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Quantitative Finance · Glossário

O que é Token compensation, token warrant?

Também chamado de: token compensation · token warrant

Definition 10.2 The Industry: Firms, Roles and Careers · Capítulo 10 — Crypto-Native Firms

Token compensation is pay delivered in a crypto asset, usually under a vesting schedule with a cliff, and often with a lock-up after vesting during which vested tokens may not be sold. A token warrant is a right, granted with equity in a company, to receive tokens that the company or an affiliate may issue in the future, in proportion to the equity held.

The net outcome of a $400 000 four-year token grant (25% cliff at one year, monthly thereafter, six-month lock-up, 40% tax at vesting), 20 000 simulated price paths at 80% annual volatility and no drift; outcomes above $1 million are counted in the last bin. The dashed line is the same grant paid in cash. Illustrative parameters. Data: firm.tokencomp.simulate, through in_crypto.grant_hist.
Figure 10.3. The net outcome of a $400 000 four-year token grant (25% cliff at one year, monthly thereafter, six-month lock-up, 40% tax at vesting), 20 000 simulated price paths at 80% annual volatility and no drift; outcomes above $1 million are counted in the last bin. The dashed line is the same grant paid in cash. Illustrative parameters. Data: firm.tokencomp.simulate, through in_crypto.grant_hist.

Exemplos

Example 10.4 (A four-year grant)

A grant worth $400 000 at the token’s price on the grant date vests 25% after a one-year cliff and then monthly over three years; each tranche is locked up for six months; tax is 40% of its value at vesting (illustrative). With a volatility of 80% a year and no drift, the median net outcome over 20 000 simulated paths is $106 193, against $240 000 for the same grant paid in cash; the 10th and 90th percentiles are $17 467 and $537 810; the mean, $235 062, is close to the cash figure. In 76.2% of paths at least one tranche’s tax exceeds what it later sells for (Figure 10.3). At a volatility of 40% the median is $194 318 and such a tranche occurs in 2.4% of paths.

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