I first provide an overview of tokenomics research, highlighting the economic functions, categorization, valuation, return dynamics, and investment theses of cryptocurrencies and tokens. I then focus on "Staking, Token Pricing, and Crypto Carry" (Cong, He, and Tang, 2022) which theoretically and empirically analyzes token staking and its asset pricing implications. The phenomenal rise of cryptocurrencies and decentralized finance have prominently featured ``staking'': Besides offering a convenience yield for transactions as digital media of exchange, tokens are frequently staked (and slashed) for base-layer consensus generation or for incentivizing economic activities and platform development, and consequently earn rewards akin to deposit interests. To provide insights into the economics of staking, we build a continuous-time model of a token-based economy agents heterogeneous in wealth stake tokens to earn rewards or use tokens for transactional convenience, all while dynamically solving their wealth allocation and consumption problem. We cast the model as a mean field game with individual stochastic controls and highlight aggregate staking ratio as a key variable linking staking to token pricing and equilibrium reward rate. The model uses transaction convenience to rationalize violations of the uncovered interest rate parity and significant carry premia in the data (e.g., a long-short carry yields a Sharpe ratio of 1.6). We relate cryptocurrencies to other major asset classes such as currencies and commodities and empirically corroborate model implications. In particular, staking ratios capture liquidity and market depth, and its correlation with reward rates is positive in the cross section but negative in the time series. Higher reward rates attract greater future staking, increasing individual's staking allocation and the staking ratio in aggregate, which in turn predicts positive excess returns.