Recently, Prof. Tang Ke, Director of the Institute of Economics of the School of Social Sciences of Tsinghua University, won the Best Conference Paper Award of the EFMA 2022 by “Value Premium, Network Adoption, and Factor Pricing of Crypto Assets", a result jointly researched with Prof. Lin William Cong and G. Andrew Karolyi from Cornell University, and PhD candidate Zhao Weiyi at Tsinghua University. The EFMA was founded in 1991 to be an exchange platform and encourage research in financial fields such as corporate finance and capital markets. Held in Rome from June 29 to July 2, the EFMA 2022 accepted 253 papers from a large number of contributions. Three of these papers were nominated for the Best Conference Paper Award. And Prof. Tang Ke and his co-authors won at last.
In this paper, information on more than 600 cryptocurrencies that has been collected from the cryptocurrency white paper, official website, and various types of cryptocurrency websites, is classified into four categories - General Payment Token, Platform Token, Product/Ownership Token, and Security Token in line with main applications. It is observed that there is significant and robust market segmentation in crypto assets of different categories. Network effects play an important role in the type of Platform Token. It is an instructive paper for the regulation of the global cryptocurrency market.
