What Are Tokenomics and Why Do They Matter?

什麼是像徵學，為什麼重要？

Tokenomics are the economic principles and mechanisms governing how digital tokens function within a blockchain system. The term blends "token" and "economics." Consider tokenomics the DNA of a cryptocurrency project – it dictates the token's behavior and potential value growth.

令牌學是管理數字代幣在區塊鏈系統中的運作方式的經濟原理和機制。 該詞將“令牌”和“經濟學”融合在一起。 考慮一下引物項目的DNA，它決定了令牌的行為和潛在價值的增長。

Do tokenomics determine a project's success or failure? The stark contrast between Bitcoin's limited 21 million coin supply and Dogecoin's unlimited supply illustrates how different approaches impact a token's trajectory. Bitcoin's scarcity has boosted its value, while Dogecoin relies more on community support.

執行令狀學決定項目的成功還是失敗？ 比特幣有限的2100萬枚硬幣供應與Dogecoin無限供應之間的鮮明對比說明了不同的方法如何影響令牌的軌跡。比特幣的稀缺性提高了其價值，而多黴素則更多地依賴社區支持。

This article explores the fundamental components of tokenomics, examines real-world examples, and analyzes instances of tokenomic failure. This knowledge empowers you to make informed decisions when evaluating cryptocurrency projects.

本文探討了令牌學的基本組成部分，檢查現實世界的例子並分析了令牌失敗的實例。在評估加密貨幣項目時，這些知識使您有能力做出明智的決定。

Basics of Tokenomics

標記學的基礎知識

Supply Mechanics

供應力學

A token's total supply is a crucial design element. Projects choose between:

令牌的總供應是至關重要的設計元素。項目選擇：

Fixed Supply Models

固定電源模型

Bitcoin, with its 21 million coin cap, exemplifies this. No further coins will ever be created. This scarcity is intended to increase value over time, mirroring gold or other limited resources. Other notable examples include Litecoin (84 million) and Yearn.Finance (36,666 tokens).

比特幣憑藉其2100萬個硬幣上限為例。 永遠不會創建其他硬幣。這種稀缺旨在隨著時間的推移增加價值，反映黃金或其他有限的資源。 其他值得注意的例子包括Litecoin（8400萬）和渴望（36666個令牌）。

Inflationary Supply Models

通貨膨脹供應模型

Many tokens employ mechanisms that increase the total supply. Some pre-allocate tokens with vesting schedules for gradual release, while others mint or mine new tokens as rewards for network participation. This continuous expansion of available tokens might diminish per-token value if demand doesn't keep pace.

許多令牌採用增加總供應的機制。有些人會根據歸屬計劃進行逐漸發布的歸屬計劃，而另一些則是造幣廠或新的代幣作為網絡參與的獎勵。如果需求不跟上步伐，則可用的代幣的這種不斷擴展可能會降低每個人的價值。

Deflationary Mechanisms

通縮機制

Several coins and tokens, including Binance Coin (BNB), regularly burn tokens. Binance burns BNB quarterly, and on BNB Chain, a portion of gas fees are burned, reducing the total supply until it reaches 100 million coins. Theoretically, fewer tokens increase the value of each remaining one.

幾枚硬幣和代幣，包括二強硬幣（BNB），定期燃燒令牌。 Binance Burns Burn季刊，在BNB鏈上，一部分汽油費被燃燒，從而減少了總供應，直到達到1億個硬幣。 從理論上講，較少的令牌增加了每個剩餘的值。

Distribution Models

分配模型

How tokens reach users is as important as the total supply:

令牌如何吸引用戶與總供應一樣重要：

Initial Token Allocation

初始令牌分配

Projects distribute tokens through various methods:

項目通過各種方法分發令牌：

• Initial Coin Offerings (ICOs) and funding rounds sell tokens to early investors.
• Airdrops provide free tokens to users meeting specific criteria.
• Mining rewards compensate users for securing the network.

The initial distribution among team members, investors, and the public reveals potential project control.

最初的硬幣產品（ICO）和資金回合將令牌出售給早期投資者。Airdrops為滿足特定條件的用戶免費提供令牌。獎勵獎勵補償用戶確保網絡的確保。團隊成員，投資者和公眾之間的初步分配揭示了潛在的項目控制。

Time-Based Release Schedules

基於時間的發佈時間表

Many projects lock up tokens allocated to founders and early investors, releasing them gradually. This prevents sudden selling and demonstrates long-term commitment.

許多項目將分配給創始人和早期投資者的代幣鎖定，逐漸發布。這樣可以防止突然銷售並表現出長期承諾。

Token Utility

令牌實用程序

A token needs a clear purpose within its ecosystem. Most tokens serve multiple functions, combining various utilities:

令牌需要在其生態系統中明確的目的。大多數代幣都具有多種功能，結合了各種公用事業：

Governance Mechanisms

治理機制

These grant holders voting rights on protocol decisions. Uniswap's UNI and MakerDAO's MKR enable users to vote on protocol changes, fee structures, and treasury allocations through their respective DAOs.

這些授予持有者對協議決策的投票權。 UNISWAP的UNI和MAKERDAO的MKR使用戶能夠通過各自的Daos對協議更改，費用結構和財政部分配進行投票。

Network Operation Tokens

網絡操作令牌

Native tokens of blockchain networks are required to pay for transactions and computational resources. Examples include ETH for Ethereum, BNB for BNB Chain, SOL for Solana, and TRX for Tron.

區塊鍊網絡的本地令牌必須為交易和計算資源付費。示例包括以太坊的ETH，BNB鏈的BNB，Sol for Solana和TRON的TRX。

Security and Consensus Tokens

安全和共識令牌

Many Proof-of-Stake networks require users to lock up tokens to participate in consensus and earn rewards. Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polkadot (DOT) all utilize staking mechanisms to secure their networks.

許多商品證明網絡要求用戶鎖定令牌以參與共識並獲得獎勵。 以太坊（ETH），Cardano（ADA），Solana（Sol）（Sol）和Polkadot（DOT）都利用Staking機制來確保其網絡。

Asset-Backed Tokens

資產支持的令牌

These represent ownership in real-world assets like equity, debt, real estate, or commodities. For example, Polymath (POLY) creates compliant tokenized securities under regulations like SEC Rule 506(c) or Regulation A+.

這些代表了現實世界中的所有權，例如股本，債務，房地產或商品。例如，Polymath（Poly）在法規規則506（c）或法規a中創建合規的標記證券。

Service Access Tokens

服務訪問令牌

Some tokens provide access to specific services. Filecoin (FIL) grants access to decentralized storage, Basic Attention Token (BAT) enables participation in Brave browser's advertising ecosystem, and Chainlink (LINK) is required to pay for oracle services.

一些令牌提供了對特定服務的訪問。 Filecoin（FIL）授予對分散存儲的訪問，基本關注令牌（BAT）使參與Brave Browser的廣告生態系統，而Chainlink（link）需要支付Oracle服務。

Design Trade-offs

設計權衡

These utility designs involve trade-offs:

這些公用事業設計涉及權衡：

• Staking mechanisms reduce circulating supply and encourage long-term holding but can lead to centralization if large holders dominate staking.
• Governance rights empower users in protocol decisions but often result in low participation and whale dominance.
• Fee-burning mechanisms create deflationary pressure but might reduce incentives for network operators.

Projects carefully balance these tokenomics elements to encourage specific user behaviors.

固化機制減少了循環供應並鼓勵長期持有，但如果大型持有人主導競爭，則可能導致集中化。政府權利賦予用戶在協議決策中的使用權，但通常會導致低參與和鯨魚的優勢。FEE燃燒的機製造成縮水壓力，但可能會降低網絡操作員的誘因。推薦對這些特定的用戶群體平衡，以平衡這些特定的使用者，以平衡這些特定的使用者。

Tokenomics in Action: Case Studies

作用中的象徵學：案例研究

Bitcoin: The Halving Mechanism and Market Impact

比特幣：減半機制和市場影響

How It Works: Every four years, Bitcoin halves the miner reward. This "halving" slows new coin creation, increasing Bitcoin's scarcity. Since 2009, Bitcoin has undergone four halvings, reducing mining rewards from 50 BTC to 3.125 BTC per block (as of April 19, 2024). This mechanism, hard-coded into Bitcoin's protocol, caps the total supply at 21 million coins, with the final halving projected around 2140.

它的工作原理：每四年，比特幣將礦工的獎勵減半。這種“減半”減慢了新的硬幣創造，從而增加了比特幣的稀缺性。自2009年以來，比特幣經歷了四次中度，將採礦獎勵從50 BTC減少到3.125 BTC，每塊BTC（截至2024年4月19日）。該機制將其硬編碼為比特幣的協議，將總供應量限制為2100萬個硬幣，最終的減半預計約為2140。

Market Response: Historically, halvings have preceded price surges, although each cycle varies. The 2020 halving saw Bitcoin rise from $8,700 to nearly $69,000 by November 2021. The 2024 halving showed a different pattern, influenced by factors like spot Bitcoin ETF approvals and institutional investment. While the scarcity mechanism remains constant, external factors significantly influence market impact.

市場響應：從歷史上看，儘管每個週期都有所不同，但在歷史上，價格上漲之前已經有所增加。 2020年減半的比特幣從8,700美元上升到2021年11月的近69,000美元。2024年的減半表現出不同的模式，受到現貨比特幣ETF批准和機構投資等因素的影響。 雖然稀缺機制保持恆定，但外部因素顯著影響市場影響。

Uniswap (UNI): Community Ownership and Governance

UNISWAP（UNI）：社區所有權和治理

The Airdrop Strategy: In September 2020, Uniswap airdropped 400 UNI tokens to early users. This aimed to create broad-based ownership.

空調策略：2020年9月，向早期用戶提供了400個Uni令牌。 這旨在創建基於廣泛的所有權。

Participation vs. Speculation: While the airdrop reached over 250,000 addresses, governance participation remains low. Many users sold their tokens for profit instead of engaging in governance, raising questions about decentralized control.

參與與猜測：雖然空投達到25萬多個地址，但治理參與仍然很低。許多用戶出售其代幣以獲利而不是進行治理，從而提出了有關分散控制的問題。

Terra (LUNA): The Algorithmic Stablecoin Collapse

Terra（Luna）：算法stablecoin崩潰

How It Worked: Terra used two tokens: UST (a stablecoin pegged to $1) and LUNA (governance and staking token). If UST fell below $1, users could trade it for $1 worth of newly minted LUNA, theoretically maintaining the peg.

它的工作方式：Terra使用了兩個令牌：UST（固定為1美元的Stablecoin）和Luna（治理和Staking Token）。如果Ust下跌低於1美元，用戶可以將其交易為價值1美元的新鑄造的Luna，理論上維護釘子。

The Death Spiral: In May 2022, UST lost its peg. The rush to convert UST to LUNA massively increased LUNA's supply, causing its price to crash from over $80 to $0.0001 – a catastrophic collapse.

死亡螺旋：2022年5月，烏斯特失去了釘子。 急於將UST轉換為Luna的大規模提高了Luna的供應，這導致其價格從80美元以上崩潰到0.0001美元，這是一種災難性的崩潰。

Tokenomics Failure Cases

象徵性衰竭病例

The Centralization Problem

集中化問題

Initial Distribution Imbalance: Many early ICOs gave team members and early investors over 50% of tokens. This power imbalance allowed privileged groups to negatively impact retail investors.

初始分銷失衡：許多早期的ICO為團隊成員和早期投資者提供了超過50％的令牌。這種權力不平衡使特權集團能夠對零售投資者產生負面影響。

Misaligned Incentives: When founders hold disproportionate token shares, their interests may diverge from the community's, leading to mistrust and potential "rug pulls."

激勵措施不一致：當創始人持有不成比例的代幣股票時，他們的利益可能與社區的利益不同，從而導致不信任和潛在的“地毯拉力”。

The Inflation Challenge

通貨膨脹挑戰

Uncapped Supply Mechanics: Dogecoin's lack of a maximum supply creates continuous selling pressure that may limit long-term value appreciation.

無蓋供應機制：Dogecoin缺乏最大供應會產生連續的銷售壓力，可能會限制長期價值升值。

Long-term Value Implications: Controlled inflation, while predictable, differs fundamentally from Bitcoin's scarcity model and may hinder long-term price growth.

長期價值的影響：受控的通貨膨脹，雖然可預測，但從根本上與比特幣的稀缺模型有所不同，並且可能會阻礙長期價格增長。

Unsustainable Reward Structures and Misconduct

不可持續的獎勵結構和不當行為

Reflection and Fee Mechanisms: Some projects use continuous new investment to reward early participants. SafeMoon, for example, charged a 10% fee on sales, redistributing 5% to holders and adding 5% to liquidity.

反思和收費機制：一些項目使用持續的新投資來獎勵早期參與者。 例如，Safemoon收取的銷售費用為10％，將5％的持有人重新分配，並增加了5％的流動性。

The Downfall: SafeMoon's collapse resulted from flawed tokenomics, security issues, and alleged misconduct, leading to bankruptcy and a near-total loss of value.

倒台：Safemoon的崩潰是由缺陷的令牌，安全問題和所謂的不當行為導致的，導致破產和近乎全部的價值喪失。

Do Tokenomics Drive Real Value?

執行Tokenomics驅動實際價值嗎？

The Case For Good Tokenomics

良好的標記學案例

Aligned Incentives: Well-designed tokenomics align incentives. Ethereum's shift to Proof-of-Stake rewards long-term holders, reducing energy consumption and creating sustainable economic value.

一致的激勵措施：精心設計的令牌學對齊激勵措施。以太坊轉向驗證證明，獎勵了長期持有人，減少能源消耗並創造可持續的經濟價值。

Security Through Economic Design: Projects like Chainlink use tokenomics where participants stake LINK tokens to secure the network, creating positive economic incentives.

通過經濟設計的安全：諸如ChainLink之類的項目使用代幣學，參與者利益鏈接令牌來保護網絡，從而創造積極的經濟激勵措施。

The Case Against Tokenomics

反對令狀學的情況

Style Over Substance: Critics argue that tokenomics are often superficial, masking speculative assets. Many projects with seemingly innovative tokenomics have failed.

實質性的風格：批評家認為，象徵學通常是膚淺的，掩蓋了投機性資產。 許多看似創新的令牌學的項目都失敗了。

Historical Failures: Thousands of failed projects, despite promising tokenomics, cast doubt on their importance compared to market sentiment and hype cycles.

歷史失敗：儘管有希望的令牌學有希望，但數千個失敗的項目與市場情緒和炒作週期相比對其重要性產生了懷疑。

Finding Balance

尋找平衡

The Reality Check: Poor tokenomics often lead to failure, while good tokenomics are necessary but not sufficient for long-term success.

現實檢查：較差的令牌學通常會導致失敗，而良好的令牌學是必要的，但不足以實現長期成功。

Red Flags to Watch For: Smart investors look for:

要注意的危險信號：智能投資者尋找：

• Tokens with no clear utility beyond speculation.
• Highly concentrated token ownership (over 50% held by team/investors).
• Unclear or constantly changing tokenomics.
• Unsustainable yield mechanisms requiring constant new investment.

Foundation for Success: Well-designed tokenomics create conditions for success, but proper execution and market acceptance are crucial.

超越猜測沒有明確實用性的代幣。高度集中的令牌所有權（團隊/投資者持有的50％以上）。unclear或不斷變化的令牌組學。不可固定的產量機制需要持續的新投資，需要新的成功投資：精心設計的標記為成功，但要適當地執行和市場接受，這是挑戰。

Conclusion: Tokenomics as Art and Science

結論：作為藝術和科學的象徵學

Tokenomics combine supply mechanics, distribution, and utility to shape token function and influence user behavior and potential value. There's no perfect formula. Market conditions, timing, and execution are all crucial.

令牌學結合了供應力學，分佈和實用性，以塑造令牌功能並影響用戶行為和潛在價值。沒有完美的公式。市場條件，時機和執行都是至關重要的。

Before investing, conduct thorough research (DYOR), review the whitepaper, and explore community discussions. Understanding a token's design provides valuable insight into its long-term viability. Successful projects balance the needs of users, developers, and investors while solving real problems.

在投資之前，進行徹底的研究（DYOR），審查白皮書並探索社區討論。了解代幣的設計為其長期生存能力提供了寶貴的見解。 成功的項目平衡了用戶，開發人員和投資者的需求，同時解決了實際問題。