Projects and researchers are investing considerable time and effort into the so-called ‘supply side’—the detailed token distribution process involving various allocations and incentive strategies. However, the token utility and its value-capturing abilities often receive less attention and effort. This is due to the lack of tools and standardized frameworks for systematic token design and evaluating the results. 

We believe that value in decentralized networks arises from the coordination of participating agents (or network participants), and tokens simultaneously act as a coordinational tool and as assets that capture a share of network value. In our research group, we analyze tokens from a value-capturing perspective using three stages: Origins of Value (OoV), Value-Capturing Mechanisms (VCP), and Value-Capturing Implementation Patterns (VCIP). This framework was originally proposed by Vasily Sumanov, a token engineering practitioner, and recently won an award from the most influential community of token engineering professionals - the TE Academy.

Here, we share some definitions to help you further understand our approach.

Origin of Value (OoV) - an elementary economic pattern, based on a system policy applied to a token, reflecting coordination value and token's value accrual. 

We can refer to OoV as a “key” capturing coordinational value from the system.

Value-capturing mechanism (VCM)—a particular economic mechanism composed of interacting origins of value, covering value capturing and coordination requirements. 

We can refer to VCM as an economic mechanism that captures value and establishes agents’ coordination simultaneously.

Value-capturing implementation Pattern (VCIP) - the code implementation for the Value-Capturing Mechanism in the particular system/environment.

Our long-term vision is to create a “Health Metrics" for tokens in the Superchain ecosystem, starting from OP based on recognizing OoVs/VCMs and quantifying metrics related to value-capturing and token usage as on-chain data sets integrated in OSO. The next steps will be expanding Health Metrics to Celo and Base.

Health Metrics value proposition (qualitative) for OP/Superchain:
1. A structured information of token designs used in the ecosystem, with value-capturing mechanisms and origin of value descriptions, allowing for tracking the performance of existing projects/tokens more precisely and making more intelligent decisions on token design for future projects.

2. Transparent and quantitative token metrics methodology focused on the utility and value capturing of a particular token rather than general metrics (token price, number of holders, etc). This metric enriches other metrics already available in the OSO;

3. A token health scoring system based on on-chain sets, quantifying Value-Capturing Mechanisms metrics. It will allow assessing ecosystem projects' progress based on the token usage according to built-in utility functions;

Health Metrics benefits (quantitative): 
1. We will analyze and provide a description of the economic structure of the token according to our methodology and build Origins of Value (OoVs) - Value Capture Mechanisms (VCMs) - Value Capture Implementation Patterns (VCIPs) maps for 5 projects jointly selected with OSO (the focus will be on the projects that are most relevant for the OP community and OSO users at current moment);

2. On top of the results of delivering point 1, we will select two most relevant VCMs, build a metrics methodology for them, and will provide a detailed explanation in the form of articles/documentation of how metrics are calculated and the analysis/rationale behind;

3. By application of the methodology and delivering a code (algorithms to retrieve on-chain data and process it accordingly) will provide an implementation of Health Metrics that can be applied to projects with the same VCMs and VCIPs (implementations). 

It means that if we built the ‘veToken Health Metrics’, it can be applied to various projects with veToken design if they use a similar codebase (contracts architecture, for example, various forks of Curve veCRV model). The goal is to build 1 working Health Metrics implementation.

Health Metrics can be scaled to all other projects with similar token designs from VCM/VCIP perspectives.
