Supply Mechanics | 供应机制

Token supply mechanisms include fixed supply (Bitcoin), inflationary (Ethereum with staking rewards), and deflationary (burn mechanisms). Understanding emission schedules, max supply, and circulating supply is essential for valuation. EIP-1559 introduced base fee burning to Ethereum. 代币供应机制包括固定供应、通胀型和通缩型。理解排放计划、最大供应量和流通供应量对估值至关重要。

Vesting and Unlocks | 解锁安排

Token distribution schedules significantly impact price. Team and investor unlocks create selling pressure. Key metrics: initial circulating supply %, monthly unlock rate, cliff periods, and linear vesting duration. Projects with gradual unlocks outperform those with large single unlock events. 代币分配计划显著影响价格。团队和投资者解锁会产生卖压。线性解锁的项目优于大额单次解锁的项目。

Value Accrual Mechanisms | 价值捕获机制

Protocols capture value through fees, buyback-and-burn, staking rewards, and revenue sharing. GMX and GLP pioneered real yield from actual trading fees. veTokenomics (vote-escrowed tokens) align long-term holders with protocol governance through boosted rewards. 协议通过费用、回购销毁、质押奖励和收入分享捕获价值。veTokenomics通过提升奖励来对齐长期持有者。

Governance Tokens | 治理代币

Governance tokens grant voting rights on protocol parameters. Compound's COMP pioneered the model. Challenges include low voter participation and whale dominance. Emerging solutions include delegated voting and quadratic voting for more democratic governance. 治理代币赋予协议参数的投票权。挑战包括低投票参与率和巨鲸主导。二次投票等新型方案正在出现。

Analyzing Tokenomics | Token经济学分析

Key metrics: market cap / fully diluted valuation ratio, treasury diversification, revenue-to-fee ratio, staking yield, inflation rate, and holder concentration. Projects with sustainable tokenomics show low inflation, clear value accrual, and aligned incentives. 关键指标包括市值/完全稀释估值比、国库多元化、收入费用比、质押收益率、通胀率和持有者集中度。