12 — Tokenomics

Economia de tokens: tipos, supply curves, vesting, governance, MEV, distribution mechanics, value capture.

1. Categorias de tokens

2. Supply curves

Bitcoin — fixed asymptotic

• *1M BTC max*(asymptotic).
• Halving every 210k blocks (~4 anos).
• Issuance schedule: 50 → 25 → 12.5 → 6.25 → 3.125 (atual) → 1.5625 (2028) → 0 (~2140).
• ~94% mined em 2026.

Ethereum — variable, deflationary potential

• *o hard cap*
• Pre-Merge: ~13k ETH/day issuance.
• Post-Merge: ~1700 ETH/day issuance.
• EIP-1559: ~80 ETH/day burned em normal usage.
• *et deflationary*quando burn > issuance (frequent em 2022-2023; mixed 2024+).
• Total supply ~120M ETH.

Solana

• 8% initial inflation → -15% per ano → 1.5% terminal.
• Half of fees burned (EIP1559style).
• Current ~5% real inflation.

Vesting tokens

Most new protocols have:

• *enesis allocation* 530% team, 1030% investors, 515% foundation, 3050% community.
• *esting* linear over 2-4 years.
• *liff* 6-12 months initial lockup.

3. Token distribution mechanisms

ICO (Initial Coin Offering, 2017 era)

Public sale; pay ETH/BTC, receive tokens at TGE. Heavily regulated post-2018 (SEC says most are securities).

IEO (Initial Exchange Offering)

ICO with exchange (Binance Launchpad) as gate. Vetting + access.

IDO (Initial DEX Offering)

DEX-based launch via Uniswap or specialized launchpad (Polkastarter, DAO Maker).

LBP (Liquidity Bootstrapping Pool)

Balancer weighted pool starts heavily skewed; gradual rebalance via Dutch auction. Discourages bots.

Fair launch

No premine, no pre-sale. *earn (YFI)*archetype — Andre Cronje launched 2020 with 0 dev allocation. Pure liquidity mining.

Airdrops

Retroactive distribution to users.

Major airdrops:

• *niswap UNI*(set/2020): 400 UNI per past user ~ US\( 1200 then, US\) 5k+ later.
• *YdX* traders.
• *NS* domain holders.
• *ptimism OP* Ethereum L1 users, ENS holders, gnosis multisig signers.
• *rbitrum ARB* Arbitrum users.
• *ito JTO*(Solana): liquid stakers.
• *yth, Jupiter, Wormhole, ZRO, ENA* 2024 boom.
• *yperliquid HYPE*(nov/2024): largest airdrop ever (~US$ 2B value to ~80k users).

Launchpads

Coinlist, Binance Launchpad, MEXC Kickstarter, Bybit Launchpad.

Bonding curves

Token price = \(f(\text{supply})\). As more bought, price rises. Used by Friend.tech (failed); Pump.fun (Solana memecoin launchpad).

Pump.fun (Solana, 2024)

Permissionless memecoin launchpad. *onding curve*until US$ 69k mc; then liquidity migrated to Raydium. ~10k tokens launched daily peak. Sparked memecoin supercycle 2024-2025.

4. Token utility / value capture

*ritical question* Token holder, what do you get?

Productive

• *ee accrual* GMX (esGMX), Aave (safety module).
• *uybackandburn* BNB, MakerDAO.
• *ield share* Hyperliquid HYPE buyback; staking rewards Solana.
• *eToken* lock-up for boosted rewards + governance (Curve, Velodrome).

Speculative-only (most memes)

No mechanism. Pure social value / FOMO.

Governance-only

UNI famously declined to enable fee switch since 2020 — token holds governance but no revenue captured. *024* temporary proposal but no fees yet (mai/2026).

Useful frameworks

• *obie's "token utility taxonomy"* produktive, speculative, governance.
• *yn Alden*thesis: Bitcoin = best monetary asset (Lindy + properties).

5. vetokenomics (VoteEscrowed)

*urve pioneered (CRV)*

Lock CRV → veCRV (non-transferable)
↑ lock time = ↑ veCRV multiplier (max 4 years = 4× multiplier)

veCRV grants:
  - Vote weight em gauge weight votes (decide CRV emissions)
  - Boost em LP rewards
  - Share of trading fees

*urve Wars* protocols (Convex, Yearn, Stake DAO) accumulated veCRV → controlling emissions → liquidity rents.

Velodrome (Optimism)

*e(3,3)*model (Andre Cronje's failed Solidly was original, Velodrome revived em Optimism).

• Lock VELO → veVELO.
• Voting decides which pools earn emissions.
• *ribes* protocols pay voters to direct emissions to their pools.

Aerodrome (Base) is fork.

THORChain

Native cross-chain swap protocol. RUNE staking/bonding.

6. MEV (Maximal Extractable Value)

Cobertura técnica em 05-l1-ethereum.md §MEV. Aqui foco economic:

Sources

Estimates

• Total MEV extracted Ethereum L1 cumulative: US$ 1B+ since 2020.
• Daily: US\( 100-500k em normal markets, spikes to US\) 10M+ em volatile days.

Distribution (post-Merge)

Via *EV-Boost*

• ~90% of blocks via mev-boost.
• Top builders: Beaverbuild, rsync, Titan, MEVblockerprotected (different).
• Validators receive ~7080% of MEV; builders ~1020%; searchers (find opportunities) ~5-10%.

Anti-MEV protocols

• *owSwap* batch auctions, anti-sandwich.
• *EV Blocker / Flashbots Protect RPC* privacy mempool.
• *inch Fusion* intent-based.
• *EV Share* searcher pays user partial reveal.

Inclusion lists (EIP-7805)

Proposer forces include some txs. Anticensorship + antiMEV.

7. Stablecoin economics

Backing types (revisit)

Stablecoin issuer revenue (2024-2026)

• *ether (USDT)* ~US$ 610B/ano em Tbill yield. ~75-90% margin.
• *ircle (USDC)* less profit (revenue shared with Coinbase).
• *ky (USDS/DAI)* paid out to sDAI holders.

US\( 250B stablecoin market generating ~US\) 8-12B/ano yield total → biggest revenue model em crypto.

Stablecoin growth model

USD-denominated. Adoption em emerging markets (Argentina, Turkey, Nigeria, Brazil partially) as USD savings.

8. Governance e DAOs

Token voting

Most common. *lutocratic* 1 token = 1 vote.

Issues:

• Whales dominate.
• Voter apathy (UNI: <5% turnout typical).
• "Governance theater" (binding votes few).
• Vote buying via *ribe markets*(Hidden Hand, Votium).

Quadratic voting

\(\sqrt{\text{tokens}}\) vote weight. Mitigates whales. Gitcoin Grants uses for funding allocation.

Conviction voting

Longer hold = more weight (1Hive).

Liquid democracy

Delegate vote to expert. UNI, COMP, AAVE delegations.

Optimistic governance

Pass unless challenged. Speed up.

Famous DAO governance moments

• *akerDAO Endgame*(2022+): controversial restructure into SubDAOs (Spark, etc.) + USDS rebrand.
• *niswap fee switch* contínuo debate desde 2020.
• *P airdrop seasons*1-4.
• *RB DAO security council*
• *ompound DAO compromised treasury*(Humpy DAO attack jul/2024).

Governance attacks

• *eanstalk*(abr/2022): flash loan governance takeover (US$ 182M drain).
• *ornado Cash*(mai/2023): malicious proposal disguised as harmless passed.
• *urveDAO*(sep/2023): non-issue ratified but raised oracle voting concerns.

9. Tokenomics design patterns

Buyandburn

Protocol revenue → buy native token → burn. Reduces supply over time.

• Examples: BNB, MakerDAO surplus auctions, ETH (EIP-1559).

Staking yield

Stake to earn protocol revenue.

• Examples: SOL staking, GMX, Synthetix SNX.

Fee discount

Hold token → discount on fees (BNB classic, Coinbase BASEfeediscounts).

Bonding curves / liquidity mining

Reward early liquidity providers.

Vesting + cliffs

Standard team/investor lockup.

Token2Token sinks

Lock token to access feature (vote-escrowed locks, governance staking).

10. Token launches 2024-2026 notable

Trends

• *oints farming*dominates pre-TGE 2024 (eigen layer, ethena, jupiter).
• *ybil resistance*improving (zkSync had massive backlash).
• *ots vs humans*— claim eligibility cutoffs heavily debated.

11. Brazil-specific: BRL stablecoins + Drex

BRL stablecoins

• *RZ*(Transfero Swiss / Brasil Blockchain): BRL-pegged token. Marketcap ~US$ 30M.
• *BRL*(BRLA Digital): more recent.

Limited adoption vs USD stablecoins (Brazilians prefer USDT/USDC for hedge).

Drex (CBDC do Brasil)

*anco Central do Brasil* Phased rollout 2025-2026.

• Real Digital (institutional layer) + Tokenized Bank Deposits.
• Hyperledger Besu (private permissioned, EVM-compatible).
• Privacy controversial (BCB-controlled).
• Use cases: settlements, RWA tokenization domestic, eventual retail.

Lei 14.478/2022

Marco Legal do Cripto. Brazilian crypto framework. Detalhes em 13-regulacao.md.

12. Total crypto marketcap

Composition

• *itcoin dominance* 50% em mai/2026.
• *TH dominance* 15%.
• *tablecoins* 6%.
• *ll else* 29%.

13. Token value frameworks (informal)

Lindy effect

Older tokens (BTC, ETH) gain trust by surviving.

Discount cash flow (DCF) — not really

Few tokens have predictable cash flows. Most valuation models speculative.

Network value to transaction (NVT)

Bitcoin's equivalent of P/E: marketcap / tx volume. Heuristic; debated.

Metcalfe's law

Network value ∝ active users². Empirical fit Bitcoin pre-2018.

Stocktoflow

PlanB Bitcoin model. Over-fit; broke 2022.

Real Yield narrative (2022+)

Tokens that generate actual revenue (GMX, Synthetix, Lyra, GNS) vs ponzi emissions.

14. Memecoin culture 2024-2026

Solana memecoin season

• *IF (dogwifhat)* ~US$ 3B peak mc 2024.
• *ONK* first Solana memecoin breakout 2023.
• *OPCAT, PEPE-derivatives*
• *ump.fun* launchpad for thousands daily.

Trump memecoin saga

*TRUMP*launched 20250117 em Solana. Initial mc launched ~US$ 7.5B paper; team holds 80% (controversial).

• 24h trading volume US$ 30B+.
• Wallet count peak ~700k.
• Critics: ethics violations, conflict of interest.
• $MELANIA launched 48h later, diluted.

Ethical debate

Memes vs utility tokens; speculative bubbles; predatory tokenomics; many "rug pull" via team dumps.

15. Tokenomics red flags

❌ *eam allocation > 30%*with short vesting. ❌ *nonymous team*(unless meme). ❌ *o clear value capture*for token holders. ❌ *igh emissions*without sustainable demand sink. ❌ *C-heavy allocation*with cliff ending soon ("unlock cliff dumps"). ❌ *oken used only for governance with no fee accrual* ❌ *entralized issuance/control of supply* ❌ *lgorithmic stablecoin*without strong overcollateralization.

16. Useful resources

• *oinGecko, CoinMarketCap* prices, market data.
• *eFi Llama tokenomics tab* unlock schedules.
• *ryptoRank* vesting/unlocks calendar.
• *oken Terminal* revenue, P/E equivalents.
• *essari* research reports, indexes.
• *ansen, Arkham* on-chain wallet labels.
• *oken Unlocks* schedule of cliff unlocks.
• *une Analytics* custom token metrics.

17. Referência cruzada

• L1 native tokens: 04-l1-bitcoin.md, 05-l1-ethereum.md, 06-l1-alt.md.
• DeFi protocols + utility tokens: 09-defi.md.
• NFTlike tokens: `10nftgamefirwa.md`.
• Stablecoin regulation: 13-regulacao.md.
• MEV technical: 05-l1-ethereum.md §MEV, 09-defi.md.
• Tokenrelated incidents: `14incidentes.md`.