2017

Tokens everywhere, block space running out

The cost of issuing an asset fell to nearly zero and the number of tokens exploded; at the same time one on-chain game made block space scarce for the first time.

Watch it happen in “Token Economy” →

Why it happened

  1. 01ERC-20 把发行变成填一张规定好字段的表格，无需任何许可。
  2. 02资金跟随涌入，多数买入者并未读过那张表格里写了什么。
  3. 03区块容量固定，交易需求超出后只能以出价竞争进入。

Before · After

Before

Issuing a tradable asset required licences, banks and intermediaries.

After

The barrier to issuance disappeared, and with it came a great many assets that went to zero and one badly congested chain.

Why it matters

It proved that anyone can issue, and equally that being able to issue is not the same as being worth something. Scaling became the main thread from here on.

Related entities

Sources