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| Title: | 影響區塊鏈代幣價值因素之探討
A Study on the Factors That Influence the Market Value of Cryptocurrencies |
| Authors: | 林品寬
Lin, Pin-Kuan |
| Contributors: | 陳恭
林品寬
Lin, Pin-Kuan |
| Keywords: | 區塊鏈代幣價值
代幣經濟學
代幣分析
Blockchain Token Value
Token Economics
Token Analysis |
| Date: | 2023 |
| Issue Date: | 2023-09-01 15:01:08 (UTC+8) |
| Abstract: | 隨著以太坊 (Ethereum) 在 2015 年被創造，其目標為打造一個去中心化、全球範圍的智能電腦。用戶能利用其專屬程式語言 Solidity 在以太坊上發行新代幣、創建去中心化自治組織、發行智能合約等，讓原本中需要第三方中介機構或一個中心組織才能運行的事物，如借貸、經營交易所、簽訂契約，皆可透過智能合約自動執行，過程只需要兩方參與，極大提高信任度、減少手續費與交易時間。
發幣、ICO 變成協議一大募資管道，但代幣發得好，用戶與投資人對其有信心，協議之現金流與經營也才能穩定。於是出現了一門學問 – 代幣經濟學 (Tokenomics)，為一研究代幣供需，以衡量其價值之學問。代幣之價值能影響協議用戶對其信心，攸關協議所設計生態圈之維持。
本研究採用文獻分析法與個案分析法，首先介紹代幣 (Token) 與公鏈幣
(Coin) 之差異、現有公鏈和以太坊與其發幣機制，接著整理目前全球代幣經濟學專家與機構提出的分析模型，並將模型應用至個案分析，案例研究 Uniswap、Curve、Solana、Avalanche 四大公鏈或協議與其對應代幣 UNI、CRV、SOL、AVAX，探討模型之可用性與是否能正確解釋代幣具備價值之因素。
研究結論顯示，代幣經濟學除了常見的供給面 (供給量、分配比率、解鎖排程、通膨率)、需求面 (應用場景、效用、代幣功能、資產支持)，更大一部份代幣是否有價值還要取決於用戶、投資人對協議前景的信心，協議所提供的產品或生態系本身是影響代幣價值最重要的因素。本研究期許能為未來規劃發幣之團隊與協議參考，為其所設計之代幣經濟架構提供指引。
With the creation of Ethereum in 2015, its goal was to build a decentralized, global computer. Users can utilize its specialized programming language, Solidity, to issue new tokens, create decentralized autonomous organizations, deploy smart contracts, and enable various real-world activities that typically require third-party intermediaries or central organizations, such as lending, operating exchanges, establishing companies, and signing contracts. These tasks can be automated on the Ethereum platform through smart contracts, involving only the participating parties, thereby greatly increasing trust, reducing fees, and minimizing transaction time.
Token issuance and Initial Coin Offerings (ICOs) have become significant fundraising channels governed by protocols. However, for tokens to succeed, users and investors must have confidence in them, and the cash flow and operations of the protocols must remain stable. This gave rise to a field of study known as Tokenomics, which focuses on the analysis of token supply and demand to assess their value. The value of tokens can influence user confidence in a protocol and is crucial for the long-term sustainability of the ecosystem it aims to create.
This research utilizes literature analysis and case studies. It begins by discussing the differences between tokens and coins, existing public chains, the token issuance mechanism of Ethereum, and then compiles analysis models proposed by global experts and institutions in the field of token economics. These models are applied to case studies to examine their applicability and whether they can correctly explain factors that contribute to token value or the lack thereof.
The research concludes that besides common factors related to supply (token quantity, distribution ratio, unlocking schedule, inflation rate) and demand (application scenarios, utility, token functionalities, asset backing), a significant part of a token`s value depends on user and investor confidence in the protocol`s prospects and the products or ecosystem offered by the protocol itself. These factors have the most significant impact on token value.
The aim of this study is to provide guidance for future teams and protocols planning token issuance and to offer insights into designing token economic frameworks. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363072 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110363072 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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