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Tokenomics: Quantifying Where Tokens Are Used in Agentic Software Engineering

This arXiv paper studies token consumption in LLM-based multi-agent software engineering. Using 30 ChatDev tasks with a GPT-5 reasoning model, the authors map internal phases to SDLC stages such as design, coding, review, testing, and documentation. Preliminary results suggest code review dominates token usage, averaging 59.4%, while input tokens form the largest share, pointing to inefficiencies in agent collaboration.