Digital Asset Market Evolution

80 Pages Posted: 15 Jun 2020 Last revised: 16 Jul 2020

See all articles by Wulf A. Kaal

Wulf A. Kaal

University of St. Thomas, Minnesota - School of Law

Date Written: May 20, 2020


The market for digital assets has evolved since its inception in 2009. Its rapid proliferation in 2016-18 was followed by significant downward corrections in 2018-19. The article evaluates the central stages of the evolution of the market in digital assets and their effects on market participants. It presents and compares market data for initial coin offerings, equity offerings, and initial exchange offerings in blockchain and digital asset startups. The author examines data trends and their underlying causes in the evolution of the market for digital assets. Particular emphasis is placed on the emerging market for Decentralized Finance (DeFi) and its role in the evolution of digital assets. The article examines data to evaluate the feasibility of a DeFi market evolution in the decentralized market infrastructure environment of the early 2020s.

Keywords: Digital Assets, Decentralized Finance, Initial Coin Offering, Blockchain, Startup, Decentralized Commerce, Reputation Verification, Emerging Technology, Crypto Economics, Token Models, Incentive Design, Tokens, Equity, Distributed Ledger Technology, Decentralized Infrastructure

JEL Classification: K20, K23, K32, L43, L5, O31, O32

Suggested Citation

Kaal, Wulf A., Digital Asset Market Evolution (May 20, 2020). Journal of Corporation Law (2020), U of St. Thomas (Minnesota) Legal Studies Research Paper No. 20-02, Available at SSRN:

Wulf A. Kaal (Contact Author)

University of St. Thomas, Minnesota - School of Law ( email )

MSL 400, 1000 La Salle Avenue
Minneapolis, MN Minnesota 55403-2005
United States

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