BISWorkingPapersNo1201CryptoExchangeTokensbyRodneyGarratt,MaartenR.C.vanOordtMonetaryandEconomicDepartmentJuly2024JELclassification:G10,G12,G18Keywords:Assetpricing,Cryptocurrencies,Exchanges,MarketmanipulationBISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)CryptoExchangeTokens∗RodneyGarratt†BankforInternationalSettlementsMaartenR.C.vanOordt‡VrijeUniversiteitAmsterdamTinbergenInstituteJuly2024AbstractCryptoexchangetokensareanimportantfundingsourceforcentralizedcryptoexchanges,andtheyhavebeenatthecoreofsomeofthebiggestdisruptionsinthecryptoindustry.Wedevelopatractablemodelfortheexchangeratesofcryptoex-changetokensthatincorporatesuserdemand,investmentdemand,andcommonlyob-servedpledgesbyexchangestobuybacktokens.Wederiveclosed-formedsolutionsforthevaluationofexchangetokensandthetimerequiredtofulfillthepledge.Buybackpledgesincreasetheamoun...
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