Token Composition: A Graph Based on EVM Logs (2411.01693v1)
Abstract: Tokens have proliferated across blockchains in terms of number, market capitalisation and utility. Some tokens are tokenised versions of existing tokens -- known variously as wrapped tokens, fractional tokens, or shares. The repeated application of this process creates matryoshkian tokens of arbitrary depth. We perform an empirical analysis of token composition on the Ethereum blockchain. We introduce a graph that represents the tokenisation of tokens by other tokens, and we show that the graph contains non-trivial topological structure. We relate properties of the graph, e.g., connected components and cyclic structure, to the tokenisation process. For example, we identify the longest directed path and its corresponding sequence of tokens, and we visualise the connected components relating to a stablecoin and an NFT protocol. Our goal is to explore and visualise what has been wrought with tokens, rather than add yet another brick to the edifice.
- M. D. Angelo and G. Salzer. Identification of token contracts on Ethereum: Standard compliance and beyond. International Journal of Data Science and Analytics, 2021.
- G. Caldarelli. Wrapping trust for interoperability: A study of wrapped tokens. https://arxiv.org/abs/2109.06847, 2021.
- Understanding code reuse in smart contracts. In The IEEE International Conference on Software Analysis, Evolution and Reengineering (SANER), pages 470–479. IEEE, 2021.
- DEX Screener. DEX Screener. https://dexscreener.com/ and https://docs.dexscreener.com/.
- R. Diestel. Graph Theory. Springer Graduate Texts in Mathematics. Springer, 2017.
- Detecting token systems on Ethereum. In Financial Cryptography and Data Security (FC), pages 93–112. Springer, 2019.
- Architectural mismatch: Why reuse is still so hard. IEEE Software, 26(4):66–69, 1994.
- Gecko Labs Pte. Ltd. CoinGecko. https://coingecko.com/ and https://www.coingecko.com/api/documentation/.
- B. Guidi and A. Michienzi. Sleepminting, the brand new frontier of non fungible tokens fraud. In The ACM Conference on Information Technology for Social Good. ACM, 2022.
- Characterizing code clones in the Ethereum smart contract ecosystem. In Financial Cryptography and Data Security (FC), pages 654–675, 2020.
- Code cloning in smart contracts on the Ethereum platform: An extended replication study. IEEE Transactions on Software Engineering, 49(4):2006–2019, 2022.
- Disentangling decentralized finance (DeFi) compositions. https://arxiv.org/abs/2111.11933, 2021.
- Code cloning in smart contracts: A case study on verified contracts from the Ethereum blockchain platform. Empirical Software Engineering, 25:4617–4675, 2020.
- Wrapped tokens: A multi-institutional framework for tokenizing any asset. https://wbtc.network/assets/wrapped-tokens-whitepaper.pdf.
- Emergent outcomes of the veToken model. In The IEEE International Conference on Omni-Layer Intelligent Systems (COINS). IEEE, 2023.
- V. Nguyen and L. Vuong. Standardized yield — A token standard for yield generating mechanisms. https://github.com/pendle-finance/pendle-v2-resources/blob/main/whitepapers/SY.pdf, 2022.
- To token or not to token: Tools for understanding blockchain tokens. In The International Conference of Information Systems (ICIS). ICIS, 2018.
- EIP 4626: Tokenized vaults. https://eips.ethereum.org/EIPS/eip-4626, 2022.
- Network analysis of ERC20 tokens trading on Ethereum blockchain. In The International Conference on Complex Systems (ICCS), pages 439–450. Springer, 2018.
- The 1inch Network. 1inch introduces Chi Gastoken. https://medium.com/1inch-network/1inch-introduces-chi-gastoken-d0bd5bb0f92b.
- The Aave Community. Aave. https://aave.com/ and https://docs.aave.com/.
- The Angle Community. Angle. https://angle.money/ and https://docs.angle.money/.
- The Arcade City Community. Arcade City. https://arcade.city/ https://archive.is/8ayZJ.
- The Curve Finance Community. Curve Finance. https://curve.fi/ and https://curve.readthedocs.io/.
- The go-ethereum Community. go-ethereum (geth). https://geth.ethereum.org/ and https://geth.ethereum.org/docs.
- The JPEG’d Community. JPEG’d. https://jpegd.io/ and https://docs.jpegd.io/jpegd-dao.
- The Lien Community. iDOL white paper. https://lien.finance/pdf/iDOLWP_v1.pdf and https://archive.is/RqrSr.
- The mStable Community. mStable. https://mstable.org/ and https://docs.mstable.org/.
- The Shiba Inu Community. Shiba Inu. https://shibatoken.com/ and https://archive.is/AiEPm.
- The Stake DAO Community. Stake DAO. https://stakedao.org/ and https://stakedao.gitbook.io/.
- The Swarm City Community. Swarm City. https://swarm.city/ https://archive.is/i2nYE.
- F. Victor and B. K. Lüders. Measuring Ethereum-based ERC20 token networks. In Financial Cryptography and Data Security (FC), Lecture Notes in Computer Science (LNCS), pages 113–129. Springer, 2019.
- F. Vogelsteller and V. Buterin. EIP 20: Token standard. https://eips.ethereum.org/EIPS/eip-20, 2015.
- S. Voshmgir. Token Economy: How the Web3 Reinvents the Internet. Token Kitchen, 2nd edition, 2020.
Paper Prompts
Sign up for free to create and run prompts on this paper using GPT-5.
Top Community Prompts
Collections
Sign up for free to add this paper to one or more collections.
