> 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

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&#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.
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{% 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.
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{% 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.
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