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Following multiple frauds associated with decentralized and unregulated ICOs, IEOs are emerging as a novel pathway that relies on centralized crypto exchange platforms acting as intermediaries. However, the question as to how this shift affects fundraising processes in what has traditionally been a decentralized environment remains unresolved. We here address this issue by empirically comparing the performance of ICOs and IEOs through the lens of signaling theory, focusing specifically on the impact of social media information across 305 token offerings (ICOs and IEOs). Our work introduces IEOs and explains how and why the volume and sentiment of social media signals may serve as predictors of fundraising performance. We furthermore find that the impact of these electronic word-of-mouth (eWOM) media signals is reduced in the case of IEOs\u2014in the presence of a central cryptocurrency exchange platform mediator. We delineate implications for investors, ventures, platform providers, and regulators alike.<\/jats:p>","DOI":"10.1007\/s12525-023-00652-5","type":"journal-article","created":{"date-parts":[[2023,7,8]],"date-time":"2023-07-08T11:02:22Z","timestamp":1688814142000},"update-policy":"http:\/\/dx.doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["On the performance of blockchain-based token offerings"],"prefix":"10.1007","volume":"33","author":[{"ORCID":"http:\/\/orcid.org\/0000-0002-1859-5351","authenticated-orcid":false,"given":"Marten","family":"Risius","sequence":"first","affiliation":[]},{"ORCID":"http:\/\/orcid.org\/0000-0002-8992-4044","authenticated-orcid":false,"given":"Christoph F.","family":"Breidbach","sequence":"additional","affiliation":[]},{"given":"Mathieu","family":"Chanson","sequence":"additional","affiliation":[]},{"given":"Ruben","family":"von Krannichfeldt","sequence":"additional","affiliation":[]},{"given":"Felix","family":"Wortmann","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,7,8]]},"reference":[{"key":"652_CR1","doi-asserted-by":"publisher","first-page":"277","DOI":"10.1007\/978-3-030-17612-9_11","volume-title":"Contemporary developments in entrepreneurial finance. 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