Textbook of token model: on the design of osmosis token model

CYC Labs 2022-04-04 16:48:14 阅读数:700

textbook token model design osmosis
We often say that the economic design of a project token is good or bad , It's not just about distribution . But what is the value capture of the token for the project itself . This is to design some of its core functions and target audience .

author :CYC Labs

Now let's look at , Seems to be Cosmos At first it looked like “ Stupid ” The token economy is feasible . Because the initial is more than 67% Mobile tokens plus soul characters Jae Kwon Run away , Cause the project party to Cosmos Its own control is close to nothing , bring Cosmos hub Tokens, ATOM There has never been anything like SOL and AVAX The same highlight moment .

however , Because of this ,Cosmos Become a bottom-up driven ecosystem , On the contrary, the foundation is as solid as Ethereum . Also in this environment , Born like Osmosis Such a textbook token design project . therefore , Let's take a look at it today Osmosis What is the token economy like .

Osmosis List

We often say that the economic design of a project token is good or bad , It's not just about distribution . But what is the value capture of the token for the project itself . This is to design some of its core functions and target audience .

Osmosis There is no need to say more about the mechanism . Is itself a AMM DEX. Thanks to the Cosmos “APP CHAIN” The idea of ( Application is chain ), The biggest feature is that it uses Cosmos SDK Of IBC, It can be regarded as the first formal online exchange to realize cross chain from the protocol layer ( Now is also Cosmos The largest ecological exchange ).

Of course , Because itself is a chain , So unparalleled silkiness and no gas fee Are one of its characteristics . in addition , Such as its launch Superfluid Staking ( It allows investors to provide LP At the same time , It can also pledge the corresponding tokens to the same chain , Obtain the excess profit of a single chain ), Allow custom weights , Support multiple tokens in the same pool , similar Curve Dashboard to distribute rewards and other functions are its features . Specific about Osmosis There are many analysis articles on their own business and Technology , I won't go into details here , If you are interested, you can check it yourself .

Osmosis Ambition

Before we talk about the token economy , We might as well think about , Currently the most liquid DeFi Which application is ? Anyway, I personally think it is Uniswap. As AMM The first implementation of the protocol , At the same time, it is the largest agreement in terms of transaction volume and transaction depth ,Uniswap In itself, it is possible to become an ecology .

therefore , Call us Uniswap Become a service that ecology can provide for “AMM as a Service”, namely AaaS. Now such as IZUMI The asset management agreement is to use AaaS It happened . however , Here's a question , namely Uniswap Itself is a good thing , But its value captures , Or more generally , Its token UNI But in a very embarrassing position .

The nature of the various payments made by the exchange is ETH, And UNI It's nothing to do with half a cent . This is a great waste Uniswap This AaaS The value space of infrastructure . Lead to UNI Itself becomes a simple stock token.

Of course , On the one hand, it's because UNI The distribution itself is an emergency , But on the other hand , This is also the bottleneck of Ethereum itself : Because of its own architecture design , Ethereum is hard to reward its apps .

that , What might the ideal situation be ? Let's imagine : If Uniswap At the present scale, it has become a chain , Use your own token UNI As PoS To ensure security , At the same time, it has protocol layer level cross chain , Cross chain trading is as fast as trading on the same chain , such UNI It has become an underlying asset , It can support thousands of applications , For example, borrowing , Information management , Derivatives market, etc .

Everyone enjoys Uniswap Provide liquidity and AMM( At the same time the AMM It's programmable , Customizable , Even allow other projects to add additional rewards to LP In the pool , And adding parameters such as time weight ), At the same time, it can also naturally have cross chain attributes , What does this mean ? On behalf of the entire DeFi Can be migrated to this chain . Think about how exciting it is . It's really exciting , Especially let Osmosis excited , So it did .

Now? , We have made it clear that Osmosis The goal of ( Oh , Don't forget that investors are enjoying LP Benefit while enjoying staking earnings , In this way, the safety of the chain itself is guaranteed ), So let's get to our focus today , Token economy . See how it makes tokens to achieve its purpose .

OSMO Token economy

Want to finish Osmosis The goal of , Let's think about what we need to have :

  • Security . in the capacity of AMM HUB Or say DeFi chain , Itself needs to be as reliable as other chains . Specific to the PoS On the body , It is the basic asset on the chain Stake

  • Sufficient liquidity . Never mind whether it's a chain or not , Because the core attribute is “ transaction ”, So liquidity must be sufficient , That is to say , Need to attract investors willing to act as LP, And long-term LP

  • Cross link . Because it is a trading chain , Must have cross chain function , Ensure the smooth flow of capital

The basic conditions have been clarified , Then we found , Except for the third point, cross chain is Tendermint Bring their own , The rest, whether it's security or liquidity , All need a well-designed “ incentive ” To continue to attract users . To put it bluntly , It depends on how the token economy is designed . therefore , Let's see Osmosis Token of ,OSMO.

Basic function

Have a look first OSMO What are the functions of

  • Governance vote ( It is basically the most basic function of each token , Of course , For some projects, it's just laziness , That's why we have such a function )

  • Mining rewards

  • Service Charge (gas fee, Service charges such as handling charges )

You can see ,OSMO The core idea of is around AMM The most important role in ——LPer For functional design . Especially for those who are willing to give long-term liquidity support LPer Considerable rights and interests ( It conforms to the two basic characteristics we mentioned above , Attract liquidity ).

meanwhile ,OSMO It's a completely fair way to start , Give the token to the person you want as much as possible , That is, people who can help them achieve the above purpose . Who are these people ? In fact, it can be seen from its airdrop target .


OSMO The number of creations is 1 Billion , among 50% use Quadratic Fairdrop Airdrop ( Follow the formula ), in addition 50% As a strategic reserve .

You can see , Its airdrop target is ATOM The holder and Cosmos hub staking People who . These people themselves are Cosmos After so many years without any major improvement, I still stick to , It has its own right to Cosmos Belief in ecological uniqueness . But just looking at this airdrop target user doesn't seem to see anything , Now ,OSMO Here comes the operation of :

I dropped it for you , however , to want to claim It's not that simple .

In order to make these people with fundamentalist mentality ATOM The holder becomes himself Osmosis Users of , Only 20% The airdrop is directly to the user , be left over 80% The airdrop of , You need to complete four tasks on the necklace in two months to fully unlock . Each completion will unlock 20% The amount of airdrop . These four tasks are :

  • stay Osmosis on swap

  • add to LP To Osmosis

  • Stake OSMO

  • Governance vote

These four tasks are interesting . It covers several of its main functions , Show your excellent muscles :Osmosis Like Dove, nothing Gas transaction , By the way, experience IBC Almost real-time cross chain .

The second and third points, in addition to allowing users to experience the basic functions , The height of the pool itself with a certain fluidity APY( In addition to the market maker's fee income, there is also OSMO Reward ), And the function of protocol upgrade governance . After this process, you can get complete tokens , At the same time, it can let users experience their own advantages , The key is , Will significantly push up the project TVL, And then high TVL It will further attract other participants , Enter a forward cycle .

This idea has another advantage , We all know that for most people , Participating in mining depends on the types of tokens and APY( Most of the time APY The proportion of will be larger ). The process of referring to the types of tokens itself will promote people to further understand Osmosis The ecology of , Smart people think about how to combine their assets to get higher APY And more airdrops , Plus, if the experience is good enough .

Final , Some of the users who were originally just dropping by air will choose to stay , Become Osmosis Real core users ( This proportion should be very high . because Cosmos Silence for too long , Many users don't have token usage scenarios ,Osmosis Gave them this opportunity ), This can be seen from Osmosis Liquidity and TVL You can see some clues in .

however , Still not enough , If the characteristics of its token economy are limited to airdrop , Then there will still be a lack of long-term attraction to investors . therefore , We need to look at the rest of its token economy .

Token allocation strategy

Except for the creation 1 In addition to 100 million tokens ,OSMO Our token model is basically based on an imitation BTC In the form of a half cycle to release tokens . The basic timetable is as follows :

Basically , Is to release tokens by reducing the amount of one-third of the previous year every year , Up to the maximum number 10 Billion . meanwhile , And Cosmos other SDK Different chains .OSMO It uses a daily Epoch Release tokens . The new tokens are distributed as follows :

  • Pledge reward :25% ( Ensure safety , The first essence of the chain , It is also one of the above two features , It needs to be attractive enough to attract users and ensure the safety of the chain )

  • Developer ownership :25% ( Ensure ecological sustainability , Don't be a backwater )

  • Liquidity mining incentives :45% (DeFi The core of the chain , Mobility )

  • Community pool :5% ( The squalid )

The idea is actually very clear , There's no need to elaborate . It seems that behind democracy is still the control of the project side . For example, the initial of strategic reserve 5000w Token of , It starts with a few Osmosis Developers sign more to decide the purpose , Nominally, it can't be used to trade , But it is said that long-term partners can be coordinated through voting , Reward the project party, etc .

The flower heads inside are very big , and ,Osmosis Is accepting something like Paradiagm And other institutions . Another point is that everyone epoch The part of the released token about developer rewards ( about 2.25 Billion ), It's still possible to do projects and send them to your own people .

But the more interesting thing is , In order to maintain “ De centralization ”, Once the development team of the target project changes , Then the tokens that have not been released to them can be redirected to the new development team through community voting ( Itself is linear ).

And the big play LP reward Because of something similar to curve The existence of the same voting distribution reward , Itself forms a “ Hold a positive cycle ” And similar to “ Governance attack ” Such a game , And incentives for new trading experiments ( Don't forget ,Osmosis It supports customization of various transaction functions ).

It may lead to new governance right leasing products or special asset management products . This also needs to be observed ( Probably already , But I haven't looked carefully yet , The focus of this time is on the token economic design itself ).

Of course , In order for liquidity to be sustainable ,Osmosis There are some columns such as LP Exit fees ,Bonded Liquidity Gauges( It's like Curve vote LP The reward has a lock up period , One day respectively , A week and two weeks ), Support “ Add external rewards ” Etc . Make sure that this part of your reward can be given to real agreement users and supporters .

Its token economy is probably these , Basically , This token economy makes almost perfect use of Cosmos The characteristics of its own architecture , The team mind is also very clear , Whether it is airdrop or token, the total distribution is as reasonable and effective as a textbook . But for so long , If there is no data to support my statement , It still looks thin . So let's take a look at Osmosis Whether the relevant data support my view .

Osmosis Overall data performance

Put aside OSMO The token itself , Let's take a look first ,Osmosis How does the data related to its own business perform . because Osmosis yes AMM HUB, So let's see how liquid it is :

Just looking at the data is very beautiful , Less than a year after the launch, there have been 1.7b The liquidity of . If the vast majority of people leave after collecting ( Air drop ), Then the data should be high first and then low , If many people choose to stay , Then the data will be a process of pushing up all the time . Of course , Some people will say that it may be left by several giant whales , There are not many real users . This can be ruled out from two aspects ,

1. ATOM Their wallet address and the number of giant whales ( Initial airdrop )

2. Osmosis Number of users of itself ( Real user )

All right , I admit I didn't find these two official figures . Friends who can find data are welcome to contact me .

Aside from this uncertainty , We also need to look at the currency composition on it :

Just look at Osmosis You may think that the first few accounts for too much , Own chain token , The token of dad's Chain , Calculate the stability correlation , Brother chain token, etc . however , If we compare Uniswap The data of , You can see , The top two trading partners are highly similar , This is also Dex Characteristics of :

But here's the thing , At present, only UST This stable currency is Osmosis On , Part of the reason is that both are Cosmos SDK chain , Another part of the reason is UST Its own strategy is to penetrate all chains , Spread the risk equally .

On the other hand, the reason lies in the current IBC about EVM There are still many things to be seen about assets , It's better to use both IBC The same cross chain is convenient , It also leads to problems such as USDT, USDC, ETH ,BTC Wait until the token is online . But at the official pace , Once they release the token pool , Is to be fully prepared .

that , Such high liquidity , What is the daily trading volume ?

Looks like Uniswap More than one grade is missing . The reason for this is that , About EVM The asset has not been launched yet y And haven't supported the little fox yet , On the other hand , Namely …… You have to see who your opponent is , such as , according to coinmarketcap Of Dex Trading volume ranking ,Osmosis exceed Curve, sushi, At number 12 name . For an exchange that has been online for less than a year , Or rooted in non EVM The structural chain is not compatible with the fox's DEX( Now the core developers say they are testing the little fox ) Come on , It's amazing :

Of course , Is there any potential risk , Of course there are . The potential risks here include, in addition to EVM Whether cross chain assets can go online or not , How many developers are willing to do projects on it and other risks that are difficult to quantify , Personally, I think the biggest risk is : Security assurance . In addition to cross chain security , There are also risks to the safety of your own chain . Let's see more specifically Osmosis Of stake data :

You can see , its staking rate Only 32.82%, Although because LP reward Higher rewards , It leads most people to be willing to OSMO Put it in the pool , Because Bonded Liquidity Gauges It's the presence of the world that makes OSMO There is one more way to be locked .

however , Once the future LP reward falling ,stake rate If you still can't go up ( current staking reward already 70%+, Biboka , Ethereum is much higher , That's the pledge rate . According to common sense , future staking reward It should only fall but not rise , therefore stake Is there any guarantee of your attractiveness , I don't know .

Especially now Stake The coin issuing speed and LP The coin issuing speed is very fast , Whether there will be , Is not clear ), There are great risks . One POS chain ,staking rate Less than 50%, Relatively easy to attack . But I personally think because AMM HUB The demand for liquidity itself is too high , Give Way LP The reward ratio Stake More is also normal . I'm still confident in this team , There should be corresponding measures to make things happen in the future .


What I'm talking about here is very simple because many people have talked about this project before , In fact, the stimulation and play of liquidity Osmosis Feel very thoroughly , And clearly know what you should do and what you shouldn't do , such as , Unstable currency , In this way, you can keep the basic neutrality like Ethereum , Make it convenient UST, DAI Wait for the stable currency to flow into the ecology .

For example, because the same token passes through different cross chain bridges, the cross chain becomes different tokens , This is not conducive to liquidity management and concentration , So I made the corresponding scheme and so on . I won't repeat the business itself here .

Of course , There must be some money to see Osmosis TVL Too high , But it passed Osmosis got it Cosmos Characteristics , Will flow into other Hub, such as Juno, secret etc. , And then have a positive impact on other brother chains .

however , Whatever the end result , Success is good ( If it works , No doubt to others Dex Made the best demonstration ), Be a pioneer , The design of its token economy is almost Dex Textbook of token economy .

From airdrop to token distribution , To cost design (swap fee , gas fee, LP Exit fee), And then to join Bonded Liquidity Gauges,Superfluid Staking Wait for the design , Almost put Dex The value capture that can be achieved includes , Plus based on Cosmos SDK Why , It's also extremely silky to use .

But if you think carefully , The project team still has a great say in the circulation of tokens ( For example, occupy the creation token 50% Strategic reserves of ). in general , about Cosmos In terms of related Ecology ,“ Deep excavation silo , Wide accumulate grain ” It's all done , Can you “ Slow king ”? Rub one's eyes and wait .

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