Agentic Value Tokens (AVT): From Principles to Practice
Theory, Mechanisms, and Applications of Agentic Finance
Table of Contents
"Introduction: From AI to Agentic Finance"
"Review the development trajectories of AI agents and cryptographic finance, propose the core proposition of 'agents as measurable and auditable economic entities', explain the book's objectives and reader profile, and provide the business scenario of the through-line example agent Atlas."
"Agents as Economic Entities: Concepts & Framework"
"Define the capability boundaries of autonomous agents (identity, contracting, execution), present the Agentic Economics triad: identity (DID/account), verifiable capability, cash flow value; clarify the relationships between agents, humans, organizations, and protocols."
"Agent Finance and Metrics: A-GAAP and A-FCF"
"Construct agent free cash flow (A-FCF) and cost layering (compute/data/maintenance/energy), propose A-GAAP (agent accounting standards) and minimum auditable dataset, provide sample income statement and cash flow templates for Atlas."
"AVT Taxonomy: Equity, Revenue Share, Work, Hybrid"
"Categorize AVT into four types: equity-like, revenue-sharing, work/access, hybrid; compare differences and complements with platform tokens, form a rights-obligations-cash flow comparison table and design space radar chart."
"Mechanism Design: Incentives, Staking/Slashing, Governance"
"From a mechanism design perspective, build incentive compatibility: performance bonding, staking/slashing, profit allocation, upgrade co-governance, and reputation curves; prevent moral hazards and multi-agent collusion."
"Valuation I: DCF and Risk Premium"
"Based on A-FCF, construct DCF/NPV and scenario analysis; delineate risk premiums for technology, operations, market, compliance, etc.; calculate 'token share price = NPV / supply', and perform sensitivity analysis."
"Valuation II: Stochastic Processes, Options, and Mechanism Linkage"
"Introduce stochastic cash flows (Poisson/GBM/Markov), real options for upgrades/expansion/shutdown, analyze the impact of auctions/market-making on price discovery, provide approximation and calibration methods."
"Market Microstructure and Liquidity Engineering"
"Compare AMM/order book/hybrid market-making; initial pricing and liquidity bootstrapping, lockup and release curves, manipulation prevention and impact management; information disclosure and event handling playbook."
"Risk Management and Safety Alignment"
"Cover risks such as model/counterparty/strategy drift/collusion/privacy/compliance; revertible/abortable, threshold signatures, insurance and reinsurance; establish risk registry and shutdown playbook."
"Infrastructure I: Identity, Keys, Account Abstraction"
"Build DID/account models, key custody and rotation strategies, account abstraction and auto-pay; multi-chain and cross-domain identity mapping; provide authorization matrix and least privilege principles."
"Infrastructure II: Telemetry, Audit, ZK Proofs"
"Design on-chain/off-chain telemetry and data-on-chain strategies; use zero-knowledge proofs for 'proofs over disclosure'; define auditable data dictionary and reporting processes."
"Settlement & Composition: Payments, DeFi/TradFi"
"Stablecoins and L2/channels/payment routing; revenue collection and sharing; operational guides and reconciliation for DEX/lending/derivatives and traditional custody/receivables integration."
"Case I: DeFi Asset Management & Trading Agents"
"Multi-agent collaborative LP management, arbitrage and market-making; performance metrics and drawdown control; disassemble and recombine Alpha/execution/risk agents, end-to-end implementation example."
"Case II: Social/Content & Creator Economy"
"Personalized agents' fan economy and brand collaborations; tokenized co-creation and revenue sharing; anti-speculation and long-termism mechanisms, guardrails, and growth flywheels."
"Case III: Platforms & Network Ecosystems"
"Platform-layer tokens vs. single AVT trade-offs; skill stores/task markets/agent interoperability; network effects and value return, layered governance and security."
"Future Outlook and Research Agenda (2026–2035)"
"Assess impacts on labor, capital formation, and industrial organization; macroeconomic steady-state of multi-agent markets; international regulation and standardization; open questions list and milestone roadmap."