CSM Token Mechanism Analysis C币机理分析
An in-depth report on our new CSM staking mechanism 新C币质押机制的深入报告
Consentium was established in 2018, as an ecosystem to increase the utility of blockchain and tap on the benefits of decentralisation. As is with all technology, the ecosystem continuously upgrades and evolves with the growing users. Today, CSM undergoes a new upgrade of protocol.
Governance in Code
The biggest change in the new CSM token is governance in code, similar to the governance model of Bitcoin.
Bitcoin is able to achieve the status of decentralisation through having baked-in governance via monetary policy. The monetary policy of Bitcoin is independent of the external environment and is governed in code; namely the halving of block rewards, fixed time period for the creation of new blocks and indirectly, the inflation rate of Bitcoin. Find out more about our new proprietary blockchain, CSM Chain in our previous article.
CSM Token Mechanism Analysis
With the new CSM built-in onchain governance system, let’s take a dive into analysing the implications to the dynamic interest rates.
Passive Income
CSM has a return of 3% to 6% pa for the system as a whole, depending on the total proportion of tokens staked. That means, by staking CSM in your wallet, you earn new CSM tokens. This works similarly to a bank, as you earn interest on your deposits.
For individual stakers, the annualised ROI for an individual staker is higher, with an upper bound of 50% and lower bound of 3%. Considering that according to most staking mechanisms for other tokens have their 20% to 50% of their total supply being staked, this translates to an average of 15% to 20% of annualised returns individually.
The fun aspect of this new token mechanism comes from the play between (1) token price and changing interest rate, and (2) duration of stake.
Trade-Off
When CSM price increase, people are more likely to sell their tokens on an exchange or to use them with the various partners accepting CSM tokens. After all, you are getting more for the same quantity of CSM thanks to the price increase.
However, as more people withdraw their CSM to liquidate it, this results in a higher return with the dynamic interest rate. When more people withdraw their CSM, the proportion of CSM staked decreases, resulting in an increase in passive income. Simply, when you resist liquidating CSM, you earn even more via passive income.
When the market sees the increase in passive income returns, they are more likely to purchase CSM. With that, they can stake their CSM and earn passive income. This results in an increase in CSM pricing due to the increase in demand from new CSM holders. And this induces existing CSM holders to sell their CSM, allowing for new CSM holders to enter.
As a result, this mechanism is a self-balancing self-governance model as seen in the relationship below. There is never an equilibrium and this keeps the dynamism going.
There is no incentive to leave the tokens on the exchange since you can always be earning passive income onchain. The only reason to withdraw from your wallet is to use CSM for other functions like the various partners accepting CSM tokens. That means, CSM tokens are always working for you: either earning you passive income or using it with the various partners.
Example: Let’s say 30% of tokens are staked. That gives an individual annualised return of 13.74%. Let’s say 10% of CSM holders are keen to sell their tokens, and tokens staked is now at 20%. This increases the individual return to 16.78%. This increases the returns and when compounded, it can be very significant. This ROI attracts new CSM holders. New CSM holder are keen on earning passive income on this action, so they purchase CSM from the market to stake onchain.
Hence, there is an ongoing balance between the dynamics of token available on market, token price and returns on token.
Why is this important?
This is important because the value of CSM is not just about passive income, but about the price in the secondary market. The new token mechanism keeps a healthy self-governing balance between the passive income of CSM and the price level.
It is absolutely possible for tokens to issue endless passive income, like in the case of 300% ROI for ZNN token. However, this is not sustainable because the massive increase in token supply can affect the token prices negatively. Having a massive increase in ROI can also hurt the robustness of the ecosystem, resulting in a pump and dump scams. CSM creates a healthy mechanism that promotes real growth and real utility.
Let’s take a look at the usual amount of tokens staked for crypto-economies with onchain staking mechanisms. There are some top projects according to its prices, excluding projects with too many varied staking mechanism (e.g. supernode, secure nodes). There are not many successful models, since staking is still a relatively new mechanism for decentralised economies.
The percentage of tokens staked hover around 40–50%. The returns vary, and it correlates to the spot price of the tokens. Considering the average of 40% of CSM tokens staked, that gives a healthy return of 12.60%. That is similar to Zcoin and much more attractive than DASH and PIVX.
Looking at data from DASH, there is a positive correlation between the number of masternodes staked and price. As there are less masternodes, the prices fell. At CSM, the relationship is inverse. As there are less masternodes, the returns increase, resulting in more people purchasing tokens and staking it. As more people purchase the tokens, demand increases. As more people stake tokens, supply decreases. This results in a higher price of CSM, which is the inverse relationship.
About Consentium
Empowered by the community, Consentium is a revolutionary platform that bridges the gap between social communication and cryptocurrency. Our integrated cryptocurrency wallet allows users to send and receive CSM, BTC, USDT and ETH. Within the same app, users can chat with friends and explore different groups of like-minded individuals. By integrating a cryptocurrency wallet into our chat app, users can now perform your transaction without the hassle of leaving the app.
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嘉信成立于2018年，是一个生态系统，旨在提高区块链的效用并利用去中心化的好处。与所有技术一样，生态系统会随着用户的增长而不断升级和发展。在2020年，C币经历了新的技术协议升级。
规范治理
新C币的最大变化是代码中的治理，类似于比特币的治理模型。
比特币能够通过货币政策的成熟治理来达到去中心化的地位。比特币的货币政策独立于外部环境，并受代码约束；区块奖励减半，创建新区块的固定时间段以及间接地增加比特币的通货膨胀率。在上一篇文章中找到有关我们新的专有区块链, 嘉信公链的更多信息.
C币机制分析
借助新的C币内置链上治理系统，让我们深入分析对动态利率的影响。
被动收入
C币整个系统的年回报率为3％至6％，具体取决于所质押代币的总比例。这意味着，通过将C币放入钱包中，您将获得新的C币。这与银行类似，因为您可以从存款中赚取利息。
Annual ROI (Individual) : 年投资回报率（个人）
Total % Staked: 总质押 %
对于单个质押者，质押回报率较高，上限为50％，下限为3％。考虑到根据大多数筹码机制，其他代币的总供应量占其总供应量的20％至50％，因此这相当于平均每年回报的15％至20％。
这种新代币机制的有趣方面来自（1）代币价格和不断变化的利率之间的博弈，以及（2）质押期。
权衡
当C币价格上涨时，人们更有可能在交易所出售C币，或与接受C币的各个合作伙伴使用C币。毕竟，由于价格上涨，对于相同数量的C币，您将获得更多价值。
但是，随着越来越多的人提款C币进行交易，这将导致动态利率获得更高的回报。当更多的人提出C币时，所质押的C币比例下降，导致被动收入增加。简而言之，当您拒绝出售C币时，您将通过被动收入获得更多收入。
当市场看到被动收入回报增加时，他们更有可能购买C币。这样，他们就可以质押自己的C币并获得被动收入。由于新的C币持有者的需求增加，这导致C币定价增加。这促使现有的C币持有人出售其C币，从而允许新的C币持有人进入。
结果，这种机制是一种自我平衡的自我治理模型，如以下关系所示。永远不会有平衡，这会使动力保持下去。
由于用户总是可以在新C币钱包中获得质押被动收入，因此用户没有理由将C币存储在加密货币交易所。钱包提款的唯一原因是将C币用于其他功能，例如接受C币的各个合作伙伴。这意味着，C币始终给用户带来好处：要么获得被动收入，要么与各个合作伙伴一起使用。
范例：假设有30％的代币已被质押。这样得出的个人年收益率为13.74％。假设有10％的C币持有者热衷于出售其代币，而现在所持代币的比例为20％。这将个人收益提高到16.78％。这增加了回报，并且如果加起来，它可能会非常重要。此投资回报率吸引了新的C币持有者。新的C币持有者热衷于通过此项操作赚取被动收入，因此他们从市场购买C币以在链上进行质押。
因此，在市场上可用的代币动态，代币价格和代币收益之间存在持续的平衡。
为什么这很重要？
这很重要，因为C币的价值不仅与被动收入有关，而且与二级市场的价格有关。新的C币机制在C币的被动收入和价格水平之间保持了健康的自治状态。
代币绝对有可能发行无限的被动收入，例如ZNN货币的投资回报率为300％。但是，这是不可持续的，因为代币供应的大量增加会对代币价格产生负面影响。 质押回报率的大幅增加也会损害生态系统的健壮性，从而导致拉高出货。 C币建立了促进真正增长和真正效用的健康机制。
让我们看一下使用链上质押机制为加密经济学投资的普通代币数量。根据价格，有一些顶级项目，不包括具有过多不同质押机制的项目（例如，超级节点，安全节点）。成功的模式并不多，因为对于分散的经济体而言，质押仍然是一个相对较新的机制。
质押的代币百分比徘徊在40–50％左右。回报各不相同，并且与代币的现货价格相关。考虑到平均有40％的C币代币质押，这可带来12.60％的健康回报。这类似于Zcoin，并且比DASH和PIVX更具吸引力。
从DASH的数据来看，质押的主节点数量与价格之间存在正相关。由于主节点减少，价格下跌。在C币，这种关系是相反的。随着主节点的减少，收益增加，导致更多的人购买C币并进行质押。随着更多人购买C币，需求增加。随着更多人质押C币，供应减少。这导致C币的价格较高，这是反比关系。
关于嘉信
嘉信是一个革命性的平台，弥合了社交交流与加密货币之间的缺口。我们集成的加密货币钱包允许用户发送和接收CSM，BTC，USDT和ETH。在同一个应用程序中，用户可以与朋友聊天并探索志趣相投的不同人群。通过将加密货币钱包集成到我们的聊天应用程序中，用户现在可以执行交易，而无需离开应用程序。
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