# kaal:claim:3782205-030

**Claim.** The stablecoin cannot be efficient until a robust decentralized economy already exists, producing a chicken and egg problem in which the required institutions presuppose one another.

**Type.** condition  **Support.** argued

**Source quote.**

> We need a robust decentralized economy (#W, below) before the stablecoin can be efficient—another chicken and egg problem.

**From.** Craig Calcaterra, Wulf A. Kaal, *Eight Institutions for the Evolution of Decentralization* (2021), Chapter 9. Eight institutions, page 4

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

**Verify.** sha256 of source PDF `5ba52c63e81019b6867fb29c4a50821ff574e510d79b31b8ce9f4c726a0ebc71` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Eight%20Institutions%20for%20the%20Evolution%20of%20Decentralization.pdf

**Failure mode.** Chicken and egg dependency  (family: cold-start-and-bootstrapping)

**Topics.** tokenomics, institutional-design

**Keywords.** stablecoin, chicken-and-egg, institutional-complementarity, sequencing

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3782216-034

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