代币设计：一些需要考虑的问题

首发于mirror：https://mirror.xyz/jojonas1.eth/95QWfGDyeZx7pnpy8hEAV6kebD7mkm6h2yVG6HDnUrs

• 代币设计：一些需要考虑的问题
  • General
  • 代币供给
  • 代币需求
  • 社区与治理
  • 英文版
    • General
    • Token Supply
    • Token Demand
    • Governance

好久没更新我的jokenomics系列了。最近正好有在整理项目代币设计需要考虑的一些问题，顺带着上来蹭一篇嘿嘿。

这是Jokenomics系列的第4篇，只提问不回答，毕竟每个人都有自己不同的思考（主要是落在实操上有的事蛮难的）。况且也没有标准答案，只有概率性发生的一地荒凉（甩我一个大嘴巴子

General

• 项目使用几个代币？为什么，能否增加或减少？每个代币各承担什么职责？是否需要避免职责重叠？
• 代币间价值流动是双向还是单向，以及理由？单向的价值出口是什么，如何承载？能否自然承载（即不对承载模块造成负外部性）？
• 价值流动在项目中靠什么行为实现？该行为是玩家主动触发，还是激励诱导？触发条件是否稳定？
• 代币募资占比、分配、价格？估值情况？团队财政对代币的依赖度？
• 团队收入来源？会否波动（比如前段时间的零版税讨论）、对策与效果预估？
• 项目选择哪条公链？资产选择哪条公链？如果是不同公链，如何协调以及跨链安全？
• 代币在何时上线，项目上线前还是后，以及相隔多久？又应在募资后多久合适？
• 项目触达新用户（市场营销）的过程中，是否空投？空投该发挥什么样的作用？如何实现？空投目的真的能达到吗？还是被猎人割？
• 项目的护城河所在？与竞争者的对比？怎么将代币功能与项目的优势绑定？
• 早期采用什么方式来获得增长？获得增长后依靠什么留存？如果用旁氏，怎么去削弱其后期隐患？
• LP管理。纯粹官方，民间组合，或者POL？池子深度？LP奖励形式？
• 黑天鹅事件会对经济系统产生哪些影响？即使在熊市等不利情况下，也能够顺利运转吗（抛开用户进入的先验假设）？
• 是否已建立起完善的数据监控体系？

代币供给

• 代币总供应数量？当前供应数量？之后的供应量变化曲线（根据代币释放图）？
• 代币的初始流通、初始分配（指TGE）？总的分配？
• 初始流通市值？FDV？初始池子大小？
• 采用IDO还是IEO？初始筹码获得？初始做市考虑？
• 不同阶段代币的流通盘分配占比（根据代币分配、释放图，结合TGE、cliff、vesting）？
• 筹码分布情况预估？top10、top100地址的理想占比范围？
• 筹码分布方之间的博弈关系？他们的行为假设以及预计如何应对？
• 代币的通胀情况？通胀率预估？如果高通胀，可以消化到哪里？去匹配用户增长，或者单位用户协议使用频率增长？如果无法匹配，是否考虑调整释放，或者价值引入？价值引入来源于外部还是内部？外部/内部从何而来？
• 关键节点解锁的情况模拟（private sale等）？
• 当前流通情况、代币分配与释放计划、筹码分布之间的差异？如果有巨大差异，这些差异为何发生？
• 代币供给的流向，真的对项目发展有所帮助吗？

代币需求

• 为什么用户愿意持有你的代币？实际用途，被动收益，还是情绪价值？被动收益来自于哪里，增发、还是协议价值捕获？实际用途是否刚需？怎么协调二者的因素占比？
• 为什么用户对你的代币持有意愿会高于其他竞争项目？
• 代币持有者群体的行为假设？他们的目标、行为动机、不同情形下会如何行动、对经济系统可能造成的影响、什么样的机制可以做约束或者促进？
• 需不需要做质押？好处和坏处分别是什么？质押收益如何考虑（收益属性、多少、归属形式、开启时间）？（回到代币供给-通胀部分）
• 是否设burning？官方，以或者用户？如果官方，怎么配合运营？
• 结合流通、筹码分布、通胀等，是否需要有机制激励用户锁定部分代币？针对哪一方，以及如何？如果做，何时上线？
• 寻找曲线——哪些变量间存在因果关系？这些关系反映到图上应该是什么形式？进一步拆解，去思考这些曲线形态是否合适？

社区与治理

• 社区职责分配（twitter、discord、telegram等）？社区内部结构？社区上线时间安排？
• 社区对代币价格的影响？这些影响哪些来源于短期信息面，哪些是项目的长期愿景？做市者怎么配合？
• 社区目前的共识情况？运营活动如何提高共识、措施与效果？
• 如何利用好信息发布？信息包括哪些（规则更新、活动更新……）？在哪里发出，何时发出？怎么提高用户触达（用户接收信息的习惯、社区结构……）？
• 是否设社区基金？来源于哪里？有无完善的处理规则？
• 治理选票如何诞生？考虑哪些输入因素（数量、时间、使用指标等）？
• 参与治理的最小条件要求？治理选票的属性设计（比如，一次性或者永久）？选票销毁条件？
• 治理提案有效期？表决流程设计？投票权重设计？
• 治理事项决定（利益分配？数值参数？功能建议？）
• 治理权争夺（考虑贿赂）在极端情况下的设想？对策（事前规则，事后应对）？

mirror版本

英文版

Also, here is English Version for substack

Tokenomics Design: Some Questions You Need To Ask Before

There are many questions you need to ask before you design tokenomics for you projects. You can find plenty of guides about this topic but most of them are focusing on "analyzing", not "designing". If you want to inspect tokenomics from the perspective of a designer, here are some questions you may need to ask yourself.

I devided them into four clusters, you can read them below.

General

• How many tokens will the project use? Why? Can it be increased or decreased?

• What's the function of each token? Is there any need to avoid function-overlapping?

• Is there any of the value flow unidirectional, and why? Where will the value export to and how to carry it? Can it be carried naturally?

• Is there any user behaviors that will affect the value flow of tokens? Are these behaviors triggered self-motivated or stimulated? Is the trigger condition stable?

• What's the proportion, distribution of token fundraising and how much? Is the valuation reasonable with logical valuation model? How much does the team's finances rely on these tokens?

• What is the project's revenue source? Will there be fluctuations (such as zero royalty discussion previously for NFT marketplaces)? Is there any countermeasures estimate in case that black swan occurs?

• Which chain is selected for the project? Which chain is selected for assets? If different, how to estimate cross chain security?

• When does the token generate, and when to provide liquidity? Before or after the project release? And how long?

• Is there any need to airdrop? What role should airdrop play(marketing, community building, user retention)? What is the rule? Can the goal of airdrop really be achieved? Or was it just attracting hunters?

• What's the competitive barrier of the project? What's the advantage and disadvantage comparing with your rivals? How to magnify the advantage with the token design?

• How to make a significant growth in early stages? How to retain after gaining growth? If we use Ponzi model, how we mitigate the harmful things companied with?

• LP management from official, folk, or protocol? How deep is your pool? Where are your LP rewards come form?

• Has a perfect data monitoring system been established?

Token Supply

• What's the total and current supply of tokens? How will the token supply curve change according to the token release plan?

• What's the total allocation, the initial circulation and distribution of tokens (referred to TGE)?

• How much is the initial circulating market value? What's the FDV？ What's the initial pool size?

• IDO or IEO? How many tokens should you hold initially? Plans of market making?

• The distribution proportion of tokens in circulation in different stages (according to the token distribution and release plan)? How do you define these assigned holders?

• What's the ideal distribution range of top10 and top100 addresses?

• What kinds of relationships between token distributors are? How you assumpt their behaviors expected respondings to each other?

• Is the estimated inflation rate of tokens acceptable and reasonable? Is there anything can digest the high inflation of tokens? To match the growth speed of users, or to increase the usage frequency per user? If it cannot be matched, will you adjust the release plan or will you introduce new value sources? Where do the value come from? Outside or inside?

• Simulation of key node unlocking (private sale, etc.)?

• What are the differences between the current circulation, tokens' allocation&release plan, and token distribution? If there are huge differences, find the reason?

• Does the flow of token supply really make helpings the development of the project?

Token Demand

• Why are users willing to hold your token? Practical scenes, passive benefit, or emotional value?

• Where does the passive income comes from, additional issuance or protocol value capture? Is the pratical usage necessary? How to coordinate these two factors?

• Why do users hold more tokens of yours than other competitive projects?

• What are the behavioral assumptions of your token holders? Their goals, motivations? How will they act in different situations, the possible impact on the economic system, and what mechanisms can constrain or promote them?

• Any need for staking?(i.e. any need to incentive user to lock their tokens at some stage and the price you can afford) What are the advantages and disadvantages? How you arrange your staking income(reward assets, amount, vest forms, etc.)?

• Is there any burning plan set? Official burning, or user motivated burning? If official, how to cooperate with your project operation?

• Orbserving any curves in your design: which variables have causal relationships? What function form should these relationships be?

Governance

• Allocation of community responsibilities (Twitter, discord, telegram, etc.)? Community internal structure? What about the release time of the community?

• How does the community affect token prices? Which of these impacts come from short-term information and which are the long-term vision of your project? How do market makers respond?

• What's the current consensus of the community? How to improve consensus by operation activities?

• How to maximize use of information release? When and where the infos reach users?

• Is there a community fund? Source from? Is there a complete handling rule?

• How do the governance ballots generate? Any input factors (token quantity, staking time, usage indicators, etc.) are considered?

• What are the minimum conditions for participation in governance? Attribute design of governance ballots (such as, one-time or permanent)?

• Ballot destruction conditions?

• Validity of governance proposals? Voting process design? Voting weight design?

• Ranges of governance proposals(benefit distribution, function suggestions, etc.)?

• Considering bribery or not?

• What's the assumption of the war for governance power under extreme circumstances? Countermeasures in advance and afterwards?

Tokenomics design is not just simple math of tokens, it's associated with all aspects of your project. You can improve and perfect it during the project cycle if you want more than mediocre. There is only two kinds of tokenomics, common or great. We are all common now, but it's always great we headed.

My twitter: @jojonas_xyz
DMs open. Communications welcomed.

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