[{"data":1,"prerenderedAt":326},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-tokenomics":3,"en-gb/learn/crypto-101/what-is-tokenomics-en-GB-seo":57,"footer-en-GB":62,"navigation-en-GB-learn-center":235,"api/learn-categories-en-GB":286},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is tokenomics?","What is tokenomics? - Bitstamp Learn Center","What is tokenomics?  What makes a token inflationary or deflationary? - Read our guide to tokenomics and start trading on Bitstamp by Robinhood. ",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/Tokenomicspng_50bda8af43_bc76a0aba4.png","image/png",".png",1920,1080,"Tokenomicspng_50bda8af43.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/crypto-101/what-is-tokenomics/","en",{"pathname":24,"locale":25},"/es/learn/crypto-101/what-is-tokenomics/","es",{"pathname":27,"locale":28},"/en-gb/learn/crypto-101/what-is-tokenomics/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/crypto-101/","Crypto 101",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-tokenomics",false,"\u003Cp>In cryptocurrency, the schedule and manner in which tokens are created and destroyed are referred to as the asset’s tokenomics.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>In cryptocurrency, the schedule and manner in which tokens are created and destroyed are referred to as the asset’s tokenomics.\u003C/p>\n\u003Cp>The word inflationary is used to describe coins or tokens that are created (minted) at a higher rate than are destroyed (burned). Conversely, deflationary cryptocurrencies have mechanisms for burning more tokens than are created.\u003C/p>\n\u003Cp>The concept of economic inflation, whereby the prices of goods or services increases over time, and the measures that can be taken to affect inflation are also often mirrored in cryptocurrencies.\u003C/p>\n\u003Cp>Tokenomics is the blockchain practice where developers and token issuers incorporate inflationary or deflationary strategies into the economic design of their assets.\u003C/p>\n\u003Ch2>Inflation and deflation in large-cap crypto-assets\u003C/h2>\n\u003Cp>The \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-bitcoin-btc/\">Bitcoin\u003C/a> protocol mints new BTC with each block, thus acting as an inflationary mechanism. However, Bitcoin’s periodic halving decreases the amount of the block reward and slows the rate of inflation over time. A slowing rate of inflation is referred to as disinflation. (Note that disinflation differs from deflation. Deflation is defined as negative inflation, or prices of goods and services \u003Cem>decreasing\u003C/em> over time.)\u003C/p>\n\u003Cp>Another key factor limiting Bitcoin’s inflationary potential is its hard cap – only 21 million BTC will ever be created. Once that point is reached, Bitcoin will no longer be inflationary.\u003C/p>\n\u003Cp>\u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-dogecoin-doge/\">Dogecoin\u003C/a> is another example of an inflationary currency where miners receive new DOGE as rewards for mining blocks. However, DOGE does not place an upper limit on the total supply but limits the amount of new DOGE that can be minted each year to 5 billion. This mechanism means that although DOGE is always inflationary, the cap on issuance serves as a disinflationary measure each year since the ratio of new supply decreases relative to the total.\u003C/p>\n\u003Cp>Deflationary cryptocurrencies aim to decrease the total supply over time by burning more tokens than are created. For example, in 2019, the Stellar Development Foundation burned 55 billion Stellar Lumens (XLM) tokens, which had an immediate deflationary effect, although since the burning was a one-time event, it did not create persistent deflation.\u003C/p>\n\u003Cp>Some assets incorporate both inflationary and deflationary elements into their tokenomics. In 2021, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a> underwent an upgrade that introduced a burn mechanism to the network transaction fees paid by users. Following the \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-the-ethereum-merge/\">upgrade\u003C/a> to \u003Ca href=\"/en-gb/learn/crypto-101/what-is-proof-of-stake-pos/\">proof of stake\u003C/a> in 2022, the issuance of new ETH has fallen significantly since the network no longer needs to compensate for the high costs of mining under \u003Ca href=\"/en-gb/learn/crypto-101/what-is-proof-of-work-pow/\">proof of work\u003C/a>.\u003C/p>\n\u003Cp>Therefore, although ETH still has an inflationary aspect since new tokens are issued as staking rewards, if the burn rate outpaces the mint rate, it is a net deflationary currency.\u003C/p>\n\u003Ch2>Tokenomics\u003C/h2>\n\u003Cp>The word “tokenomics” is a portmanteau of “token” and “economics,” and here, the term token can stingy either a native cryptocurrency or a token issued on a smart contract platform.\u003C/p>\n\u003Cp>“Economics” refers to the design of the token, including any measures in place to help manage inflation, deflation, supply, and demand. Some of these methods, such as limiting token supply and controlling the rate at which new tokens are issue, are discussed above.\u003C/p>\n\u003Cp>Token burning, as in Ethereum’s new fee model, is another method.\u003C/p>\n\u003Cp>However, tokenomic design can also incorporate other elements to help to influence inflationary factors, many of which leverage the principles of \u003Ca href=\"/en-gb/learn/crypto-101/fundamentals-of-game-theory/\">game theory\u003C/a>. Given the economic element, a project’s tokenomics has become an important part of an investor's asset research, or a trader’s strategy.\u003C/p>\n\u003Cp>Many elements of tokenomic design aim to manage the supply and distribution of the token, including staking, using liquidity pools, and implementing rules around token allocations and vesting schedules.\u003C/p>\n\u003Ch3>Staking\u003C/h3>\n\u003Cp>Proof of stake (PoS) protocols may incentivize block validation by requiring validators to put down a minimum stake, although this may not always be the case. For instance, Ethereum validators must stake a minimum of 32 ETH, whereas Algorand doesn’t require a minimum stake. In return for validating transactions, validators are rewarded in the network’s cryptocurrency (in this case, ETH or ALGO) via transaction fees paid by users, by newly minted crypto, or a combination of both.\u003C/p>\n\u003Cp>Minting new crypto rewards is inflationary; however, with an incentive to stake, there will also be a percentage of total supply locked in staking and thus out of circulation, which reduces marketable supply and acts as a deflationary force.\u003C/p>\n\u003Ch3>Liquidity pools\u003C/h3>\n\u003Cp>\u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">DeFi\u003C/a> liquidity pools, which enable \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-lending-and-borrowing/\">decentralized lending/borrowing\u003C/a> and token swaps on \u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchanges\u003C/a> like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a>, can also be used in combination with staking. In these protocols, users lock tokens in return for incentives such as loan interest payments or swap transaction fees and often receive tokens representing their contribution to the liquidity pool. Token issuers may offer supplemental rewards to users stake their liquidity pool tokens in \u003Ca href=\"/en-gb/learn/web3/what-is-yield-farming/\">yield farms\u003C/a> as it helps reduce circulating supply.\u003C/p>\n\u003Ch3>Allocations and vesting schedules\u003C/h3>\n\u003Cp>Many projects allocate tokens to various groups, such as founders and advisers, or for community grants. Vesting periods, where tokens are locked for a fixed amount of time, prevent a sudden supply shock by allowing a small group of people to sell a proportionately large volume of tokens in one tranche. Vesting periods may also be applied in phases to unlock allocated tokens incrementally.\u003C/p>\n\u003Ch2>Token utility\u003C/h2>\n\u003Cp>Token utility is what ultimately governs demand. Some elements of tokenomics designed to constrain supply may also serve as a utility for a token. For example, staking and liquidity pools give a token utility, since the token can be staked for rewards. Native cryptocurrencies like BTC and ETH also have utility as transaction fees paid by users, which deter spam transactions and act as rewards for node operators who maintain and update the ledger. These cryptos may also be used as a form of currency – both as a store of value or a medium of exchange.\u003C/p>\n\u003Cp>Token utility can refer to anything that drives the desirability or demand for the token. For instance, a significant driver of utility for \u003Ca href=\"/en-gb/learn/web3/what-is-the-bored-ape-yacht-club-bayc/\">Bored Ape Yacht Club NFTs\u003C/a> is their use as profile pictures on social media, which has been made popular by celebrities. Another utility of BAYC NFTs is access to the wider BAYC community and ecosystem.\u003C/p>\n\u003Cp>Of note, token utility shouldn’t be confused with utility tokens, which refer to a specific class of tokens used to access apps or services.\u003C/p>\n\u003Ch2>Tokenomics essentials\u003C/h2>\n\u003Cul>\n\u003Cli>Cryptocurrencies can be inflationary if they are minted in greater quantities than burned, or conversely, deflationary if the burn rate outstrips the mint rate.\u003C/li>\n\u003Cli>Tokenomics describes the economic design principles that affect the availability of a token.\u003C/li>\n\u003Cli>Along with mint and burn rates, tokenomics uses game theory to manage supply and demand and, thus, has an impact on a token’s price.\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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Kingdom",{},{},{"title":195,"content":17,"items":196},"Contact",[197,202,206,210,214,218,223,228],{"noFollow":36,"isExternal":36,"name":198,"value":199,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":200,"geofencings":201},"Customer 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":224,"value":225,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":226,"geofencings":227},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":229,"value":230,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":236,"ready":33,"platformButtonText":282,"backButtonText":283,"logInButtonText":284,"signUpButtonText":285},[237,242,248,251,255,260,265,268,273,278],{"headerName":238,"sidemenuName":119,"url":239,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":240,"submenu":241,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":243,"sidemenuName":243,"url":244,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":245,"submenu":246,"tag":247},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":134,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":17},{},[],{"headerName":252,"sidemenuName":252,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},"Mobile App",{},[],{"headerName":256,"sidemenuName":256,"url":257,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":258,"submenu":259,"tag":17},"Markets","/markets/",{},[],{"headerName":261,"sidemenuName":261,"url":262,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":263,"submenu":264,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":266,"submenu":267,"tag":17},{},[],{"headerName":269,"sidemenuName":269,"url":270,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":274,"sidemenuName":274,"url":275,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},"Learn","/learn/",{},[],{"headerName":279,"sidemenuName":279,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[287,291,295,298,302,306,310,314,318,322],{"title":288,"url":289,"geofencings":290},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":292,"url":293,"geofencings":294},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":32,"url":296,"geofencings":297},"/en-gb/learn/crypto-101/",{},{"title":299,"url":300,"geofencings":301},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":303,"url":304,"geofencings":305},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":307,"url":308,"geofencings":309},"Cryptocurrency guide","/en-gb/learn/cryptocurrency-guide/",{},{"title":311,"url":312,"geofencings":313},"People profiles","/en-gb/learn/people-profiles/",{},{"title":315,"url":316,"geofencings":317},"Security","/en-gb/learn/security/",{},{"title":319,"url":320,"geofencings":321},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":323,"url":324,"geofencings":325},"Web3","/en-gb/learn/web3/",{},1777532346782]