# kaal:claim:4067783-038

**Claim.** Decentralized structures outperform centralized ones on liquidity because in them market mass and velocity are uncorrelated, which yields more stable and predictable liquidity.

**Type.** mechanism  **Support.** argued

**Source quote.**

> Decentralized structures are better because mass and velocity are uncorrelated

**From.** Wulf A. Kaal, *DAO Fallacies* (2022), III.4 Use #4: Efficiency, page 16

**Cite as.** Wulf A. Kaal, DAO Fallacies (2022). SSRN: https://ssrn.com/abstract=4067783

**Verify.** sha256 of source PDF `48f1e307cdbbe28c7843f7744d0ba8cf01662f257a53f2066a7a6c7e03a5acec` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20DAO%20Fallacies.pdf

**Topics.** defi, decentralization, economics

**Keywords.** liquidity, mass-and-velocity, decentralization, market-efficiency

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