jakiro
Source: Permadao
The acquisition of AO depends on the amount of funds and the types of token assets held. What we need to do is to maximize the amount of funds obtained by AO tokens under the limited amount of funds.
Arweave officially released the AO tokens economics at 23 pm Beijing time on June 13th, and analyzes how to obtain AO tokens from the perspective of maximizing efficiency on the current information.This article is only used for the analysis of cryptocurrency economics and does not make any investment advice!
Interpret the AO token economics model
According to the AO token economics, AO is a 100% fair start token in accordance with the Bitcoin economy model. Like Bitcoin, AO’s total supply is 21 million tokens, similar to half a cycle of 4 years, AO per 5 minutes per minute per minuteOnce distributed, the monthly distribution volume is 1.425%of the remaining supply.But unlike Bitcoin, although AO is halved every 4 years, it will not suddenly appear a “halving incident”It is well known that Bitcoin is a halved at a time every 210,000 blocks (average 10 minutes per block), which is about four years as a dimension.It is to reduce the supply of monthly dimensions. Although this will not have much impact on the efficiency of obtaining AO, it is still not necessary to ignore the acquisition of early AO. The older the earnings, the greater the income.
At the same time, the official has always mentioned that the AO tokens started to start token 100% fairly. At present,The official understanding of “100% fair start” is that AO tokens can only be obtained by holding specific assets (currently $ AR, $ AOCRED, $ STETH)Even if the official has not given its own teams, investment institutions, ecological community projects, etc., compared with many encrypted projects on the market, it is more highlighted.The size of the amount and the types of token assets we hold, what we have to do is to maximize the amount of capital efficiency obtained by AO token under a limited amount of funds.
The AO token acquisition is currently divided into two stages. The first stage ended on June 18, and at the same time opened the second stage.The first stage of acquisition was also known at the moment when the Currency Economics was announced on June 13, but it was reasonable, from February 27, 2024 (AO public test online)100% of the AO tokens of the day cast to the $ AR token holder, which is issued based on the balance held by each wallet address every 5 minutes. As of June 13, 2024, each $ AR can get about 0.016 AOTokens, more than 1 million were distributed throughout the first stage.
Maximize the AO tokens strategy
The circulation in the first stage accounts for only about 5%, the second stage is the highlightThe focus we must pay attention to is how to maximize the AO tokens in the second stage.33.3% of AO tokens will be assigned to AR tokens, 66.6% of AO for assets pledged to AO (currently only STETH).The AO of this part will be provided from the AO tokens generated by the AR held by FORWARD Research).
After the second stage starts, each AR can get 0.016 AO in the first year, while other qualified cross -chain assets (non -AR assets) deposit in the AO tokens obtained by the AO network by cross -chain asset transaction volume is multiplied byThe ratio of the annual pledge yield to total cross -chain assets determines,At present, STETH is the only qualified cross -chain asset, so 66.6% of AO is used to distribute to other assets pledged to AO in AO.The exact quantity depends on the proportion of your pledged STETH value relative to the total asset value of the capital poolEssence
If your pledged assets account for 0.01% of the total assets of the capital pool, you can get 210 AO in one year. At present, the pool is more than 20 million US dollars (you can see it here).The dollar remains constant within one year. If you pledge STETH with a value of $ 1,000, then you can get 2.1 AO in one year; if the AR market value is $ 2 billion and keeps constant within one year, if your wallet holds $ 1,000 AR ARThen you can get 0.485 AO in a year. It seems that it seems that pledge STETH is more cost -effective. At present, the market value of the STETH fund pool and AR cannot be unchanged within one year. It still needs to beAlways calculate based on the ratio of other asset -funded pool TVL and AR market value (USD’s standard calculation)The
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When the capital pool TVL / AR market value is 2, the same value of other assets of pledge is similar to AO obtained by holding the same value AR;
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When the fund pool TVL / AR market value & gt; 2, there are more AO obtained by the same value AO than pledged the same value of other assets;
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When the capital pool TVL / AR market value & lt; 2, the same value of other assets in the same value than holding the same value AO;
Note that the AO tokens cast after the second stage will be unlocked on February 8, 2025. At that time, the circulation rate is 15 %, and the total circulation is about 3 million.
In addition, we can also calculate the risk and cost of obtaining AO, which also greatly affects the price of subsequent AO.AR holders only need to hold, and STETH is obtained by pledged ETH in Lido. The current STETH APR (annualized yield rate) is 3.3 %. Since the AO pledged STETH needs to put this part of the annualized income interest equivalentIt was given the AO project party, and this part of the income was originally the vested interest of the STETH holder, so the APR of STETH can be regarded as the cost of the STETH pledker.For $ 15.7, but this is the calculation result under the condition of control variables. The specific calculation formula is (Only consider the current situation that STETH is the only cross -chain asset)),:,
For short -term investors, pledge STETH and holding AR need to bear the risk of currency price decline.Of course, many CEXs provide 0 leverage borrowing services, usually the borrowing interest rate will not be higher than 1%. However, considering that the return cycle of AO incentives is long, please weigh it yourself.At the same time, the current cost of AOCRED exchange AO is about $ 50-60 per AO (please make sure to convert Aocred to AO before June 27, 2024, and overdue it).The price of 1000*Aocred can be regarded as the price of AO futures, but after the release of the AO test network, the market value of AR increased far more than 1 billion market value, and the total circulation was only more than 3 million.Essence
For long -term investors, the risk of market volatility is used to use time, which not only can obtain the dividend of the principal gain, but also can continue to eat AO interest (including AO growth dividends).
summary
The above is the analysis of AO tokens. To sum up, it is to pay attention to changes in the market value of the capital pool TVL and AR, and the strategy adjustment based on the acquisition cost of the tokens to maximize the efficiency of capital.In addition to considering costs, the potential risks of currency price fluctuation cannot be ignored. Using strategies such as 0 leverage borrowing currency can avoid some risks, and the cost and unlocking time of AOCRED exchange AO is also an important factor that needs to be considered when decision -making.Of course, long -term holdings only need to wait for flowers.
