# kaal:claim:3125822-027

**Claim.** Because earlier minted tokens pay out more than later ones at a steady fee rate, later experts have less motivation to join, and the remedy available to the bench is to change the exchange rate between fees and sem tokens to attract new recruits.

**Type.** failure  **Support.** argued

**Holds when.**

- assumes a steady state rate of incoming fees
- tokens are never destroyed

**Source quote.**

> This may mean later experts have less motivation to join if fees paid into the system are at a steady state. To combat this, the bench may choose to change the exchange rate between fees and sem tokens to encourage new recruits.

**From.** Craig Calcaterra, Wulf A. Kaal, Vlad Andrei, *Blockchain Infrastructure for Measuring Domain Specific Reputation in Autonomous Decentralized and A* (2018), 4.4.2.2 More reputation calculations, page 23

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vlad Andrei, Blockchain Infrastructure for Measuring Domain Specific Reputation in Autonomous Decentralized and A (2018). SSRN: https://ssrn.com/abstract=3125822

**Verify.** sha256 of source PDF `d4d0bbaa3260968226186131d60e6d64a53e904d94e4295c61fd17042f1191ef` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202018%20-%20Blockchain%20Infrastructure%20for%20Measuring%20Domain%20Specific%20Reputation%20in%20Autonomous%20Decentralized%20and%20A.pdf

**Failure mode.** late entrant disincentive  (family: staking-and-incentive-misalignment)

**Topics.** risk-and-incentives, tokenomics, defi

**Keywords.** late-entrant-disincentive, token-vintage, exchange-rate, recruitment

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3125827-039

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.