Research

 Published Papers

• Does what happens on-chain stays on-chain? The dynamics of blockchain token transactions and prices  (with Hugo Benedetti (ESE Business School, Universidad de los Andes, Chile))

 Journal of International Money and Finance (2025) Vol 158, 103408s.

Cryptoassets, particularly tokens, have garnered investor interest due to high returns, yet comprehensive studies examining on-chain transaction data to assess their intrinsic value remain limited. This study addresses this gap by introducing new on-chain transaction-based measures of token usage, crypto-exchange supply pressures, and aggregate transaction intention (trading versus usage/holding). Using over 180 million records of Ethereum-based-tokens’ transaction data, we categorize on-chain transactions as peer-to-peer usage or crypto-exchange-related. Our findings show that while increased token usage intensity, whether through peer-to-peer or exchange transactions, positively correlates with higher token returns, imbalances in exchange flows have the opposite effect. Specifically, increased token inflows to exchanges signal potential supply pressure and increased token deposits signal aggregate intention to trade, both contributing to price declines. This research underscores on-chain data as a reliable economic signal and its impact on token valuations.

- Academic Recognition: Best Paper Award at the 7th Cryptocurrency Research Conference (CRC2024) at Zayed University, Dubai, UAE (Sept. 2024).

• Signaling and Herding in Reward-Based Crowdfunding  (with María Gutiérrez Urtiaga (UC3M, Spain) and Josep A. Tribó (Stevens Institute of Technology, NJ, USA)) 

Small Business Economics (2025) Vol 64, pages 889–916.

This paper investigates how signaling and herding behavior interact in crowdfunding markets to give raise to an information cascade, even when there are no identifiable experts, which is the typical case in reward-based crowdfunding. Using daily funding data for on all the projects launched on Kickstarter during one month, we find that during the initial phase of the campaign, the funding decisions of a reduced number of early backers are based on information and quality signals offered by the creator. However, during the second phase, signaling is substituted by the herding behavior of a large number of late backers, imitating early backers. The results suggest that, even in the absence of identifiable experts, backers self-select into early or late backers depending on their ability to process the information, so that herding after signaling generates an information cascade that ameliorates asymmetric information problems. The findings are relevant for (i) creators, that will obtain better results by targeting their crowdfunding campaigns at better informed potential contributors, and (ii) regulators, that can expect backers’ self-selection and herding to work together to protect uninformed backers from fraud and deception even when participation is not restricted.

Book Chapters

• Tokenized Assets and Securities (with Hugo Benedetti (ESE Business School, Universidad de los Andes, Chile))

The Emerald Handbook on Cryptoassets (2023) 

Tokenization is a relatively new activity in digital finance. The standard features and characteristics of assets and securities can be enhanced by tokenization, a process that creates a blockchain representation of the underlying instrument. Asset and security tokenization produces many benefits. These benefits include reducing issuance and trading costs, lessening dependency on intermediaries, facilitating more liquidity in markets, and providing greater transparency around an asset’s lifecycle for all parties involved. This chapter synthesizes the key characteristics, benefits, processes, tools, and techniques of tokenizing real-world assets. It also provides several examples of current asset-backed token applications to help understand the rapidly growing industry and analyzes future expectations of this new technology.