kaal:claim:4021599-024

A utility token's value depends on its functions and therefore correlates with actual demand for the token, so a scaled up project with a high number of users usually yields increased utility token value, whereas a securities token's value correlates with the value of the issuing company.

That is, a scaled-up project with a high number of users usually result in increased utility token value. By contrast, the value of securities tokens is often correlated to the value of the token issuing company.40

Wulf A. Kaal, Securities Versus Utility Tokens (2022), IV. Distinction between Utility Token and Securities Token, p. 13
https://ssrn.com/abstract=4021599 · source PDF

Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599

mechanismsupport: arguedtokenomicseconomicssecurities-law

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