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<p>We analyze whether the design of cryptocurrencies helps to explain the Huge cross-sectional variation in the market values of cryptocurrencies. We propose a taxonomy of design features and Hand-collect data on these features for a sample of 79 cryptocurrencies. Using a two-stage regression approach and LASSO regressions, we find, inter alia, that forks and deviations from the design of Bitcoin are associated with lower valuation. In contrast, non-anonymous cryptocurrencies and cryptocurrencies that do not pass on any transaction fees and/or tips to agents who maintain the integrity of the network have, on average, higher market values. These results are robust to variations in the way we measure market valuation.</p>

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Design and valuation of cryptocurrencies

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2025年10月10日

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  • Fabian E. Eska,
  • Yanghua Shi,
  • Erik Theissen,
  • Marliese Uhrig-Homburg

摘要

We analyze whether the design of cryptocurrencies helps to explain the Huge cross-sectional variation in the market values of cryptocurrencies. We propose a taxonomy of design features and Hand-collect data on these features for a sample of 79 cryptocurrencies. Using a two-stage regression approach and LASSO regressions, we find, inter alia, that forks and deviations from the design of Bitcoin are associated with lower valuation. In contrast, non-anonymous cryptocurrencies and cryptocurrencies that do not pass on any transaction fees and/or tips to agents who maintain the integrity of the network have, on average, higher market values. These results are robust to variations in the way we measure market valuation.