Since 2015, the blockchain industry has generated a variety of economic concepts and supported them with relevant technologies: initial coin offerings, initial exchange offerings, security token offerings, decentralized autonomous organization, permissioned ledgers, stablecoins, decentralized finance, etc. In a short time frame, some of these went all the way from their heydays to oblivion. Emerging concepts, like DeFi, and corporate stablecoins, e.g., Libra, are at risk of repeating this trajectory. Let’s be honest — the wishful dreams of many enthusiasts about global tokenomics are unlikely to happen in the nearest future. So, what’s wrong with these concepts?
A few years ago, many naive investors easily bought into exhortations of “a unique financial and legal nature” of tokens and their relations. But when the hype cooled down, people started seeking answers about their legal rights and interests. Who needs tokens of corporate rights, securities and real estate, which are not pegged to real legal rights and obligations?
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