Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Nishant Dass

Terms of Use & License Information

Terms of Use for work posted in Scholarship@Claremont.

Rights Information

2023 Alexander Broegger


In the rapidly-evolving landscape of blockchain technology, tokenomics has emerged as a fundamental pillar shaping the dynamics of decentralized ecosystems. Tokenomics, short for ‘token economics,’ refers to the study and design of the rules and mechanisms governing the creation, distribution, and management of a cryptocurrency or digital token. As we stand at the crossroads of a blockchain-ruled world, a comprehensive framework for structuring tokenomics is yet to be solidified. This paper aims to contribute to the existing literature by examining how tokenomics influences the price returns between Bitcoin, Ethereum, and 25 web3 tokens. Through fixed effects regressions, this study found that token returns typically correlate with Bitcoin, in regards to overall market sentiment and health. Alternatively, token returns are more heavily influenced by Ethereum and aspects of the Ethereum ecosystem.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.