Encryption users are more inclined to seek immediate satisfaction

Research shows that cryptocurrency users generally exhibit a strong tendency for instant gratification and a lower assessment of long-term value. This finding has important implications for token distribution strategies.

Main Findings

A survey conducted by a capital research team shows that encryption users typically have a higher preference for immediate rewards and a lower discount rate. This means they value current benefits more than future gains.

The hyperbolic discounting model helps to understand this behavioral pattern. The model contains two key parameters: immediate preference ( β ) and discount factor ( δ ). These parameters can explain why people tend to pursue short-term returns in high volatility and speculative encryption markets.

These insights can be used to optimize token allocation plans, such as early user rewards, decentralized governance, and new product promotions.

Detailed Explanation of Hyperbolic Discounting Model

This model provides a mathematical framework for analyzing how people weigh returns at different points in time. It is particularly applicable in fields where impulsiveness and inconsistency significantly affect decision-making, such as financial decisions.

The two key parameters of the model are:

1. Instantaneous Preference ( β ): Measures the degree to which an individual prefers current rewards over future rewards. The closer the β value is to 0, the stronger the instantaneous preference.

2. Discount factor ( δ ): reflects the rate at which the value of future returns decreases over time. The δ value for the general population is approximately 0.9, while those with a gambling inclination typically have a value below 0.8.

Based on these parameters, we can express the utility of obtaining reward x at time t with the following formula (U): U(t) = βδ^t U(x)

Research Results

A survey conducted by a certain capital research laboratory found that a representative sample of encryption users exhibited an instant preference slightly above 0.4 and a significantly low discount rate. This indicates that encryption users are more impatient than the general population and are more inclined towards immediate satisfaction.

Possible reasons for this phenomenon include:

1. The cyclical volatility of the encryption market leads users to prefer frequent trading rather than long-term holding.

2. The negative perception of the future value of tokens stems from the speculative nature of the market.

3. The proliferation of speculative applications in the encryption ecosystem has attracted more short-term oriented users.

These findings have significant implications for token distribution strategies. Taking a certain perpetual contract trading platform as an example, the platform adopted a delayed reward mechanism during the token issuance, providing double rewards for users who waited 6 hours to claim the airdrop. The results showed that only 15% of users chose not to wait to receive more rewards.

This case illustrates that understanding user behavior can help projects design more effective reward mechanisms, balancing immediate needs and long-term value creation.