이 세미나는 페이스북 그룹인 블록체인레벨업에서 온라인으로 진행되는 세미나 입니다.  ‘마스터링 이더리움’ 내용 정도는 이해하시고, 크립토 이코노미와 디파이에 관심 있으신 분들을 대상으로 합니다.

Economics and Math of Token Engineering and DeFi – Fundamentals of Token Economics를 주 교재로 사용하고, How to DeFi와 다양한 디파이 프로젝트들을 보재 교재로 사용합니다.

이 책은 토큰 경제학(token economics)의 기본을 다룹니다.

크게 두 부분으로 나뉘는데 1장에서 13장까지는 경제학적인 부분에 중점을 두고, 14장에서 25장까지는 디파이와 디파이 애플리케이션에 사용된 메커니즘의 수학적인 부분들에 중점을 둡니다.

이번 세미나에서는 1부 1장인 토큰 엔지니어링의 경제학에 대한 소개 부분을 다룹니다.

Part 1. Economics of Token Engineering

Chapter 1: Introduction to the Economics of Token Engineering

본문을 전체적으로 한 번 읽고 아래 요약한 내용을 다시 한 번 읽어 봅니다. 강조한 부분은 주의를 좀 더 기울여 여러 번 반복해서 읽어 봅니다.

• In blockchain and technology systems we can divide the entire system into three layers, Layer 1, Layer 2 and Application Layer.
  • The language that these systems run is called protocols.
  • Layer 1 protocol form the base technology layer.
    • Ethereum as a protocol. Sending data from one node in Ethereum to another.
  • Layer 2 are usually resolving scalability problems in Layer 1.
    • ZK-rollups aggregating transactional data offchain and updating Ethereum block at once.
  • Application layers are where specific applications are being used.
    • MakerDAO’s $DAI being used in Aave’s protocol and sending data and digital tokens to each other.
    • In this book, we will dive into DApp protocols, the math and economics of them.
      • We will focus on the mathematical models required to develop the various incentive mechanisms and other economic considerations that impact users’ behaviours in a closed looped ecosystem.
• Economics is three simple things
  •  Incentives
  • Punishments (Disincentives)
  • Behaviours
• The main difference between the physical traditional world and the digital decentralised world (e.g. a token-based economy) is the state of the economy.
  • The physical traditional world is an open-loop system. The system (aka economy) has no capacity for any state feedback. This gives the engineer (aka policy maker) a limited level of authority to engineer the state towards the outcome desired with a high probability.
  • On the other hand, the digital decentralised world consists of closed-loop systems which can be defined dynamically through state feedback. This gives the engineer (aka economics designer and systems engineer) the ability to achieve the stability of desired outcomes and behaviours in the system. There is also a greater variety of governance or control over the system in a digital decentralised system.
• The primary function of a token is to capture the economic value accrued from within the ecosystem. The primary function of a token is not to gain value on the secondary market. i.e. to exist on exchanges to trade. This is possible because such ecosystems accrue economic value. The token captures the value created. Price discovery of the value can be found when the tokens are traded in secondary markets.
• Within a token ecosystem itself, the core purpose of a token is to act as the main incentive driver in the network or ecosystem. Each ecosystem has an objective, and a token incentivises participants towards that shared objective. Thus, the economics structure and design consideration of the token becomes a key criteria in achieving success.
• Practical reasons to create a token
  • Tokens represent a specific financial strategy. You tokenise this strategy so represent the value accrued.
  • Tokens represet an underlying asset. You tokenise the underlying asset so this digital asset can now interact with a new technological stack.
  • Tokens help with accounting purposes. You tokenise a medium of exchange that rebalances every day and updates the account of users proportionally.
  • Tokens help with distribution purposes. You can distribute assets (profits earned, dividends, yield accrued) easily.
  • Tokens align incentives of various participants. Money could do that, but there are too many diverse participants. Hence, an ecosystem specific token can achieve the incentive alignment with various mechanisms.
• The Economics Design framework is the framework to consider the variables when designing the economics of an ecosystem.
  • Market design is the first pillar in the Economics Design framework. A market is the environment which trade happens. Market design defines this environment through design and engineering. This is to ensure that users of the ecosystem trade within the environment. Trade in this aspect could mean exchange of tokens or exchange of information and data.
  • Mechanism design is the second pillar. Mechanism design is the rules participants need to play by, in this market. It includes governance, non-financial incentives and other structures to update these rules.
  • Token design is the last pillar. Token design is the rules of the token itself. The rules can be defined with code in the smart contract. The rules could change, as the system grows, or the ecosystem integrates new forms of transactional activities.
• A token is something that represents value. There are many ways to subcategorise it.
  • There are fungible tokens and non-fungible tokens (NFT).
  • Another way to categorise tokens are by their functions.
    • Security, Utility, Money and Stable token.
      • Money has three main purposes: store of value, unit of account and medium of exchange.
• Mechanism design defines the rules of the system, whereas game theory is the analysis of actions based on the rules. Game theory is used in the analysis of how people behave in the system. The rules designed in Mechanism Design and Token Design are inputs to understanding how people will likely behave. That is part of game theory.
• Concepts from matching theory, auction theory, monetary economics, allocation theory, network economics and game theory can help design better and stronger incentives for participants. These concepts help to produce robust stable outcomes, improve inefficient allocations, and improve the efficiency of transactions within the ecosystem.
• In a decentralised ecosystem, governance is a crucial consideration in the design of the mechanism. Governance helps to organise the transactions within the ecosystem through endogenous mechanisms, making it safe for participation and preventing congestion when issues arise. This can take various forms, including legislation and the design of smart contracts. Governance constrains the ecosystem differently, depending on the token function, use-case and objective function. Governance should not be limited to just smart contracts. It can also include various resolution mechanisms, consensus protocols and other layers of governance.