kaal:claim:3396542-017

The value of a token is not uniform across tokens: it depends on whether the token is currently encumbered and, for encumbered tokens, the sooner the token is expected to be released from encumbrance the greater its value.

Source quote, verbatim

In general, the sooner a token is expected to be released from encumbrance (by the policy on which it is staked terminating due to either a payout or reaching maturity), the greater its value.

From

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019), V. MODEL, 2. Value of Tokens in Steady State, p. 11
https://ssrn.com/abstract=3396542 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019). SSRN: https://ssrn.com/abstract=3396542

Holds when

steady state DAO

Classification

mechanismsupport: arguedtokenomicseconomicsdao

Verify

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