Module Content Number

Number of Sessions
1 Introduction to Tokenization: 10
Definition and types of tokens (utility, security, governance), Fungible vs Non-
Fungible Tokens (NFTs), Role of tokens in DeFi and Web3, Token economics
(tokenomics), Token lifecycle and distribution models
1. Introduction to Tokenization
Tokenization is one of the core innovations enabled by blockchain technology. It fundamentally changes
how ownership, access rights, and value are created, represented, and transferred in digital systems. Unlike
traditional digitization—where assets are merely recorded electronically—tokenization introduces
programmable, verifiable, and decentralized ownership.

1.1 Definition of Tokenization

Tokenization is the process of converting rights to an asset—whether physical, digital, or intangible—
into a digital token that is recorded, managed, and transferred on a blockchain network.

These rights may include:

• Ownership rights
• Usage rights
• Voting rights
• Access permissions
• Revenue or profit-sharing rights

The token does not necessarily represent the physical asset itself, but rather the legal or functional rights
associated with that asset.

Traditional Asset Management vs Blockchain Tokenization

Aspect Traditional System Blockchain Tokenization

Ownership Record Centralized database Distributed ledger

Control Institution-controlled Decentralized

Trust Model Trust the intermediary Trust cryptography

Transparency Limited Publicly verifiable

Settlement Speed Days Minutes/seconds

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In traditional systems:

• Banks, registrars, or governments maintain ownership records

• Users must trust intermediaries
• Asset transfers are slow, costly, and opaque
In blockchain-based tokenization:

• Ownership is maintained by a decentralized ledger

• Transactions are validated by consensus
• Records are tamper-resistant and transparent

Analogy for Better Understanding:

Railway Ticket Analogy

A railway ticket:

• Does not represent the train

• Represents your right to travel
• Can be verified by anyone (ticket checker)
• Has rules (valid date, class, route)
Similarly, a blockchain token:

• Does not always represent the asset physically

• Represents rights or access
• Can be verified on-chain
• Follows predefined rules via smart contracts
This analogy helps distinguish between physical assets and digital representation of rights.

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1.2 Tokenization in the Blockchain Context
In blockchain systems, tokens are not simple data entries. They are smart contract–defined digital
objects with strict rules enforced by code.

Core Characteristics of Blockchain Tokens

Blockchain tokens:

✔ Exist as smart contract objects

Tokens are created and governed by smart contracts that define:

• Total supply
• Ownership rules
• Transfer conditions

✔ Are immutable once issued

Once deployed, token rules cannot be altered arbitrarily. This ensures:

• Predictability
• Trust
• Resistance to fraud

✔ Enable peer-to-peer transfer

Tokens can be transferred:

• Without banks
• Without clearing houses
• Without intermediaries

✔ Carry embedded logic

Tokens can include:

• Automatic fee deduction

• Voting logic
• Access control
• Time locks
How Tokens Differ from Database Entries

Feature Database Entry Blockchain Token

Editable Yes No (immutable)

Trust Requirement Administrator Cryptography

Transfer Logic Manual Automatic

Auditability Limited Global & public

Programmability Minimal High

This makes tokens self-executing digital instruments, rather than passive records.

Conceptual Insight from Mastering Ethereum

According to Mastering Ethereum, tokens are not merely digital money. Instead, they are:

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“A gateway to a decentralized computing paradigm.”

This means tokens can represent:

• Assets (real estate, gold, art)

• Shares (company equity)
• Votes (DAO governance)
• Identity (credentials, certificates)
• Access permissions (subscriptions, memberships)
Thus, tokens act as universal building blocks of decentralized systems.

1.3 Real-World Examples of Tokenization

Tokenization is already being applied across multiple industries, transforming traditional models.

Common Tokenization Use Cases

Traditional Asset Tokenized Form Benefit

Real Estate Property Tokens Fractional ownership

University Degree Credential NFT Tamper-proof verification

Company Shares Security Tokens Faster settlement

Gold Asset-backed Token Global liquidity

Game Items NFTs True player ownership

Examples

Real Estate Tokenization

A property worth ₹10 crore can be divided into 1,000,000 tokens.
Each token represents ₹1,000 worth of ownership.

✔ Enables small investors

✔ Improves liquidity
✔ Allows fractional ownership

Educational Credentials
Universities issue degree certificates as NFTs:

• Cannot be forged
• Easily verifiable
• Permanently stored on-chain

This solves problems of:

• Fake certificates
• Manual verification
• Lost records

Tokenized Gold
Instead of storing physical gold:

• Users hold gold-backed tokens

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 • Each token represents a fixed weight of gold
• Can be traded instantly across borders
Fractional Ownership Example (Numerical)

Asset Value: ₹10,00,00,000 (₹10 crore)

Number of Tokens Issued: 1,000,000
Value per Token: ₹1,000

An investor buying 10 tokens owns:

₹10,000 worth of the asset

This is known as fractional ownership through tokenization, which was nearly impossible in traditional
systems.

2. Types of Tokens
Blockchain tokens are classified based on their function, legal status, and economic role within an
ecosystem. This classification is essential because each token type serves a different purpose and is
governed by different technical and regulatory rules.
At a high level, tokens can be grouped into:

• Utility Tokens
• Security Tokens
• Governance Tokens
• Platform (Native) Tokens

2.1 Definition of Utility Tokens

Utility tokens are digital tokens that provide access to a product, service, or functionality within a
specific blockchain ecosystem. They are not designed to represent ownership or investment, but rather to
enable participation in a platform.

In simple terms, a utility token works like a digital coupon or prepaid service credit.

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Key Characteristics of Utility Tokens
Utility tokens are:

✔ Not ownership-based
They do not represent equity, profit-sharing, or dividends.

✔ Platform-specific
Their value exists mainly within a particular ecosystem.

✔ Consumption-oriented
They are spent or consumed to access services.

✔ Often inflationary
New tokens may be minted to support network usage.

Real-World Analogy

Mobile Recharge Analogy

When you recharge your mobile phone:

• You do not own the telecom company

• You only gain the right to use services (calls/data)
Similarly, utility tokens:

• Do not provide ownership

• Enable usage of decentralized services
Examples of Utility Tokens
• Chainlink (LINK)
Used to pay oracle nodes for supplying off-chain data to smart contracts.
• Filecoin (FIL)
Used to pay storage providers for decentralized data storage.

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Use Case Example:

Filecoin Storage Payment Model

1. A user wants to store files on the Filecoin network
2. Storage providers offer space
3. The user pays FIL tokens
4. Smart contracts enforce storage duration and reliability

This is similar to paying Amazon S3 or Google Drive, but:

• Without a central company

• With cryptographic enforcement
• With global participation

2.2 Security Tokens

Security tokens are blockchain-based representations of regulated financial assets, such as:

• Company equity
• Bonds
• Real estate
• Revenue-sharing instruments
These tokens derive their value from external, real-world assets and are treated as securities under
financial law.

Key Features of Security Tokens:

✔ Regulated by securities laws

Must comply with regulations such as SEC (US), SEBI (India), etc.

✔ Ownership or profit rights

Token holders may receive:

• Dividends
• Interest
• Voting rights

✔ Mandatory compliance
Require:

• KYC (Know Your Customer)

• AML (Anti-Money Laundering)

✔ Limited transferability
Transfers may be restricted to verified investors.
Why Security Tokens Matter:

Traditional securities suffer from:

• Long settlement cycles (T+2 or T+3)

• High intermediary costs
• Limited liquidity

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 Security tokens enable:
✔ Faster settlement
✔ Fractional ownership
✔ Global investor access

Examples of Security Tokens:

• Tokenized real estate projects

• Tokenized company shares
• Blockchain-based bonds
Example Scenario

An investor holds security tokens of a real estate project:

• Each token represents partial ownership

• Rental income is distributed automatically
• Dividends are paid via smart contracts
This is functionally equivalent to holding shares in a real estate company, but with faster and
transparent settlement.

2.3 Governance Tokens

Governance tokens provide holders with decision-making power in decentralized networks, especially in
Decentralized Autonomous Organizations (DAOs).

Unlike traditional corporations where decisions are made by boards, DAOs allow token holders to vote
directly.

Rights Provided by Governance Tokens

Governance token holders can vote on:

✔ Protocol upgrades
✔ Treasury allocation
✔ Fee structure changes
✔ New feature deployment
✔ Network expansion decisions

Voting power is often proportional to the number of tokens held or staked.

Examples of Governance Tokens

• MakerDAO (MKR)
Used to govern the DAI stablecoin system.
• Uniswap (UNI)
Used to govern Uniswap protocol upgrades and treasury.
Governance Use Case Example
Uniswap Deployment Decision

1. A proposal is submitted to deploy Uniswap on a new blockchain

2. UNI holders vote on the proposal
3. If quorum and majority are met, the change is implemented
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 4. Smart contracts execute the decision automatically

This replaces:

• Corporate boards
• Manual voting
• Central authority
Important Observation

Governance tokens blur the line between:

• Utility
• Ownership
• Power
Hence, they raise new regulatory questions globally.

2.4 Platform (Native) Tokens

Platform tokens, also called native tokens, are the core currencies of blockchain networks. They are
essential for network operation, security, and consensus.

Every blockchain ecosystem relies on its native token to function.

Primary Functions of Platform Tokens

✔ Transaction fees (Gas)

Users pay tokens to execute transactions or smart contracts.

✔ Network security
Validators or miners stake tokens to secure the network.

✔ Incentive mechanism
Validators are rewarded in native tokens.

✔ Economic coordination
Aligns incentives among users, developers, and validators.

Examples of Platform Tokens

• Ethereum (ETH)
Used to pay gas fees and secure the Ethereum network.
• Solana (SOL)
Used for transactions and validator rewards.

Example: ETH as a Platform Token

On Ethereum:

• Every transaction requires ETH gas

• Smart contracts consume ETH
• Validators stake ETH
• ETH burning (EIP-1559) controls inflation
Thus, ETH is not just money, but the fuel of the entire ecosystem.

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Comparison Table

Token Type Purpose Ownership Regulation Example

Utility Token Access services No Low LINK, FIL

Security Token Investment Yes High Tokenized equity

Governance Token Voting Partial Emerging MKR, UNI

Platform Token Network operation No Medium ETH, SOL

3. Fungible vs Non-Fungible Tokens (NFTs)

One of the most fundamental distinctions in blockchain token design is between fungible and non-fungible
tokens.
This distinction determines how tokens behave, how they are valued, and where they are used.

At the core, the difference lies in interchangeability and uniqueness.

3.1 Fungible Tokens (ERC-20)

Fungible tokens are digital assets in which every unit is identical and interchangeable with another unit
of the same type.
This means that one token can be freely exchanged for another without any loss of value or meaning.

In economic terms, fungible tokens behave like money or commodities.

Key Properties of Fungible Tokens

Fungible tokens have the following defining characteristics:

✔ Uniform value
Every unit has the same value at any given time.

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 ✔ Interchangeability
One token can replace another without distinction.

✔ Divisibility
Tokens can be divided into smaller units (decimals).

✔ High liquidity
Easily traded on exchanges.

✔ Suitable for accounting and payments

ERC-20 Token Standard:

The most widely used fungible token standard on Ethereum is ERC-20.

The ERC-20 standard defines a common set of functions, such as:

• transfer()
• balanceOf()
• approve()
• totalSupply()

Because of this standardization:

• Wallets can support all ERC-20 tokens

• Exchanges can list them easily
• DApps can interact seamlessly
Example and Analogy:

Currency Analogy

• ₹100 note = ₹100 note

• 1 ETH = 1 ETH
There is no uniqueness attached to a specific unit.

If Alice sends Bob 5 ETH, Bob does not care which ETH he receives—only the amount matters.

Common Use Cases of Fungible Tokens:

Use Case Description

Cryptocurrency Medium of exchange

Utility tokens Access services

Governance voting Weighted voting

Staking & rewards Incentives

Stablecoins Price stability

Example:
ETH is used to pay gas fees, stake for validation, and trade as currency.

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3.2 Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) are unique digital assets where each token is distinct and cannot be
replaced or exchanged on a one-to-one basis.

Unlike fungible tokens, NFTs represent individual identity rather than quantity.

Core Properties of NFTs:

✔ Uniqueness
Each NFT has a unique tokenId.

✔ Non-interchangeability
One NFT cannot replace another.

✔ Indivisibility
NFTs usually exist as whole units.

✔ Ownership traceability
Ownership history is permanently recorded on the blockchain.

✔ Metadata linkage
NFTs are linked to metadata such as:

• Image
• Video
• Certificate
• Attributes
NFT Token Standards:

ERC-721

• Represents one unique asset per token

• Each tokenId maps to one asset
• Most commonly used NFT standard

ERC-1155

• Multi-token standard
• Supports both fungible and non-fungible tokens
• Enables batch minting and transfers
• Efficient for gaming and metaverse assets
Example: Digital Artwork NFT:
A digital painting is minted as an NFT:

• The image may be copied freely

• But only one wallet owns the original NFT
• Ownership is cryptographically provable
This is similar to:

• A signed painting vs a printed poster

• Anyone can view it, only one can own it
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Real-World NFT Use Cases:

Domain NFT Application

Art & Music Digital collectibles

Education Degree certificates

Gaming In-game assets

Real Estate Land ownership

Identity Verifiable credentials

Example:
Universities issuing degree certificates as NFTs ensure:

• No forgery
• Instant verification
• Lifetime validity

3.3 Fungible Tokens vs NFTs

Feature Fungible Tokens Non-Fungible Tokens (NFTs)

Interchangeability Yes (1:1) No

Divisibility Yes No

Uniqueness No Yes

Value Uniform Subjective

Ownership Tracking Balance-based Token-specific

Liquidity High Variable

Common Use Currency, voting Art, identity, land

Ethereum Standard ERC-20 ERC-721 / ERC-1155

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4. Role of Tokens in DeFi and Web3
Tokens are the fundamental building blocks of both Decentralized Finance (DeFi) and Web3
ecosystems.
They replace traditional intermediaries (banks, platforms, identity providers) with smart contract–based
coordination.

4.1 Tokens in DeFi (Decentralized Finance)

What is DeFi?

DeFi (Decentralized Finance) refers to a collection of financial services built on blockchain networks that
operate:

• Without banks
• Without brokers
• Without centralized control
Instead, smart contracts and tokens enforce financial rules automatically.

Core Principle:
“Code is law.”

Key Roles of Tokens in DeFi

1. Collateralization

Collateralization involves locking crypto assets in smart contracts to mint or borrow other assets.

How it Works (Step-by-Step):

1. User deposits ETH as collateral

2. Smart contract locks ETH
3. Stablecoins (e.g., DAI) are minted
4. If ETH value falls, liquidation occurs

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 Example Ecosystem:

• ETH locked → DAI minted via MakerDAO

✔ Eliminates banks
✔ Transparent collateral ratios
✔ Global access

Example:
Deposit ETH worth ₹10,00,000 → Mint DAI worth ₹6,50,000 (over-collateralized).

2. Liquidity Provision

Decentralized exchanges (DEXs) do not use order books. Instead, they rely on liquidity pools.

Process:
1. Users deposit token pairs (e.g., ETH/USDT)
2. Tokens are pooled together
3. Traders swap tokens
4. Liquidity providers earn fees

In return, providers receive LP (Liquidity Provider) tokens representing their share.

✔ Passive income
✔ Automated market making
✔ No centralized exchange required

3. Yield Farming

Yield farming refers to staking or locking tokens to earn additional rewards.

Mechanism:

• Stake tokens in a protocol

• Earn governance tokens or rewards
• Incentivizes early adoption

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 ✔ Bootstraps liquidity
✔ Distributes governance power
✔ Encourages long-term participation

Example:
Stake LP tokens → Earn governance tokens.

Integrated Example (DeFi Flow):

Complete DeFi Use Case

1. Deposit ETH into MakerDAO

2. Mint DAI stablecoins
3. Use DAI to provide liquidity
4. Receive LP tokens
5. Stake LP tokens for rewards

One asset enables multiple financial functions, something impossible in traditional finance.

4.2 Tokens in Web3

Web3 History:

Web3 is the next evolution of the internet where:

“Users own their data, identity, and assets.”

Unlike Web2 (controlled by platforms), Web3 uses tokens as ownership primitives.

Token-Based Use Cases in Web3

NFT-Gated Communities

Access to:

• Private forums
• Discord servers
• Premium content
…is granted only if a wallet holds a specific token or NFT.

✔ No passwords
✔ No centralized access control
✔ Ownership-based membership

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 DAO Memberships

DAOs (Decentralized Autonomous Organizations) use tokens as:

• Membership cards
• Voting rights
• Governance authority

Example:
Holding governance tokens allows:

• Proposal submission
• Voting on treasury use
• Protocol direction control

Digital Identity

Tokens can represent:

• Identity credentials
• Professional certifications
• Academic degrees

This leads to self-sovereign identity, where:

• Users control identity

• Institutions verify authenticity
Soulbound Tokens (SBTs):

Soulbound Tokens (SBTs) are a special class of tokens that are:

✔ Non-transferable
✔ Permanently bound to a wallet
✔ Used for identity & reputation

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 Applications of SBTs:

• University degrees
• Professional licenses
• Medical certifications
• Employment records
Example: University Degree NFTs

A university issues degree certificates as NFTs:

✔ Cannot be forged
✔ Instantly verifiable
✔ Lifetime validity
✔ No manual verification

This eliminates:

• Fake certificates
• Verification delays
• Document loss

5. Token Economics (Tokenomics)

Tokenomics refers to the economic design of a token system that governs:

• Supply
• Demand
• Incentives
• Sustainability
Bad tokenomics → project failure
Good tokenomics → long-term ecosystem growth

5.1 Supply Mechanics

Understanding supply metrics is critical to evaluating a token’s value.

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 Term Meaning

Max Supply Absolute hard cap

Circulating Supply Tokens currently in market

Total Supply Minted minus burned

Example: Bitcoin Supply

Bitcoin

• Max Supply: 21 million BTC

• No authority can mint more
• Predictable scarcity

✔ Digital gold narrative

✔ Inflation-resistant design

5.2 Inflationary vs Deflationary Models

Inflationary Tokens

• New tokens minted over time

• Used to reward validators or stakers
• Encourages participation

Example:
Staking rewards in Proof-of-Stake networks.

Pros: Incentivizes security

Cons: Potential dilution

Deflationary Tokens

• Tokens are permanently destroyed (“burned”)

• Reduces circulating supply
• Increases scarcity

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Burn Mechanism Example:
Ethereum – EIP-1559

• Part of transaction fees is burned

• Reduces ETH supply over time
• Balances inflation from staking rewards

5.3 Incentive Alignment

Tokens are designed to align incentives among all participants.

Stakeholders

✔ Validators
✔ Developers
✔ Users
✔ Investors

How Incentive Alignment Works

Staking Example

• Validators stake tokens

• Malicious behavior → slashing
• Honest behavior → rewards

✔ Network security
✔ Reduced selling pressure
✔ Long-term commitment

Why Incentive Alignment Matters

Without proper incentives:

• Validators may attack the network

• Users may leave
• Developers may abandon the project
With strong tokenomics:
✔ Security increases
✔ Adoption grows
✔ Ecosystem sustains

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6. Token Lifecycle and Distribution Models
Every blockchain token follows a well-defined lifecycle, from its technical creation to its economic usage
and eventual removal. Understanding this lifecycle is critical for analyzing token sustainability, investor
risk, and ecosystem health.

6.1 Token Lifecycle

The token lifecycle describes the complete journey of a token within a blockchain ecosystem.

Creation (Smart Contract Deployment)

Creation, also called minting, is the first stage of a token’s lifecycle.

What happens in this stage:

• A smart contract is written (usually in Solidity)

• Key parameters are defined:
o Token name
o Symbol
o Total supply
o Decimal precision
• The contract is deployed on a blockchain
Important Characteristics:

• Rules are enforced by code

• Once deployed, logic is largely immutable
• Errors at this stage can be catastrophic
Example:
An ERC-20 smart contract defining 1 billion total tokens is deployed on Ethereum.

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 Distribution (Sale / Airdrop)

After creation, tokens must be distributed to users, investors, or community members.

Objectives of Distribution:

• Raise funds
• Build community
• Decentralize ownership
• Incentivize participation
Distribution may occur through:

• Token sales
• Airdrops
• Rewards
• Grants
A poorly planned distribution can lead to:

• Centralization
• Price manipulation
• Early dumping

Circulation (Trading / Usage)

Once distributed, tokens enter the circulation phase.

Activities during circulation:

• Trading on exchanges (CEX/DEX)

• Payments within DApps
• Staking and lending
• Governance participation
Circulating supply directly impacts:

• Market price
• Liquidity
• Volatility

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Example:
A utility token is used daily to pay for decentralized storage or compute services.

Governance (Voting)

In mature ecosystems, tokens enable governance participation.

Governance functions include:

• Voting on protocol upgrades

• Changing fee parameters
• Treasury allocation
• Network expansion decisions
Governance may be:

• On-chain (smart contract voting)

• Off-chain (snapshot voting)

Example:
Token holders vote to:

• Increase staking rewards

• Reduce transaction fees
• Deploy protocol on a new blockchain
This stage transforms users into stakeholders.

Burning / Redemption

The final lifecycle stage involves token removal or redemption.

Burning:

• Tokens are sent to an irrecoverable address

• Reduces total supply
• Increases scarcity
Redemption:

• Tokens are exchanged for real-world assets or services

• Token utility is realized
Burning is commonly used to:

• Control inflation

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 • Stabilize price
• Reward long-term holders
Example:
Transaction fees are burned to permanently reduce supply.

6.2 Token Distribution Models

Token distribution models define how tokens reach users and how ownership is decentralized. Each
model has different risk, transparency, and regulatory implications.

Initial Coin Offering (ICO)

An ICO is a public token sale where projects sell tokens directly to investors.

Characteristics:

• Open participation
• Minimal regulation (early ICOs)
• High risk, high reward
Advantages:

• Rapid fundraising
• Global reach
Disadvantages:

• High scam risk

• Limited investor protection
Example:
Early Ethereum fundraising was conducted via an ICO.

Initial Exchange Offering (IEO)

An IEO is a token sale conducted through a centralized exchange.

Characteristics:

• Exchange performs due diligence

• Investors trust exchange reputation
• Tokens are listed immediately after sale

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 Advantages:

• Reduced scam risk

• Better liquidity
Disadvantages:

• Centralized control
• Exchange fees
Example Platform:
Binance Launchpad (IEOs).

Initial DEX Offering (IDO)

An IDO launches tokens directly on a decentralized exchange using liquidity pools.

Characteristics:

• No centralized intermediary
• Permissionless participation
• Instant liquidity
Advantages:

• Fully decentralized
• Transparent pricing
Disadvantages:

• High volatility
• Front-running risks
Example:
Token launched directly on Uniswap.

Airdrops

An airdrop distributes tokens free of cost to existing wallet holders.

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 Objectives:

• Reward early users

• Decentralize governance
• Increase awareness
Advantages:

• Community building
• Fair distribution
Disadvantages:

• Immediate sell pressure

• Sybil attacks
Example:
Users receive governance tokens based on past protocol usage.

Vesting (Locked Release)

Vesting restricts token transfers for a defined period to prevent dumping.

Who is vested:

• Founders
• Team members
• Early investors
Vesting Example:

4-Year Vesting with 1-Year Cliff

• Year 1: No tokens released

• After 1 year: 25% unlocked
• Next 3 years: Gradual monthly release

✔ Prevents sudden market dumping

✔ Encourages long-term commitment
✔ Builds investor confidence

Distribution Models Comparison

Model Risk Decentralization Regulation

ICO High Medium Low

IEO Medium Low Medium

IDO Medium–High High Low

Airdrop Low High Minimal

Vesting Risk control Neutral Project-defined

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IMPORTANT QUESTIONS

2 MARKS QUESTIONS
1. Define Tokenization.
2. What is a Blockchain Token?
3. Define Fungible Token.
4. Define Non-Fungible Token (NFT).
5. What is Tokenomics?
6. What is DeFi?
7. What is Web3?
8. Define Utility Token.
9. What is a Governance Token?
10. What is Fractional Ownership?

5 MARKS QUESTIONS

1. Explain Tokenization with a suitable real-world analogy.

2. Differentiate between Traditional Asset Management and Blockchain Tokenization.
3. Explain types of blockchain tokens with examples.
4. Differentiate between Fungible Tokens and Non-Fungible Tokens (NFTs).
5. Explain the role of tokens in DeFi.
6. Explain Tokenomics and its importance.
7. Explain the Token Lifecycle.
8. Explain Token Distribution Models (ICO, IEO, IDO).

10 MARKS QUESTIONS

1. Explain Tokenization in detail with definition, characteristics, advantages, and real-world

applications.
2. Discuss different types of tokens – Utility, Security, Governance, and Platform Tokens with
examples.
3. Explain Fungible and Non-Fungible Tokens with standards and use cases.
4. Explain the role of Tokens in DeFi and Web3.
5. Explain Tokenomics including supply, incentives, and sustainability.
6. Explain the complete Token Lifecycle and Distribution Models.

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