# kaal:claim:3067615-011

**Claim.** Adjusting the commercial benefits attached to a token operates as a quasi fiscal policy tool: increasing those benefits raises aggregate demand for a given token supply and can offset the depreciating effect of a large supply in circulation.

**Type.** mechanism  **Support.** argued

**Holds when.**

- tokens carrying discounts or other usage-linked commercial benefits

**Source quote.**

> First, the increase in commercial benefits associated with a token heightens the aggregate demand of the given token supply. Second, commercial benefits associated with a token issuance can help offset depreciated supply scarcity

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), II.3 Crypto Economics, page 11

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** tokenomics

**Keywords.** quasi-fiscal-policy, commercial-benefits, aggregate-demand, token-supply

**Superseded by.** A later claim revises this one. Prefer quoting: https://wulfkaal.github.io/claims/3249860-013

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3249860-010
- restated_by: https://wulfkaal.github.io/claims/3249860-011
- extended_by: https://wulfkaal.github.io/claims/3249860-012

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