- Article
Discontinuous Adoption Dynamics and Token Valuation in Blockchain Platforms
- Pascal Stiefenhofer
This paper studies platform environments in which participation incentives change discontinuously when valuation crosses salient thresholds. Empirical research on digital and tokenised platforms documents valuation plateaus, abrupt participation shifts, and weak short-run links between price stability and usage dynamics, patterns that are difficult to reconcile with smooth adjustment models. We capture these features structurally by modelling adoption and valuation as a coupled equilibrium system with regime-dependent incentives, formulated as a Filippov differential inclusion. Token prices are determined endogenously through market clearing between usage-driven demand and regime-dependent speculative demand. We establish global well-posedness and identify conditions under which valuation thresholds become attracting manifolds. In these regimes, prices remain anchored at the threshold while adoption continues to evolve, generating persistent valuation plateaus and path dependence. When threshold crossings are regular and the induced dynamics are uniformly dissipative, endogenous boom–bust cycles are ruled out. The framework yields design-relevant insights for digital platforms. Valuation anchoring and volatility depend on governance primitives such as effective circulating supply and regime-dependent speculative depth. A diagnostic numerical analysis links time-at-anchor and sliding intensity to adoption volatility and platform risk, providing empirically interpretable indicators of stability in tokenised platforms.
24 July 2026


