The University of Liechtenstein would like to congratulate Marius Gramlich on the successful defense of his dissertation with the highest distinction. The thesis entitled “Tokenomics on Crypto Exchanges and Experimental Asset Markets” was supervised by Prof. Dr. Martin Angerer and Prof. Dr. Fabian Schär from the University of Basel. They collaborated with Spiridon Penev (University of Sydney) and Yilong Xu (Utrecht University) – a successful example of the University of Liechtenstein's international research cooperation with leading partner institutions and researchers.

Marius Gramlich's dissertation is dedicated to the financial and economic facets of the token economy on crypto exchanges and experimental capital markets. The studies focus on trader behavior, market design and the efficiency of the markets, particularly with regard to their liquidity.

The dissertation includes innovative methodologies to measure the unit of account (as a function of money) and liquidity in crypto markets as well as the impact of fractionalization of assets through tokenization. The results provide new insights into the token economy with relevance for traders, market operators and regulators.

The research has already been presented at numerous international conferences and has been well received by the scientific community. The first of the three studies was published in the "Journal of Risk and Financial Management” at the beginning of the year.

We would like to congratulate Marius Gramlich on this outstanding success and wish him all the best for his professional and personal future!

Wir gratulieren Marius Gramlich herzlich zu diesem herausragenden Erfolg und wünschen ihm für seine berufliche und persönliche Zukunft alles Gute!