chapter provides an overview of crypto tokens and token offerings. Based on both utility tokens and security tokens, this chapter reviews the economics of tokens and token offerings. Specifically, it discusses the economic value of tokens for the financing, operations, and corporate governance of the issuing companies. It also discusses economic values for token investors. This chapter also discusses various token valuation models, as well as the underpricing and returns of the token markets.
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Liu, C., Wang, H. (2019). Crypto Tokens and Token Offerings: An Introduction. In: Goutte, S., Guesmi, K., Saadi, S. (eds) Cryptofinance and Mechanisms of Exchange. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-030-30738-7_8
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