Economic Token Models in ReFi Projects: Token Design and Incentive Mechanisms Analysis

Julia Staszczak, Mariusz Nowostawski, Patrick Mikalef

2025

Abstract

As cryptocurrency markets continue to captivate attention promising quick financial gains, it becomes increasingly important to critically examine blockchain-based projects that attract significant investments. This study provides insights into evaluating the viability of projects by analyzing and categorizing token attributes through the application of a token morphological framework. This serves as a structured examination of key parameters - purpose, governance, functional, and technical - to understand how different design aspects interact within each project and influence long-term success. We explore sustainability-oriented projects within the field of Regenerative Finance (ReFi) being a growing dimension of blockchain innovation that integrates financial systems with ecological and social regeneration. The focused approach of limiting the scope to three case studies ensures a deeper analysis and provides clarity in understanding the nuances of token design while also identifying possible patterns across projects. Hence, we define token archetypes offering valuable insights into how variations in token structure influence governance, user incentives, and economic viability, extending micro-level perspective to broader economic dynamics. This study sheds light on ownership and governance structures, token supply models, mechanisms for incentivizing participation while limiting and mitigating speculative behavior, and mechanisms for token removal from circulations. Understanding these aspects allow for shaping more impactful and resilient token economies and provides actionable insights that can inform future projects, making it relevant for both academic and practical implications. This comparative analysis contributes to the theoretical development of tokenomics by offering a clearer understanding of how different token structures align with organizational goals and community dynamics. In doing so, it bridges theoretical insights with practical applications.

Paper Citation

in Harvard Style

Staszczak J., Nowostawski M. and Mikalef P. (2025). Economic Token Models in ReFi Projects: Token Design and Incentive Mechanisms Analysis. In Proceedings of the 27th International Conference on Enterprise Information Systems - Volume 1: ICEIS; ISBN 978-989-758-749-8, SciTePress, pages 357-366. DOI: 10.5220/0013458300003929

in Bibtex Style

@conference{iceis25,
author={Julia Staszczak and Mariusz Nowostawski and Patrick Mikalef},
title={Economic Token Models in ReFi Projects: Token Design and Incentive Mechanisms Analysis},
booktitle={Proceedings of the 27th International Conference on Enterprise Information Systems - Volume 1: ICEIS},
year={2025},
pages={357-366},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013458300003929},
isbn={978-989-758-749-8},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 27th International Conference on Enterprise Information Systems - Volume 1: ICEIS
TI - Economic Token Models in ReFi Projects: Token Design and Incentive Mechanisms Analysis
SN - 978-989-758-749-8
AU - Staszczak J.
AU - Nowostawski M.
AU - Mikalef P.
PY - 2025
SP - 357
EP - 366
DO - 10.5220/0013458300003929
PB - SciTePress