Table 3.

Explaining liquidity

	Liquidity		Liquidity
	Coefficient	t-statistic	coefficient	t-statistic
Token amount (NUM)	0.41	0.65	5.10	2.99*
Property value (VAL)	− 0.004	− 0.79	4.29	2.72*
Months since listed (AGE)	− 0.59	− 3.89*	2.59	1.75
DETROIT dummy	1.02	0.57	2.44	1.71
UNISWAP dummy	8.62	7.58*	3.76	3.03*
Transaction costs	− 0.21	− 3.08*	–	–
Month fixed effects	No		Yes
R-square	0.245		0.437

Statistical significance at the 5% level indicated with a *