# History of Token Economy Development Blockchain and the digital virtual economy are rapidly evolving, and the token economy is continuously advancing. Tokens initially emerged from the Proof-of-Work (PoW) mechanism (represented by BTC). Later, with the support of Ethereum smart contracts, ICOs rose, allowing new projects to publicly sell their tokens. Most recently, and closest to NovaBank, is the LP liquidity mining under the DeFi 1.0 mechanism, where users provide liquidity to pools, and the protocol directly rewards them with tokens. The PoW mechanism is still used on a small scale, such as with Filecoin. ICOs have largely been abandoned by the market. Currently, most token issuances adopt the LP liquidity mining mechanism of DeFi 1.0. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.novabank.finance/novabank-ecosystem-development-plan/history-of-token-economy-development.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.