发表机构
School of Big Data, Baoshan University; School of Business, Guangzhou College of Technology and Business; School of Computing Sciences, Pak-Austria Fachhochschule: Institute of Applied Sciences and Technology (PAF-IAST)（宝山大学大数据学院; 广州科技贸易职业学院商学院; 巴阿工程大学计算科学学院）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本研究基于零基本面代币市场数据，发现名称吸引力对代币表现无实质影响，仅转移买家间财富，揭示名称的注意力配置作用有限。
AI 中文摘要
资产名称与投资者交易和资产价格相关联，但当名称与发行方质量共同形成时，信息、偏好和注意力协调的解释难以区分。我们研究了一个代币发行平台，在该平台上，按默认模板发行的代币使用相同的合约代码，供应量固定且不携带任何现金流，而名称几乎可以零成本注册、无法验证且可能被重复使用。利用2026年2月至6月期间发行的全部458,174个默认模板代币，并依据事先固定的创建者实体进行样本划分，我们发现吸引外部买家的代币份额在名称吸引力十分位数间从34.9%上升至52.8%，但在创建者和创建分钟内部，吸引力的效应很小且在验证样本中无法复现。在控制早期资本流入和创建者固定效应后，名称对迁移、峰值市值和峰值后回撤的残余效应在统计上等同于零，而追随吸引力名称的买家并未获得任何经济意义上的溢价。同一名称每次重复使用所吸引的资本减少，首笔代币吸引更多资本的名称被更早复制，而围绕名称的竞争主要是在买家之间转移财富。
英文摘要
Asset names are associated with investor trading and asset prices, but where names and issuer quality are formed jointly, information, preference and attention-coordination explanations are difficult to distinguish. We study a token launchpad on which tokens issued under the default template use the same contract code, have a fixed supply and carry no cash flows, while names can be registered at almost no cost, cannot be verified and may be reused. Using all 458,174 default-template tokens launched from February to June 2026 and a sample split by creator entity fixed in advance, we find that the share of tokens attracting an outside buyer rises from 34.9% to 52.8% across name-appeal deciles, but within creator and creation minute the effect of appeal is small and does not replicate in the validation sample. Conditional on early capital inflow and creator fixed effects, the residual effects of names on migration, peak market capitalization and post-peak drawdown are statistically equivalent to zero, and buyers who follow appealing names earn no economically meaningful premium. The same name attracts less capital with each reuse, names whose first token draws more capital are copied sooner, and competition over names mainly transfers wealth among buyers.
Comments16 pages, 2 figures, 6 Table
