# kaal:claim:3782216-033

**Claim.** 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.

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

**Source quote.**

> 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.

**From.** Craig Calcaterra, Wulf A. Kaal, *Decentralized Finance (DeFi)* (2021), Hot money

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216

**Verify.** sha256 of source PDF `f1739743aa06bbc1641cd65da790d531b69d8628ea3f5cc3fcad1bf5a1242373` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Decentralized%20Finance%20%28DeFi%29.pdf

**Topics.** tokenomics, governance-design, decentralization, systemic-risk

**Keywords.** stablecoins, governance, hot-money, decentralized-central-banking

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3402701-024

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