What Are Tokenomics and Why Do They Matter?

什么是象征学，为什么重要？

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.

令牌学是管理数字代币在区块链系统中的运作方式的经济原理和机制。 该词将“令牌”和“经济学”融合在一起。 考虑一下引物项目的DNA，它决定了令牌的行为和潜在价值的增长。

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.

执行令状学决定项目的成功还是失败？ 比特币有限的2100万枚硬币供应与Dogecoin无限供应之间的鲜明对比说明了不同的方法如何影响令牌的轨迹。比特币的稀缺性提高了其价值，而多霉素则更多地依赖社区支持。

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.

本文探讨了令牌学的基本组成部分，检查现实世界的例子并分析了令牌失败的实例。在评估加密货币项目时，这些知识使您有能力做出明智的决定。

Basics of Tokenomics

标记学的基础知识

Supply Mechanics

供应力学

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

令牌的总供应是至关重要的设计元素。项目选择：

Fixed Supply Models

固定电源模型

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).

比特币凭借其2100万个硬币上限为例。 永远不会创建其他硬币。这种稀缺旨在随着时间的推移增加价值，反映黄金或其他有限的资源。 其他值得注意的例子包括Litecoin（8400万）和渴望（36666个令牌）。

Inflationary Supply Models

通货膨胀供应模型

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.

许多令牌采用增加总供应的机制。有些人会根据归属计划进行逐渐发布的归属计划，而另一些则是造币厂或新的代币作为网络参与的奖励。如果需求不跟上步伐，则可用的代币的这种不断扩展可能会降低每个人的价值。

Deflationary Mechanisms

通缩机制

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.

几枚硬币和代币，包括二强硬币（BNB），定期燃烧令牌。 Binance Burns Burn季刊，在BNB链上，一部分汽油费被燃烧，从而减少了总供应，直到达到1亿个硬币。 从理论上讲，较少的令牌增加了每个剩余的值。

Distribution Models

分配模型

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

令牌如何吸引用户与总供应一样重要：

Initial Token Allocation

初始令牌分配

Projects distribute tokens through various methods:

项目通过各种方法分发令牌：

• 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.

最初的硬币产品（ICO）和资金回合将令牌出售给早期投资者。Airdrops为满足特定条件的用户免费提供令牌。奖励奖励补偿用户确保网络的确保。团队成员，投资者和公众之间的初步分配揭示了潜在的项目控制。

Time-Based Release Schedules

基于时间的发布时间表

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

许多项目将分配给创始人和早期投资者的代币锁定，逐渐发布。这样可以防止突然销售并表现出长期承诺。

Token Utility

令牌实用程序

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

令牌需要在其生态系统中明确的目的。大多数代币都具有多种功能，结合了各种公用事业：

Governance Mechanisms

治理机制

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.

这些授予持有者对协议决策的投票权。 UNISWAP的UNI和MAKERDAO的MKR使用户能够通过各自的Daos对协议更改，费用结构和财政部分配进行投票。

Network Operation Tokens

网络操作令牌

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.

区块链网络的本地令牌必须为交易和计算资源付费。示例包括以太坊的ETH，BNB链的BNB，Sol for Solana和TRON的TRX。

Security and Consensus Tokens

安全和共识令牌

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.

许多商品证明网络要求用户锁定令牌以参与共识并获得奖励。 以太坊（ETH），Cardano（ADA），Solana（Sol）（Sol）和Polkadot（DOT）都利用Staking机制来确保其网络。

Asset-Backed Tokens

资产支持的令牌

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+.

这些代表了现实世界中的所有权，例如股本，债务，房地产或商品。例如，Polymath（Poly）在法规规则506（c）或法规a中创建合规的标记证券。

Service Access Tokens

服务访问令牌

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.

一些令牌提供了对特定服务的访问。 Filecoin（FIL）授予对分散存储的访问，基本关注令牌（BAT）使参与Brave Browser的广告生态系统，而Chainlink（link）需要支付Oracle服务。

Design Trade-offs

设计权衡

These utility designs involve trade-offs:

这些公用事业设计涉及权衡：

• 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.

固化机制减少了循环供应并鼓励长期持有，但如果大型持有人主导竞争，则可能导致集中化。政府权利赋予用户在协议决策中的使用权，但通常会导致低参与和鲸鱼的优势。FEE燃烧的机制造成缩水压力，但可能会降低网络操作员的诱因。推荐对这些特定的用户群体平衡，以平衡这些特定的使用者，以平衡这些特定的使用者。

Tokenomics in Action: Case Studies

作用中的象征学：案例研究

Bitcoin: The Halving Mechanism and Market Impact

比特币：减半机制和市场影响

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，比特币将矿工的奖励减半。这种“减半”减慢了新的硬币创造，从而增加了比特币的稀缺性。自2009年以来，比特币经历了四次中度，将采矿奖励从50 BTC减少到3.125 BTC，每块BTC（截至2024年4月19日）。该机制将其硬编码为比特币的协议，将总供应量限制为2100万个硬币，最终的减半预计约为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.

市场响应：从历史上看，尽管每个周期都有所不同，但在历史上，价格上涨之前已经有所增加。 2020年减半的比特币从8,700美元上升到2021年11月的近69,000美元。2024年的减半表现出不同的模式，受到现货比特币ETF批准和机构投资等因素的影响。 虽然稀缺机制保持恒定，但外部因素显着影响市场影响。

Uniswap (UNI): Community Ownership and Governance

UNISWAP（UNI）：社区所有权和治理

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

空调策略：2020年9月，向早期用户提供了400个Uni令牌。 这旨在创建基于广泛的所有权。

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.

参与与猜测：虽然空投达到25万多个地址，但治理参与仍然很低。许多用户出售其代币以获利而不是进行治理，从而提出了有关分散控制的问题。

Terra (LUNA): The Algorithmic Stablecoin Collapse

Terra（Luna）：算法stablecoin崩溃

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使用了两个令牌：UST（固定为1美元的Stablecoin）和Luna（治理和Staking Token）。如果Ust下跌低于1美元，用户可以将其交易为价值1美元的新铸造的Luna，理论上维护钉子。

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，乌斯特失去了钉子。 急于将UST转换为Luna的大规模提高了Luna的供应，这导致其价格从80美元以上崩溃到0.0001美元，这是一种灾难性的崩溃。

Tokenomics Failure Cases

象征性衰竭病例

The Centralization Problem

集中化问题

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.

初始分销失衡：许多早期的ICO为团队成员和早期投资者提供了超过50％的令牌。这种权力不平衡使特权集团能够对零售投资者产生负面影响。

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

激励措施不一致：当创始人持有不成比例的代币股票时，他们的利益可能与社区的利益不同，从而导致不信任和潜在的“地毯拉力”。

The Inflation Challenge

通货膨胀挑战

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

无盖供应机制：Dogecoin缺乏最大供应会产生连续的销售压力，可能会限制长期价值升值。

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

长期价值的影响：受控的通货膨胀，虽然可预测，但从根本上与比特币的稀缺模型有所不同，并且可能会阻碍长期价格增长。

Unsustainable Reward Structures and Misconduct

不可持续的奖励结构和不当行为

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.

反思和收费机制：一些项目使用持续的新投资来奖励早期参与者。 例如，Safemoon收取的销售费用为10％，将5％的持有人重新分配，并增加了5％的流动性。

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的崩溃是由缺陷的令牌，安全问题和所谓的不当行为导致的，导致破产和近乎全部的价值丧失。

Do Tokenomics Drive Real Value?

执行Tokenomics驱动实际价值吗？

The Case For Good Tokenomics

良好的标记学案例

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.

一致的激励措施：精心设计的令牌学对齐激励措施。以太坊转向验证证明，奖励了长期持有人，减少能源消耗并创造可持续的经济价值。

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

通过经济设计的安全：诸如ChainLink之类的项目使用代币学，参与者利益链接令牌来保护网络，从而创造积极的经济激励措施。

The Case Against Tokenomics

反对令状学的情况

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

实质性的风格：批评家认为，象征学通常是肤浅的，掩盖了投机性资产。 许多看似创新的令牌学的项目都失败了。

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

历史失败：尽管有希望的令牌学有希望，但数千个失败的项目与市场情绪和炒作周期相比对其重要性产生了怀疑。

Finding Balance

寻找平衡

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

现实检查：较差的令牌学通常会导致失败，而良好的令牌学是必要的，但不足以实现长期成功。

Red Flags to Watch For: Smart investors look for:

要注意的危险信号：智能投资者寻找：

• 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.

超越猜测没有明确实用性的代币。高度集中的令牌所有权（团队/投资者持有的50％以上）。unclear或不断变化的令牌组学。不可固定的产量机制需要持续的新投资，需要新的成功投资：精心设计的标记为成功，但要适当地执行和市场接受，这是挑战。

Conclusion: Tokenomics as Art and Science

结论：作为艺术和科学的象征学

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.

令牌学结合了供应力学，分布和实用性，以塑造令牌功能并影响用户行为和潜在价值。没有完美的公式。市场条件，时机和执行都是至关重要的。

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.

在投资之前，进行彻底的研究（DYOR），审查白皮书并探索社区讨论。了解代币的设计为其长期生存能力提供了宝贵的见解。 成功的项目平衡了用户，开发人员和投资者的需求，同时解决了实际问题。