Andrea Cesaretti

• Master of Business Administration
• CEO at Andrea Cesaretti & Associati

Questo lavoro propone un modello di valutazione della "salute istituzionale" delle DAO basato su un set di indicatori predittivi e sulla costruzione di un indice composito, il DAO Health Index (DHI). Analizzando cinque dimensioni fondamentali: partecipazione, distribuzione del potere, capacità di esecuzione, adattabilità e trasparenza, il lavoro fo...

Questo studio propone una metodologia per misurare l’impatto delle riforme di governance nelle DAO con particolare attenzione a strumenti come il quorum dinamico, la delegazione liquida e i sistemi reputazionali. Viene introdotto un approccio integrato che combina dati on-chain, dinamiche off-chain e percezioni qualitative, accompagnato da casi stu...

Il paper esplora in modo critico le debolezze più comuni delle DAO (Decentralized Autonomous Organizations) come la dominanza dei grandi votanti, l’apatia partecipativa e l’ambiguità giuridica. Oltre all’analisi teorica, vengono presentati casi studio rilevanti (The DAO, Aragon, SushiSwap) e proposte concrete per migliorare la governance: delega li...

This paper explores the deceptive practices proliferating within the cryptocurrency ecosystem, where innovation is often used to obscure manipulation. While blockchain technology promises transparency, decentralization, and disintermediation, it has also given rise to a new generation of frauds that exploit the complexity of decentralized finance (...

In the first part of this work, we analyzed the evolution of incubation models, highlighting the structural limitations of traditional incubators and the opportunities offered by DAO-based (Decentralized Autonomous Organization) approaches. We showed how DAOs can serve as a new infrastructure for distributed innovation, more inclusive, transparent,...

This paper offers a critical, interdisciplinary investigation of decentralized finance (DeFi), reframing it not merely as a technological innovation but as an epistemic system infused with normative assumptions. Drawing from the philosophy of science, particularly the works of Popper, Kuhn, Lakatos, Feyerabend, and Gödel, it introduces the concept...

In this work, I propose a valuation framework for DAOs that goes beyond token price and total value locked. The model integrates: - Network effects (Metcalfe, Reed, Beckstrom), - Governance participation metrics (GHS), - Economic outputs (EOS). The paper also includes a simulated case study of a Grant DAO to show how this model works in practice.

This paper proposes a foundational shift in how we conceptualize and evaluate crypto-assets. Rejecting legacy financial models such as Discounted Cash Flow and traditional risk-return frameworks, it argues that tokens in decentralized ecosystems function as adaptive, programmable, and socially embedded systems rather than static financial products....

In this work, I propose a framework for assessing the institutional health of DAOs through predictive indicators and the development of the DAO Health Index (DHI). Preliminary applications to real-world cases (Nouns DAO, Optimism Collective, Gitcoin DAO) are discussed.

Questo lavoro analizza il rapporto tra le Decentralized Autonomous Organizations (DAO) e i quadri normativi vigenti, concentrandomi sulla tensione tra autonomia algoritmica e conformità legale. Partendo dal Regolamento MiCAR (UE 2023/1114), si esamina quando e come una DAO possa essere qualificata come emittente di prodotti finanziari secondo il di...

This paper explores the transition from traditional startup incubators to decentralized incubation models based on DAOs (Decentralized Autonomous Organizations). By analyzing structural changes, governance mechanisms, the paper highlights how decentralization can enable more inclusive, transparent, and scalable innovation ecosystems. The work is bo...

Il lavoro esplora un fenomeno emergente nella DeFi: la creazione di liquidity pool in cui un token è accoppiato a una sua versione derivata (es. X / X2025) spesso senza reale domanda di mercato per il secondo. Questa strategia viene adottata per manipolare la percezione del prezzo, ritardare la svalutazione e attrarre liquidità senza vendite effett...

This paper explores an emerging yet under-discussed phenomenon in decentralized finance (DeFi): the creation of liquidity pools that pair a token with its own derivative or synthetic clone (e.g., X / X2025), often without any external market for the latter. These "auto-paired" pools are increasingly used to simulate price stability, inflate Total V...

This paper examines the compatibility between the current Italian tax framework on withholding taxes applied to capital income and the payment of returns in Bitcoin derived from participatory financial instruments (SFPs). Through a systematic and interdisciplinary legal analysis, it argues that such returns-qualifiable as payments in kind through t...

The economic valuation of digital tokens cannot ignore the valuation and financial effects of their underlying (historically represented by the “gold standard”). The consequence is that, despite various proposed approaches, the valuation of tokens with no underlying (such as bitcoins) and of tokens pegged to fiat money, precious metals, or cryptocu...

Digital art uses digital technology as part of the creative process or exhibition presentation. Crypto art is linked to blockchain technology and concerns certified digital artworks. Valuation profiles take their cues from the metrics traditionally used for copyright (royalty monetization or otherwise) and adapt to the peculiar case at hand. Compar...

The digital platform is a hardware or software infrastructure that provides technological services and tools, programs, and applications, for the distribution, management, and creation of free or paid digital content and services. Digital platforms are the basis of innovative business models of highly profitable companies (such as Google or Faceboo...

The blockchain is a decentralized and distributed digital ledger—an open database with a pattern of sharable and unmodifiable data that are sequenced in chronological order. This new digital infrastructure is validated with mathematical consensus rather than by humans. Practical applications go well beyond the controversial cryptocurrencies, even t...

Physical reality can be partially mapped with network theory, showing the edging links between connected nodes, and their spatial and intertemporal dynamic interaction. The Internet is a network of networks representing a global system of interconnected computer networks. The metaverse is an immersive network of 3D virtual worlds—a virtual realm—fo...

Cybersecurity refers to the practice of protecting computer systems, networks, and data from unauthorized access, theft, damage, disruption, or any other form of cyber threat. It involves implementing various measures, policies, technologies, and practices to ensure the confidentiality, integrity, and availability of information and systems.

Cryptocurrency crashes can be triggered by various factors, including speculatory bubbles, security breaches, market manipulation, and regulatory actions. The world’s major cryptocurrency defaults occurred in the field of cryptocurrencies and, most importantly, cryptocurrency exchanges. Another reason for their volatility is that most cryptocurrenc...

General principles of firm valuation are based on the key parameters that preside over the value of a firm. Balance sheet-based items, starting from the book value of equity, represent a starting point to assess the market value of equity. Complementary approaches are represented by income or cash flow streams, properly discounted. Market compariso...

Scalability indicates the ability of a process, network, or system to handle a growing amount of work. Scalability fosters economic marginality, especially in intangible-driven businesses where variable costs are typically negligible. Massive volumes may offset low margins, producing economic gains. Digital scalability operates in a web context, wh...

Cryptocurrencies are digital or virtual currency whose main key features are the prevention of double-spending, the use of encryption to ensure confidentiality and confidentiality of transactions, the management of the computer network (the blockchain) on which coins are issued, and transactions are made by miners with the total absence of central...

Sustainability emerges as a common denominator of any equity/capital definition that needs to be continuously nurtured by complementary stakeholders to achieve long-lasting survival strategies. Even if sustainability embraces social and environmental issues, its economic features represent the backbone for long-term durability (… no money, no party...

Decentralized finance, often referred to as DeFi, is a blockchain-based financial system that aims to provide open and permissionless access to financial services and products without the need for intermediaries, such as banks or traditional financial institutions. DeFi leverages the decentralized nature of blockchain technology to create transpare...

Financial technology (FinTech) is an industry composed of diversified companies that use technology to make financial services more efficient. Fintech is recognized as one of the most critical innovations in the financial industry and is evolving at a rapid speed, driven in part by the sharing economy, favorable regulation, and information technolo...

The economic valuation of digital tokens cannot ignore the valuation and financial effects of their underlying (historically represented by the "gold standard"). The consequence is that, despite various proposed approaches, the valuation of tokens with no underlying (such as bitcoins) and of tokens pegged to fiat money, precious metals or cryptocur...

The price dynamics of crypto assets is different comparing cryptocurrencies in the strict sense like bitcoin and Ethereum and tokens for different uses. Bitcoin was born as a means of payment not pegged to other assets, but it has turned into a speculative financial instrument and, therefore, its price is determined exclusively by the supply and de...

The upside of the traditional VC model is that regulators and the other intermediaries make up a stable infrastructure and play a risk-reducing role. The downside is the great discretion of intermediaries in the investment choices that, together with the consequent asymmetry of information, drastically reduces the possibility for most start-up comp...

The insurance industry can benefit from the introduction of blockchain, smart contract and decentralized finance (De.fi.). The De.fi. introduced a new paradigm of insurance however it respects, in any case, the fundamental principle of insurance that is the community of risks and the common contribution to the reserves. The automation inherent in s...

L'imposta di registro ha radici antiche. Fu istituita nel 1862 con lo scopo di unificare e uniformare in tutto il Regno d'Italia le differenti tasse di registro allora esistenti. Il suo scopo è duplice: fornire un provento fiscale e remunerare lo Stato per il servizio che offre ai privati conservando traccia o registrazioni di atti in modo da confe...

An NFT is a unit of data stored on a digital ledger, called a blockchain, which can be sold and traded. The NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose. An analysis of the business model and the legal aspects is propaedeutic to the mar...

1. I Non Fungible Tokens (Nft) I Non Fungible Tokens (Nft) sono una sorta di garanzia di-gitale, basata su un codice informatico, che consente di pro-vare il possesso di un oggetto digitale. Con l'utilizzo di questi «gettoni non fungibili 1 », si riproduce il meccanismo tipico dell'opera d'arte fisica; anche se tutti possono avere una copia, un uni...

Parlare di industria musicale significa parlare di etichette discografiche poiché hanno dominato il mercato per oltre un secolo. La loro nascita risale infatti alla fine del 1800 e coincide con l'invenzione del fonografo da parte di Thomas Edison nel 1877. La prima casa discografica della storia fu la Victor Talking-Machine Company (allora RCA Vict...

Sommario: 1. Il metaverso.-2. Le tecnologie integrate nel metaverso.-3. La realtà estesa.-4. Le applicazioni degli strumenti di esperienza immersiva.-5. Interazione con il mondo reale e Internet.-6. Economia del metaverso e valutazione economica.-7. Cenni sugli aspetti giuridici.-8. Aspetti culturali. Abstract Il metaverso rappresenta uno spazio tr...

La mancanza di un inquadramento preciso degli Utility Token e dell'offerta dei medesimi in am-bito nazionale crea eccessive perplessità sia sul piano del regolamento del mercato sia su quello fiscale con la conseguenza di ridurre, se non azzerare, l'avvio di nuove iniziative imprenditoriali nel nostro paese in un momento in cui, al contrario, occor...

Record labels are companies, large or small, that manufacture, distribute, and promote the recordings of affiliated musicians. Essentially, record labels work to sell the brand of the artist and the products they create. While the internet and digital technology have made it easier for artists to succeed without record labels, they still play major...