We show that utility tokens can limit the rent‐seeking activities of two‐sided platforms with market power while preserving efficiency gains due to network effects. We model platforms where buyers and sellers can meet to exchange services. Tokens serve as the sole medium of exchange on a platform and can be traded in a secondary market. Tokenizing a platform commits a firm to give up monopolistic rents associated with the control of the platform, leading to long‐run competitive prices. We show how the threat of entrants can incentivize developers to tokenize and discuss cases where regulation is needed to enforce tokenization.

中文翻译：

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实用代币作为对竞争的承诺


我们表明，实用代币可以限制具有市场力量的双边平台的寻租活动，同时保持由于网络效应而带来的效率提升。我们模拟平台，让买家和卖家可以见面交流服务。代币是平台上的唯一交换媒介，可以在二级市场上进行交易。将平台代币化意味着公司放弃与平台控制相关的垄断租金，从而带来长期有竞争力的价格。我们展示了进入者的威胁如何激励开发人员进行代币化，并讨论了需要监管来实施代币化的情况。