{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/3782216-033",
 "identifier": "kaal:claim:3782216-033",
 "text": "Because the tension between efficiency and security demands a careful estimate of the hot money ratio, a sophisticated decentralized governance system is crucial for any efficient stablecoin.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Decentralized Finance (DeFi)",
  "datePublished": "2021",
  "url": "https://ssrn.com/abstract=3782216",
  "sha256": "f1739743aa06bbc1641cd65da790d531b69d8628ea3f5cc3fcad1bf5a1242373",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Decentralized%20Finance%20%28DeFi%29.pdf"
 },
 "keywords": [
  "tokenomics",
  "governance-design",
  "decentralization",
  "systemic-risk"
 ],
 "about": [
  "stablecoins",
  "governance",
  "hot-money",
  "decentralized-central-banking"
 ],
 "abstract": "The tension between these two values of efficiency and security motivates a careful esti- mate of the hot money ratio. This means a sophisticated decentralized governance system is crucial for any efficient stablecoin.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "condition"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": []
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": false
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/2adbc632e8a0a1bfacfe6693f2b2ecef426b6483012eaa373e32bd0971ef7bc1.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": [
    {
     "rel": "extends",
     "to": "https://wulfkaal.github.io/claims/3402701-024",
     "to_id": "kaal:claim:3402701-024",
     "similarity": 0.582
    }
   ]
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "2adbc632e8a0a1bfacfe6693f2b2ecef426b6483012eaa373e32bd0971ef7bc1",
 "canonicalForm": "https://wulfkaal.github.io/claims/3782216-033.md"
}