网络效应下的加密资产竞争和市场集中度
Cryptoasset Competition and Market Concentration in the Presence of Network Effects
摘要：
当网络产品和服务随着其用户群的增长而变得更有价值时（网络效应），这种趋势可能成为它们在市场上如何相互竞争以及市场如何结构的主要决定因素。传统上，网络效应与高市场集中度、先发优势和进入壁垒有关，在加密资产市场中，它们也被用作估值工具。比特币最近的复苏也部分归因于网络效应。我们从一开始就研究了六种加密资产中网络效应的存在，以获得加密资产市场中网络效应应用的高级概述。我们表明，与网络效应的通常含义相反，它们并不能集中加密资产市场，也不能赋予任何一种加密资产确定的竞争优势，它们也不足以成为可靠的估值工具。因此，虽然网络效应确实发生在加密资产网络中，但它们并不是整个加密资产市场的定义特征。
英文摘要：
When network products and services become more valuable as their userbase grows (network effects), this tendency can become a major determinant of how they compete with each other in the market and how the market is structured. Network effects are traditionally linked to high market concentration, early-mover advantages, and entry barriers, and in the cryptoasset market they have been used as a valuation tool too. The recent resurgence of Bitcoin has been partly attributed to network effects too. We study the existence of network effects in six cryptoassets from their inception to obtain a high-level overview of the application of network effects in the cryptoasset market. We show that contrary to the usual implications of network effects, they do not serve to concentrate the cryptoasset market, nor do they accord any one cryptoasset a definitive competitive advantage, nor are they consistent enough to be reliable valuation tools. Therefore, while network effects do occur in cryptoasset networks, they are not a defining feature of the cryptoasset market as a whole.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
