Tokenomics Conference

Tokenomics: International Conference on Blockchain Economics, Security and Protocols

Tokenomics is a premier international forum that focuses on the theory, design, analysis, implementation, and applications of platform economics, blockchains, and smart contracts. The conference brings together leading economists, computer scientists, and practitioners who are actively working on advancing the field of blockchain economics and technologies.

Tokenomics was founded by Vincent Danos (ENS), Maria Potop-Butucaru (Sorbonne University), Julien Prat (IP Paris), and Sara Tucci (CEA). The CBER Forum, which has supported the conference since its founding, now organizes the conference series.

Upcoming
Tokenomics 2026
November 23, 2026
Nanyang Technological University, Singapore

Past Conferences

Tokenomics 2024

6th International Conference on Blockchain Economics, Security and Protocols
December 6–7, 2024 · The University of Hong Kong, Hong Kong SAR
Preceded by the Workshop on the Economics of Technology and Decentralization, December 2–4, 2024, Waseda University, Tokyo
Day 1 – December 6
Session 1: Crisis in Crypto
  • From CeFi to DeFi: What Does Investor (Mis)trust?Wenzhi Ding, The Hong Kong Polytechnic University
  • How Crises Impact Stablecoin Trading Behaviors?
    • Agostino Capponi, Columbia University
    • Ruizhe Jia, Columbia University
    • Kanye Ye Wang, University of Macau
Session 2: DEX and Market Efficiency
  • Does Market Efficiency Impact Capital Allocation Efficiency? The Case of Decentralized Exchanges
    • Evgeny Lyandres, Tel Aviv University
    • Alexander Zaidelson, SCRT Labs
  • Cryptocurrency Listings on Cryptocurrency Exchanges
    • Jiasun Li, George Mason University
    • Mei Luo, Tsinghua University
    • Muzhi Wang, Central University of Finance and Economics
    • Zhe Wei, Shantou University
  • Computation of Optimal MEV in Decentralized Exchanges
    • Mengqian Zhang, Yale University
    • Yuhao Li, Columbia University
    • Xinyuan Sun, Flashbots
    • Elynn Chen, New York University
    • Xi Chen, New York University
  • On-chain Optimal Aggregation of Uniswap v3 Clones
    • Vincent Danos, CNRS, ENS
    • Hamza El Khalloufi, University Paris 1 Panthéon-Sorbonne
    • Leo Murao Watson, University of Toronto
    • Santiago Valencia, Mangrove DAO
Keynote
Lin William Cong, Cornell University
Session 3: Mechanism Design and Token Issuance
  • Market Power and Loyalty Redeemable Token Design
    • Zhiheng He, Tsinghua University
    • Kenneth Rogoff, Harvard University
    • Yang You, The University of Hong Kong
  • Proophi: A ZKP Market Mechanism
    • Wenhao Wang, Yale University
    • Lulu Zhou, Yale University
    • Aviv Yaish, Yale University
    • Fan Zhang, Yale University
    • Ben Fisch, Yale University
    • Benjamin Livshits, Imperial College London
  • Sealed-bid Auctions on Blockchain with Timed Commitment Outsourcing
    • Jichen Li, Peking University
    • Yuanchen Tang, Peking University
    • Jing Chen, Tsinghua University
    • Xiaotie Deng, Peking University
Session 4: Token Prices and Blockchain Implications
  • Cultural Value in Digital Art: Evidence from CryptoPunks
    • Fai Lim Loi, Macau University of Science and Technology
    • Ke Tang, Tsinghua University
    • Yang You, The University of Hong Kong
  • The Financialization of Cryptocurrencies
    • Lei Huang, The University of Hong Kong
    • Tse-Chun Lin, The University of Hong Kong
    • Fangzhou Lu, The University of Hong Kong
    • Jian Sun, Singapore Management University
  • Blockchains for Environmental Monitoring: Theory and Empirical Evidence from China
    • Lin William Cong, Cornell University
    • Yuanyu Qu, University of International Business and Economics
    • Guojun Wang, Shanghai Normal University
Day 2 – December 7
Keynote
Agostino Capponi, Columbia University
Session 5: Economics of AMM
  • The Economics of Constant Function Market Makers
    • Michele Fabi, Télécom Paris, CREST
    • Julien Prat, CNRS, École Polytechnique, CREST
  • Price Discovery in Cryptocurrency Markets: Trades versus Liquidity Provision
    • Olga Klein, University of Warwick
    • Roman Kozhan, University of Warwick
    • Ganesh Viswanath-Natraj, University of Warwick
    • Junxuan Wang, University of Cambridge
  • CLVR Ordering of Transactions on AMMs
    • Robert McLaughlin, University of California, Santa Barbara
    • Nir Chemaya, University of California, Santa Barbara
    • Dingyue Liu, University of California, Santa Barbara
    • Dahlia Malkhi, University of California, Santa Barbara and Chainlink Labs
  • Optimal Automated Market MakersZhengge Zhou, University of Warwick
Additional Keynote Speakers and Panelists
Ari Juels, Cornell Tech
Julien Prat, École Polytechnique
Daisuke Araya, Keio University
Yuya Ishikawa, Gaudiy

Tokenomics 2023

5th International Conference on Blockchain Economics, Security and Protocols
October 27–28, 2023 · Columbia University, New York, NY, USA
Hosted by the Center for Digital Finance and Technologies and the Briger Family Digital Finance Lab · Video recordings
Day 1 – Friday, October 27
Keynote
Philipp Strack, Yale University
Session 1: DEXs
  • Augmenting Batch Exchanges with Constant Function Market Makers
    • Geoffrey Ramseyer, Stanford University
    • Mohak Goyal, Stanford University
    • Ashish Goel, Stanford University
    • David Mazieres, Stanford University
  • An Economic Model of a Decentralized Exchange with Concentrated Liquidity
    • Joel Hasbrouck, New York University
    • Thomas Rivera, McGill University
    • Fahad Saleh, Wake Forest University
  • The Geometry of Constant Function Market Makers
    • Guillermo Angeris, Bain Capital
    • Tarun Chitra, Gauntlet
    • Theo Diamandis, MIT and Bain Capital
    • Alex Evans, Bain Capital
    • Kshitij Kulkarni, UC Berkeley
Session 2: Lending and Interest Rates
  • Stablecoin Devaluation Risk
    • My Nguyen, Washington University in St. Louis
    • Barry Eichengreen, UC Berkeley
    • Ganesh Viswanath-Natraj, University of Warwick
  • Phantom Liquidity in Decentralized Lending
    • Andreas Park, University of Toronto
    • Jona Stinner, Witten/Herdecke University
  • Inflation Expectation and Cryptocurrency Investment
    • Qihong Ruan, Cornell University
    • Lin William Cong, Cornell University
    • Jiasun Li, George Mason University
    • Pulak Ghosh, IIM Bangalore
Session 3: Governance
  • Balancing Power in Decentralized Governance: Quadratic Voting under Imperfect Information
    • Alon Benhaim, Microsoft
    • Brett Hemenway Falk, University of Pennsylvania
    • Gerry Tsoukalas, Boston University
  • Will Blockchains Disintermediate Platforms? Limits to Decentralization in DAOs
    • Yannis Bakos, New York University
    • Hanna Halaburda, New York University
  • Token-Based Platform Governance
    • Joseph Abadi, Federal Reserve Bank of Philadelphia
    • Markus Brunnermeier, Princeton University
Day 2 – Saturday, October 28
Keynote
Scott Kominers, Harvard University
Session 4: Security
  • Speculative Denial-of-Service Attacks in Ethereum
    • Aviv Yaish, Hebrew University
    • Kaihua Qin, Imperial College London
    • Liyi Zhou, Imperial College London
    • Aviv Zohar, Hebrew University
    • Arthur Gervais, University College London
  • MEV Makes Everyone Happy under Greedy Sequencing Rule
    • Yuhao Li, Columbia University
    • Mengqian Zhang, New York University
    • Jichen Li, Peking University
    • Elynn Chen, New York University
    • Xi Chen, New York University
    • Xiaotie Deng, Peking University
  • Undetectable Selfish Mining
    • Maryam Bahrani, a16z crypto
    • S. Matthew Weinberg, Princeton University
Session 5: Empirics of Blockchain
  • Mempool: The Antechamber to the Blockchain
    • Paolo Guasoni, Dublin City University
    • Gur Huberman, Columbia University
    • Josiah Baker
    • Clara Shikhelman, Chaincode Labs
  • Liquidity Fragmentation on Decentralized Exchanges
    • Alfred Lehar, University of Calgary
    • Christine Parlour, UC Berkeley
    • Marius Zoican, University of Toronto
  • Estimating Investor Preferences for Blockchain Security
    • Nir Chemaya, UC Santa Barbara
    • Dingyue Liu, UC Santa Barbara

Tokenomics 2022

4th International Conference on Blockchain Economics, Security and Protocols
December 12–13, 2022 · LIP6, Sorbonne Université, Paris, France
Day 1 – Monday, December 12
Session 1: MEV and Front-Running
  • Credible Decentralized Exchange Design via Verifiable Sequencing RulesMatheus V. X. Ferreira and David C. Parkes
  • The Evolution of Blockchain: From Public to Private MempoolsRuizhe Jia, Agostino Capponi and Ye Wang
  • Commitment Against Front-Running AttacksAndrea Canidio and Vincent Danos
Session 2: DeFi
  • The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading VolumeJoel Hasbrouck, Thomas Rivera and Fahad Saleh
  • Interest Rate Parity in Decentralized FinanceAmit Chaudhary, Roman Kozhan and Ganesh Viswanath-Natraj
  • Token Incentives and Platform Competition: A Tale of Two SwapsXiaofeng Liu, Wei Chen and Kevin Zhu
Invited Talk
Hanna Halaburda, NYU Stern School of Business
Session 3: Blockchain, CBDC and Payments
  • The Demand for Programmable PaymentsCharles Kahn and Maarten van Oordt
  • CBDC and Payment Platform CompetitionYouming Liu, Edona Reshidi and Francisco Rivadeneyra
  • Central Bank Digital Currency and Banking Choice: The Impact of Service LocationAndrew Usher, Jiaqi Li and Yu Zhu
Day 2 – Tuesday, December 13
Invited Talk: Regulating Crypto-assets and Experimenting CBDC: Two Sides of the Same Coin
Claudine Hurman, Banque de France
Session 4: Smart Contracts, Oracles and AMMs
  • Axioms for Constant Function AMMsJan Christoph Schlegel and Akaki Mamageishvili
  • Consistency of Automated Market MakersVincent Danos and Weijia Wang
  • An Impossibility Theorem on Truth-Telling in Fully Decentralized SystemsRod Garratt and Cyril Monnet
Invited Talk: Algorithmic Game Theory and Blockchains
Elias Koutsoupias, University of Oxford
Session 5: Efficiency of Blockchain Protocols
  • Equilibrium Staking Levels in a Proof-of-Stake BlockchainKose John, Thomas Rivera and Fahad Saleh
  • Maximal Extractable Value (MEV) Protection on a DAGDahlia Malkhi and Pawel Szalachowski
  • An Economic Model of Consensus on Distributed LedgersHanna Halaburda, Zhiguo He and Jiasun Li
  • QPQ 1DLT: A System for the Rapid Deployment of Secure and Efficient EVM-Based BlockchainsSimone Bottoni, Anwitaman Datta, Federico Franzoni, Emanuele Ragnoli, Roberto Ripamonti, Christian Rondanini, Gokhan Sagirlar and Alberto Trombetta

Tokenomics 2021

3rd International Conference on Blockchain Economics, Security and Protocols
November 18–19, 2021 · New York University (held virtually)
Day 1 – Thursday, November 18
Keynote: Distributed Computing Meets Game Theory: Fault Tolerance and Implementation with Cheap Talk
Joseph Halpern, Cornell University
Session 1: Role of Consensus Protocol in Stability and Scalability of Blockchains
  • Why Bitcoin Will Fail to Scale?: Economics of Collusion on BitcoinNikhil Malik, Manmohan Aseri, Param Vir Singh and Kannan Srinivasan
  • Economic Implications of Scaling Blockchains: Why the Consensus Protocol MattersKose John, Thomas Rivera and Fahad Saleh
  • General Congestion Attack on HTLC-Based Payment Channel NetworksZhichun Lu, Runchao Han and Jiangshan Yu
  • Tuning PoW with Hybrid ExpenditureItay Tsabary, Alexander Spiegelman and Ittay Eyal
Session 2: Safety of Digital Decentralized Payments
  • On Cryptocurrency Wallet DesignIttay Eyal
  • 17/WAKU2-RLNRELAY: Privacy-Preserving Peer-to-Peer Economic Spam ProtectionSanaz Taheri Boshrooyeh, Oskar Thoren, Barry Whitehat, Wei Jie Koh, Onur Kilic and Kobi Gurkan
  • Secure Computation with Non-equivalent Penalties in Constant RoundsTakeshi Nakai and Kazumasa Shinagawa
Keynote: Mechanism Design for the Blockchain Transaction-Fee Market
David Parkes, Harvard University
Session 3: Design and Usage of Tokens
  • Best Before? Expiring Central Bank Digital Currency and Loss RecoveryCharles Kahn, Maarten van Oordt and Yu Zhu
  • Optimal Design of Tokenized MarketsMichael Lee, Antoine Martin and Robert Townsend
  • Token-Based Platforms and SpeculatorsSimon Mayer
  • To Infinity and Beyond: Financing Platforms with Uncapped Crypto TokensRowena Gan, Gerry Tsoukalas and Serguei Netessine
Day 2 – Friday, November 19
Session 4: Information Frictions in Crypto Markets
  • Crypto Wash TradingLin William Cong, Xi Li, Ke Tang and Yang YangBest Paper Award
  • Competition and Product Quality: Fake Trading on Crypto ExchangesDan Amiram, Evgeny Lyandres and Daniel Rabetti
  • Transparency and Learning in Decentralized FinanceDanqi Hu, Sarit Markovich and Valerie Zhang
Session 5: Market Automation Enabled by Smart Contracts
  • Decentralized Stablecoins and Collateral RiskGanesh Viswanath-Natraj and Roman Kozhan
  • Infinite but Rare: Valuation and Pricing in Marketplaces for Blockchain-Based Nonfungible TokensPavel Kireyev and Ruiqi Lin
  • The Conceptual Flaws of Constant Product Automated Market MakingAndreas Park
  • Coexisting Exchange Platforms: Limit Order Books and Automated Market MakersJun Aoyagi and Yuki Ito
Keynote: Blockchain and Privacy
Catherine Tucker, MIT
Session 6: Arbitrage in Decentralized Exchanges
  • Decentralized ExchangesAlfred Lehar and Christine Parlour
  • Loss and Slippage in Networks of Automated Market MakersMaurice Herlihy and Daniel Engel
  • The Adoption of Blockchain-Based Decentralized ExchangesRuizhe Jia and Agostino Capponi
Panel: Importance of Connecting between Fields in Blockchain Research
Jacob Leshno, University of Chicago
Maria Potop-Butucaru, Sorbonne University
Ken Rogoff, Harvard University
Fahad Saleh, Wake Forest University
Amy Whitaker, New York University
Moderated by Hanna Halaburda, New York University

Tokenomics 2020

2nd International Conference on Blockchain Economics, Security and Protocols
October 26–27, 2020 · Toulouse School of Economics, Toulouse, France (hybrid)
Day 1 – Monday, October 26
Keynote: When Nakamoto Meets Nash: Blockchain Breakthrough through the Lens of Game Theory
Ittai Abraham, VMware Research
Keynote: Digital Currencies as Types
Timothy Zakian, Novi, Facebook
Presentations
  • Rational vs Byzantine Players in Consensus-Based BlockchainsYackolley Amoussou-Guenou, CEA and Sorbonne Université
  • Decentralization in Open Quorum SystemsDavide Grossi
  • On Fairness in Committee-Based BlockchainsMaria Potop-Butucaru
  • Reversible and Composable Financial ContractsVincent Danos
  • Game Theoretical Analysis of Cross-Chain SwapsMarianna Belotti
  • Proof of Behavior: Design of LEMobiCoinKevin Thiry-Atighehchi
  • The Structure of Cryptocurrency ReturnsAmin Shams, Ohio State University
  • Cryptocurrencies, Currency Competition, and the Impossible TrinityHarald Uhlig
  • VeriOSS: Using the Blockchain to Foster Bug Bounty ProgramsGabriele Costa, IMT School for Advanced Studies, Lucca
  • Why Fixed Costs Matter for Proof-of-Work Based CryptocurrenciesMaarten van Oordt
  • Getting Blockchain Incentives RightAriel Zetlin-Jones
Day 2 – Tuesday, October 27
Keynote: On Inclusive Open Finance in the Digital Age
Long Chen, Luohan Academy
Keynote: Some Economics of Fintech
Jean Tirole, Toulouse School of Economics
Presentations
  • Fundamental Pricing of Utility TokensJulien Prat
  • A Foundation for Ledger StructuresChad Nester
  • Parasite Chain Detection in the IOTA ProtocolAndreas Penzkofer, Iota Foundation
  • Welcome to the Jungle: A Reference Model for Blockchain, DLT and Smart ContractsJulien Hatin
  • Smart Contracts, IoT Sensors and Efficiency: Automated Execution vs. Better InformationHanna Halaburda, NYU Stern
  • Token-Based Platform FinanceYe Li, Ohio State University
  • Product Market Competition with Crypto Tokens and Smart ContractsEvgeny Lyandres, Boston University
  • Implementation Study of Two Verifiable Delay FunctionsVidal Attias
  • From Hotelling to Nakamoto: The Economic Meaning of Bitcoin MiningWei Jiang, Hong Kong University of Science and Technology
  • Bitcoin's Fatal Flaw: The Limited Adoption ProblemFahad Saleh, Wake Forest University
  • Blockguard: Adaptive Blockchain SecurityKendric Hood
Ethereum France – Kaiko Prize 2020
Amin Shams, Ohio State University, for "The Structure of Cryptocurrency Returns"

Tokenomics 2019

1st International Conference on Blockchain Economics, Security and Protocols
May 6–7, 2019 · École Normale Supérieure, Paris, France
Day 1 – Monday, May 6
Session 1: Consensus
  • The Stability and the Security of the TangleQuentin Bramas, ICUBE, University of Strasbourg, CNRS
  • Selfish Mining and Dyck Words in Bitcoin and Ethereum Networks
    • Cyril Grunspan, Léonard de Vinci Pôle Universitaire
    • Ricardo Pérez-Marco, CNRS, IMJ-PRG
  • The Gap Game
    • Itay Tsabary, Technion
    • Ittay Eyal, Technion
  • Democratising Blockchain: A Minimal Agency Consensus Model
    • Marcin Abram, Fetch.AI
    • Daniel Honerkamp, Fetch.AI
    • Jonathan Ward, Fetch.AI
    • Jin-Mann Wong, Fetch.AI
Invited Talk: Demystifying Blockchains: Decentralized and Fault-Tolerant Storage for the Future of Big Data?
Amr El Abbadi, University of California Santa Barbara
Session 2: Smart Contracts and Applications
  • Atomic Appends: Selling Cars and Coordinating Armies with Multiple Distributed Ledgers
    • Antonio Fernández Anta, IMDEA
    • Chryssis Georgiou, University of Cyprus
    • Nicolas Nicolaou, University of Cyprus
  • B-CoC: A Blockchain-Based Chain of Custody for Evidences Management in Digital Forensics
    • Silvia Bonomi, Sapienza University of Rome
    • Marco Casini, Sapienza University of Rome
    • Claudio Ciccotelli, Sapienza University of Rome
  • A Puff of Steem: Security Analysis of Decentralized Content Curation
    • Aggelos Kiayias, University of Edinburgh and IOHK
    • Benjamin Livshits, Imperial College London
    • Andrés Monteoliva Mosteiro, University of Edinburgh and Clearmatics
    • Orfeas Stefanos Thyfronitis Litos, University of Edinburgh
  • An Empirical Study of Speculative Concurrency in Ethereum Smart Contracts
    • Vikram Saraph, Brown University
    • Maurice Herlihy, Brown University
Invited Talk: Tokenomics: Asset Pricing and Corporate Finance in the Platform Economy
Lin William Cong, University of Chicago Booth School of Business
Session 3: Initial Coin Offerings
  • Tokenomics: When Tokens Beat Equity
    • Katya Malinova, DeGroote School of Business, McMaster University
    • Andreas Park, University of Toronto
  • Entrepreneurial Incentives and the Role of Initial Coin Offerings
    • Rodney Garratt, UC Santa Barbara
    • Maarten van Oordt, Bank of Canada
  • Financial Incentives for Open Source Development: The Case of BlockchainAndrea Canidio, IMT
  • Funding New Ventures with Digital Tokens: Due Diligence and Token Tradability
    • Yannis Bakos, NYU Stern School of Business
    • Hanna Halaburda, NYU Stern School of Business
Day 2 – Tuesday, May 7
Session 4: Cryptography and Security
  • MixEth: Efficient, Trustless Coin Mixing Service for Ethereum
    • István András Seres, Eötvös Loránd University
    • Dániel A. Nagy, Eötvös Loránd University
    • Péter Burcsi, Eötvös Loránd University
    • Chris Buckland, King's College London
  • A Smart Contract Oracle for Approximating Real-World, Real Number Values
    • William George, Kleros Cooperative
    • Clément Lesaege, Kleros Cooperative
  • The Impact of Ethereum Throughput and Fees on Transaction Latency During ICOs
    • Michael Spain, University of Sydney
    • Sean Foley, University of Sydney
    • Vincent Gramoli, University of Sydney and Data61
Invited Talk: Flexible BFT: Separating BFT Protocol Design from the Fault Model
Dahlia Malkhi, VMware Research
Session 5: Cryptocurrencies
  • Pitfalls of Bitcoin's Proof-of-Work: R&D Arms Race and Mining Centralization
    • Humoud Alsabah, Columbia University
    • Agostino Capponi, Columbia University
  • Decentralized Mining in Centralized Pools
    • Lin William Cong, University of Chicago Booth School of Business
    • Zhiguo He, University of Chicago Booth School of Business
    • Jiasun Li, George Mason University
  • Currency Substitution under Transaction Costs
    • Linda Schilling, École Polytechnique
    • Harald Uhlig, University of Chicago
  • The Economics of Cryptocurrencies – Bitcoin and Beyond
    • Jonathan Chiu, Bank of Canada
    • Thorsten Koeppl, Queen's University
Invited Talk: Equilibrium Bitcoin Pricing
Catherine Casamatta, Toulouse School of Economics
Session 6: Incentives
  • Towards a Functional Fee Market for Cryptocurrencies
    • Soumya Basu, Cornell University
    • David Easley, Cornell University
    • Maureen O'Hara, Cornell University
    • Emin Gün Sirer, Cornell University
  • Cryptocurrency Egalitarianism: A Quantitative Approach
    • Dimitris Karakostas, University of Edinburgh
    • Aggelos Kiayias, University of Edinburgh and IOHK
    • Christos Nasikas, University of Athens and Athena Research Center
    • Dionysis Zindros, University of Athens and IOHK
  • F1 Fee Distribution
    • Dev Ojha, UC Berkeley
    • Christopher Goes, Tendermint
Asseth – Kaiko Prize for Research in Cryptoeconomics
William George and Clément Lesaege, Kleros Cooperative, for "A Smart Contract Oracle for Approximating Real-World, Real Number Values"