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題名 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
作者 林品寬
Lin, Pin-Kuan
貢獻者 陳恭
林品寬
Lin, Pin-Kuan
關鍵詞 區塊鏈代幣價值
代幣經濟學
代幣分析
Blockchain Token Value
Token Economics
Token Analysis
日期 2023
上傳時間 1-Sep-2023 15:01:08 (UTC+8)
摘要 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.
參考文獻 Ava Labs (2020). Avalanche Native Token ($AVAX) Dynamics, 3-7.

Berto Parga Pena (2023). Internet Computer VS Other Top Blockchains: Competing To Build The Future. Dfinity Community. Retrieved January 18, 2023, from https://www.coinhustle.com/internet-computer-vs-layer-1-blockchains/.

Binance (2021). Is Bitcoin a Store of Value. Retrieved December 10, 2022, from https://academy.binance.com/en/articles/is-bitcoin-a-store-of-value.

Brave Software (2021). Basic Attention Token (BAT), 12-20.

Coinbase (2022). What is a token. Retrieved December 7, 2022, from https://www.coinbase.com/learn/crypto-basics/what-is-a-token.

Coincodex (2023). AVAX. Retrieved January 18, 2023, from https://coincodex.com/crypto/avalanche/.

Coincodex (2023). Curve DAO Token Price. Retrieved January 2, 2023, from https://coincodex.com/crypto/curve/.

Cryptocurrency 101 (2021). Cryptocurrency vs. Stocks: Understanding the Differences. Retrieved December 11, 2022, from https://www.titan.com/articles/cryptocurrency-vs-stocks.

Curve (2023). Swap. Retrieved January 8, 2023, from https://curve.fi/#/ethereum/swap.

DappRader (2023). NFT Marketplaces. Retrieved January 18, 2023, from https://dappradar.com/nft/marketplaces.

Defi Llama (2022). Dexes TVL Ranking. Retrieved December 28, 2022, from https://defillama.com/protocols/Dexes.

Defi Llama (2023). Dexs volume. Retrieved March 20, 2023, from https://defillama.com/dexs.

Defi Llama (2023). Total Value Locked All Chains. Retrieved March 20, 2023, from https://defillama.com/chains.

Elitemining (2020). The difference between stocks and security tokens. Retrieved December 11, 2022, from https://elitemininginc.com/2020/05/04/the-difference-between-stocks-and-security-tokens/.
Enes Sungurlu (2022). Tokenomics 101: Uniswap.Tokenomics dao. Retrieved December 29, 2022, from https://tokenomicsdao.xyz/blog/tokenomics-101/tokenomics-101-uniswap-uni/.

Francois-Xavier Lord (2021. Curve Finance – Valuation Report. Messari. Retrieved December 29, 2022, from Curve Finance – Valuation Report | Messari.

Guil-lambert and Leighton (2022).“Fee Switch” Pilot Update & Vote. Uniswap Governance. Retrieved December 11, 2022, from https://gov.uniswap.org/t/fee-switch-pilot-update-vote/19514/1.
Kristalina Georgieva (2022, May 23). World Economic Forum Annual Meeting.

Leighton (2022).“Fee Switch” Design Space & Next Steps. Uniswap Governance. Retrieved January 8, 2023, from https://gov.uniswap.org/t/fee-switch-design-space-next-steps/17132.
Liquid (2022). Crypto Coin vs. Token: Understanding the Difference. Retrieved December 7, 2022, from https://blog.liquid.com/coin-vs-token.

Lisa JY Tan (2022). Crypto Economics vs Token Economics. Economics Design Newsletter. Retrieved December 11, 2022, from https://www.newsletter.economicsdesign.com/p/crypto-economics-vs-token-economics?utm_source=substack&utm_medium=email.

Mansoor Mohi-uddin (2021). Will cryptocurrencies rival gold. OCBC Bank. Retrieved December 10, 2022, from https://internet.ocbc.com/internet-banking/PublicWealthContent/Index?contentId=9DF2BD83-9A49-48FF-A719-CDB61E7E57F5.

Messari (2022). Curve Actice Addresses Count. Retrieved December 28, 2022, from https://messari.io/asset/curve/chart/act-addr-cnt.

Messari (2022). State of Avalanche Q3 2022. Retrieved January 31, 2023, from https://messari.io/report/state-of-avalanche-q3-2022.

Messari (2022). Uniswap Actice Addresses Count. Retrieved December 28, 2022, from https://messari.io/asset/uniswap/chart/act-addr-cnt.

Messari (2023). Avalanche Circulating Marketcap. Retrieved January 18, 2023, from https://messari.io/asset/avalanche/chart/mcap-circ.

Messari (2023). Avalanche Supply Schedule. Retrieved January 18, 2023, from https://messari.io/asset/avalanche/profile/supply-schedule.

Messari (2023). Curve Circulating Market Cap. Retrieved January 2, 2023, from https://messari.io/asset/curve/chart/mcap-circ.

Messari (2023). SOL Circulating Marketcap. Retrieved January 18, 2023, from https://messari.io/asset/solana/chart/mcap-circ.

Messari (2023). Solana Supply Schedule. Retrieved January 18, 2023, from https://messari.io/asset/solana/profile/supply-schedule.

Messari (2023). Uniswap Circulating Market Cap. Retrieved January 2, 2023, from https://messari.io/asset/uniswap/chart/mcap-circ.

Michael Egorov (2019). StableSwap - efficient mechanism for Stablecoin liquidity. Curve, 1-6.

Nitin Gaur (2022). Regenerative Token Design Is Foundational for Robust Community Growth and a Sound Web 3.0 Economic System. Retrieved January 9, 2023, from https://www.linkedin.com/pulse/regenerative-token-design-foundational-robust-community-nitin-gaur/?trackingId=SQ%2BT6C0vTYWyOYg8M4sddA%3D%3D.

Nordcourt (2023). Avalanche$AVAXis the most advanced distributed ledger technology, with the fastest growing ecosystem. Retrieved January 31, 2023, from https://www.avax-projects.com/.

Packy and Tina He (2022). Designing Token Economies. Not Boring. Retrieved December 12, 2022, from https://www.notboring.co/p/designing-token-economies.

Solana (2023). Discover the hottest projects on Solana. Retrieved January 31, 2023, from https://solana.com/ecosystem/explore.

Solana (2023). Transaction Fees. Retrieved January 18, 2023, from https://docs.solana.com/transaction_fees#:~:text=a%20fixed%20portion%20(initially%2050,current%20leader%20processing%20the%20transaction.

Stefan Piech and Shivam Sharma (2022). Tokenomics – Deep Dive. Binance Research, 2-43.

Sumit Roy (2021). Bitcoin Loses Store Of Value Virtue. ETF.com. Retrieved December 12, 2022, from https://www.etf.com/sections/features-and-news/bitcoin-loses-store-value-virtue.

Tascha (2022). Does token supply affect price? If so, by how much? Here’s result from 1k largest tokens over past 3 yrs [Tweet; thumbnail link to article]. Twitter.
https://twitter.com/TaschaLabs/status/1603842423016153089.

Tascha (2022). TLDR: 5 features to look for in tokenomics— [Tweet; thumbnail link to article]. Twitter.
https://twitter.com/TaschaLabs/status/1546207743182221313?s=20&t=dlzyPMZiBnlzUGCG5eouXQ.

The block (2023). Solana. Retrieved January 31, 2023, from https://www.theblock.co/data/on-chain-metrics/solana.

The Sandbox (2020). Coming soon… In the near future, you will be able to use your $SAND to participate in #TheSandbox governance [Tweet; thumbnail link to article]. Twitter. https://twitter.com/thesandboxgame/status/1326132857849466880.

Uniswap (2023). Swap. Retrieved January 8, 2023, from https://app.uniswap.org/#/swap?lng=zh-TW.

Ennio Y. Lu (2018)，【動區知識｜不再混淆】還沒搞清楚這「Token」是什麼？——Token、Coin大不同，BLOCKTEMPO，https://www.blocktempo.com/the-difference-btw-token-coin/，擷取日期 : 2022年12月9日。

PANews (2021)，Uniswap V3 發展趨勢：高資金利用率、低費用能否顛覆中心化交易所，https://blockcast.it/2021/06/01/panews-introducing-uniswap-v3-whats-new/，擷取日期 : 2023年3月20日。

Polkastarter (2022). What Are Good Tokenomics? Retrieved March 15, 2023, from https://blog.polkastarter.com/what-are-good-tokenomics/.
R3PO (2022)，SBF垮台，“親兒子”Solana還有前途嗎，PANews，https://www.panewslab.com/zh_hk/articledetails/u870j6o98y01.html，擷取日期 : 2023年1月18日。

每日幣研 (2022)，Aave 介紹懶人包｜教學如何使用 DeFi 借貸，閃電貸「惡名遠播」，https://cryptowesearch.com/blog/all/aave-intro，擷取日期 : 2022年12月10日。

每日幣研 (2022)，AVAX幣介紹｜Avalanche雪崩鏈慘被爆料，導致幣價急跌，https://cryptowesearch.com/blog/all/intro-of-avalanche-token-avax，擷取日期 : 2022年12月10日。

每日幣研 (2022)，SANDBOX｜迎來Alpha Season 3，能否令SAND幣重獲升勢，https://cryptowesearch.com/blog/all/sandbox-intro，擷取日期 : 2022年12月10日。

桑幣區識 Zombit (2021)，快訊｜Avalanche 基金會宣布推出 1.8 億美元 DeFi 獎勵計劃，https://zombit.info/avalanche-rush-aave-curve/，擷取日期 : 2023年3月20日。

愛范而 (2022)，將加密貨幣和Web3行動化，Solana發布「Web3 手機」Saga，數位時代，https://www.bnext.com.tw/article/70243/solana-saga-ifanr，擷取日期 : 2023年1月31日。

幣安 (2020)，ERC-20 代幣簡介，https://academy.binance.com/zt/articles/an-introduction-to-erc-20-tokens，擷取日期 : 2022年12月10日。

幣安 (2020)，幣安智能鏈（BSC）簡介，https://academy.binance.com/zt/articles/an-introduction-to-binance-smart-chain-bsc，擷取日期 : 2022年12月10日。

幣安 (2021)，什麼是Solana (SOL)，https://academy.binance.com/zt/articles/what-is-solana-sol，擷取日期 : 2023年1月17日。

懶人經濟學 (2022)，SOL 幣是什麼？Solana 生態有什麼缺點？一篇搞懂 SOL 的價值，https://earning.tw/sol-solana/，擷取日期 : 2022年12月10日。

懶人經濟學 (2022)，Uniswap 介紹：何謂去中心化交易所？Uniswap 教學、如何使用 Uniswap 賺取收益，https://earning.tw/what-is-uniswap/，擷取日期 : 2022年12月10日。
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363072
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110363072
資料類型 thesis
dc.contributor.advisor 陳恭zh_TW
dc.contributor.author (Authors) 林品寬zh_TW
dc.contributor.author (Authors) Lin, Pin-Kuanen_US
dc.creator (作者) 林品寬zh_TW
dc.creator (作者) Lin, Pin-Kuanen_US
dc.date (日期) 2023en_US
dc.date.accessioned 1-Sep-2023 15:01:08 (UTC+8)-
dc.date.available 1-Sep-2023 15:01:08 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2023 15:01:08 (UTC+8)-
dc.identifier (Other Identifiers) G0110363072en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146921-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 110363072zh_TW
dc.description.abstract (摘要) 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。		zh_TW
dc.description.abstract (摘要) 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.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景 1
第二節 研究目的與問題 3
第三節 研究方法與架構 4
第四節 研究限制 5
第二章 文獻探討 6
第一節 代幣之基礎介紹 6
壹、代幣之定義 - Token vs Coin 6
貳、比特幣與常見公鏈 7
參、ERC-20 Token 9
第二節 代幣所具有的性質 10
壹、代幣之基礎性質 10
貳、協議與公司和代幣與股票的異同 11
第三節 現有代幣經濟學模型整理 12
第三章 案例研究 UNI vs. CRV 17
第一節 代幣之基礎介紹與選擇 UNI 與 CRV 之原因 17
第二節 Uniswap 與 Curve 生態系拆解 19
第三節 代幣經濟學分析 21
壹、 供給面分析 21
貳、 需求面分析 23
參、 小結 23
第四章 案例研究 SOL vs. AVAX 25
第一節 代幣之基礎介紹與選擇 SOL 與 AVAX 之原因 25
第二節 代幣經濟學分析 26
壹、 供給面分析 26
貳、 需求面分析 28
參、 小結 29
第五章 模型檢討 31
第六章 新模型之案例研究 34
第一節 UNI 與 CRV 之案例研究 34
壹、 產品優勢比較 34
貳、 小結 37
第二節 UNI 與 CRV 之案例研究 38
壹、 產品優勢比較 38
貳、 小結 44
第七章 結論與未來研究 45
參考文獻 47		zh_TW
dc.format.extent 2437934 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110363072en_US
dc.subject (關鍵詞) 區塊鏈代幣價值zh_TW
dc.subject (關鍵詞) 代幣經濟學zh_TW
dc.subject (關鍵詞) 代幣分析zh_TW
dc.subject (關鍵詞) Blockchain Token Valueen_US
dc.subject (關鍵詞) Token Economicsen_US
dc.subject (關鍵詞) Token Analysisen_US
dc.title (題名) 影響區塊鏈代幣價值因素之探討zh_TW
dc.title (題名) A Study on the Factors That Influence the Market Value of Cryptocurrenciesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ava Labs (2020). Avalanche Native Token ($AVAX) Dynamics, 3-7.

Berto Parga Pena (2023). Internet Computer VS Other Top Blockchains: Competing To Build The Future. Dfinity Community. Retrieved January 18, 2023, from https://www.coinhustle.com/internet-computer-vs-layer-1-blockchains/.

Binance (2021). Is Bitcoin a Store of Value. Retrieved December 10, 2022, from https://academy.binance.com/en/articles/is-bitcoin-a-store-of-value.

Brave Software (2021). Basic Attention Token (BAT), 12-20.

Coinbase (2022). What is a token. Retrieved December 7, 2022, from https://www.coinbase.com/learn/crypto-basics/what-is-a-token.

Coincodex (2023). AVAX. Retrieved January 18, 2023, from https://coincodex.com/crypto/avalanche/.

Coincodex (2023). Curve DAO Token Price. Retrieved January 2, 2023, from https://coincodex.com/crypto/curve/.

Cryptocurrency 101 (2021). Cryptocurrency vs. Stocks: Understanding the Differences. Retrieved December 11, 2022, from https://www.titan.com/articles/cryptocurrency-vs-stocks.

Curve (2023). Swap. Retrieved January 8, 2023, from https://curve.fi/#/ethereum/swap.

DappRader (2023). NFT Marketplaces. Retrieved January 18, 2023, from https://dappradar.com/nft/marketplaces.

Defi Llama (2022). Dexes TVL Ranking. Retrieved December 28, 2022, from https://defillama.com/protocols/Dexes.

Defi Llama (2023). Dexs volume. Retrieved March 20, 2023, from https://defillama.com/dexs.

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