> For the complete documentation index, see [llms.txt](https://docs.rwa.vip/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.rwa.vip/vi.-rwa-ecosystem-ecosystem-construction-plan/evolution-of-token-economics.md).

# Evolution of Token Economics

{% stepper %}
{% step %}
&#x20;<mark style="color:blue;">**Token 1.0: TheBirth of Digital Currency**</mark>

In 2009, Bitcoin was created, marking the beginning of the value-storage era in cryptocurrency. During this stage, tokens served primarily as a "value transfer tool," with limited functionality, unable to support complex financial ecosystems.
{% endstep %}

{% step %} <mark style="color:blue;">**Token 2.0: The Explosion of Smart Contracts and Token Economics**</mark>

The launch of Ethereum in 2015 marked the rise of smart contract platforms. In this phase, tokens moved beyond just "currency" and became tools for governance, equity certificates, and financial incentives. Various ERC-20 tokens emerged, fueling the growth of ICOs, DAOs, and the early days of DeFi.
{% endstep %}

{% step %} <mark style="color:blue;">**Token 3.0: The Rise of RWA Tokenization**</mark>

With the trend of tokenizing Real World Assets (RWA), blockchain began to extend its reach to real-world assets such as real estate, commodities, debt instruments, and receivables. In this stage, tokens carry a broader range of asset types and financial rights, making it possible for on-chain finance to integrate with off-chain assets.
{% endstep %}
{% endstepper %}


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.rwa.vip/vi.-rwa-ecosystem-ecosystem-construction-plan/evolution-of-token-economics.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.