We document key properties of crypto monetary policies based on more than 2,000 tokens: (1) Money growth rates decline with age and stabilize at 0.1% per month on average, with younger cohorts converging faster to the long-run growth rate; (2) Long-run money growth rates and convergence speeds are positively correlated in the cross-section; (3) Tokens held heavily by retail investors have relatively low long-run money growth rates and convergence speeds. We present a dynamic model to determine the optimal token issuance and fee policies for issuers. Committing to low future money growth and fees increases profits, and the degree of commitment matters for the existence of equilibria. A Ramsey issuer who maximizes profits, after the initial period, makes choices that maximize the utility value of all tokens. We present a model with probabilistic commitment and show that issuers with high commitment choose low long-run money growth rates and fee ratios, and they reduce them slowly.
