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 "text": "Because underwriting mints new reputation tokens, passive holders see their proportional ownership in the DAO fall over time, which is designed to incentivize agents to underwrite actively while still allowing passive investors to earn income.",
 "author": {
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  "name": "Wulf A. Kaal",
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 "citation": "Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216",
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 "abstract": "Thus, the total number of tokens grows over time. This implies that \"passive\" agents who hold the tokens purely to receive a share of future premia will find their proportional ownership in the DAO decrease over time.",
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