剖析加密貨幣市場中的解鎖代幣與流通供應動態

在加密貨幣世界中，解鎖代幣與流通供應之間的關係通常可能存在很大差異，從而影響市場動態和投資者的看法。

In the realm of cryptocurrencies, two key concepts that influence market dynamics and investor perceptions are unlocked tokens and circulating supply. While circulating supply is a widely used metric, it can sometimes differ significantly from the percentage of tokens unlocked as stated in project whitepapers.

在加密貨幣領域，影響市場動態和投資者看法的兩個關鍵概念是解鎖代幣和流通供應。雖然循環供應量是一個廣泛使用的指標，但有時它可能與專案白皮書中所述的解鎖代幣百分比有顯著差異。

To gain a deeper understanding of this relationship, let's examine several notable tokens where the unlocked supply notably differs from the circulating supply:

為了更深入地了解這種關係，讓我們檢查幾個值得注意的代幣，其中未鎖定的供應量與流通供應量明顯不同：

1. $1INCH: This token demonstrates near-perfect alignment, with only a marginal 1.18% difference between unlocked and circulating supply, which aligns with typical token distribution practices.

1. $1INCH：此代幣表現出近乎完美的一致性，解鎖供應量和流通供應量之間僅存在 1.18% 的邊際差異，這與典型的代幣分配實踐相符。

2. $AAVE: Interestingly, its circulating supply exceeds its unlocked percentage by 1.79%, suggesting that additional factors, such as staking or token burning mechanisms, are influencing the availability of tokens.

2. $AAVE：有趣的是，其流通量超過其解鎖百分比 1.79%，這表明其他因素（例如質押或代幣銷毀機制）正在影響代幣的可用性。

3. $AEVO and $ALGO: These tokens exhibit larger gaps, with $AEVO at 12.57% and $ALGO at 17.24%, indicating unique liquidity dynamics or strategic token distribution strategies employed by the respective projects.

3. $AEVO 和 $ALGO：這些代幣表現出較大的差距，其中 $AEVO 為 12.57%，$ALGO 為 17.24%，這表明各自項目採用獨特的流動性動態或戰略代幣分配策略。

4. $FXS: Despite approximately 90% of its tokens being unlocked, it shows a significant -50% discrepancy, implying that a substantial portion of unlocked tokens are being withheld from circulation.

4. $FXS：儘管其約 90% 的代幣已解鎖，但仍顯示出顯著的 -50% 差異，這意味著很大一部分已解鎖代幣被禁止流通。

5. $ASTR: An outlier among the tokens examined, its circulating supply is higher than unlocked tokens, potentially due to reporting variations or distinct tokenomics strategies employed by the project.

5. $ASTR：檢視代幣中的異常值，其流通供應量高於未鎖定代幣，可能是由於報告差異或專案採用的不同代幣經濟學策略所致。

6. $ILV and $INJ: Both tokens show discrepancies despite high unlock percentages, suggesting delayed circulation due to vesting schedules or controlled releases implemented by the projects.

6. $ILV 和 $INJ：儘管解鎖比例較高，但這兩種代幣仍顯示出差異，這表明由於專案實施的歸屬時間表或受控釋放而導致流通延遲。

7. $AXL and $BAT: These tokens show closer alignment between unlocked and circulating supply, indicating smoother distribution processes employed by the respective projects.

7. $AXL 和 $BAT：這些代幣顯示解鎖供應量和流通供應量之間更緊密的一致性，表明各個項目採用的分配流程更加順暢。

8. $BNB: Notably, despite 95.63% of its supply being unlocked, a 4.5% gap in circulating supply is likely influenced by its buy-back and burn mechanism, which affects the overall availability of tokens.

8. $BNB：值得注意的是，儘管其 95.63% 的供應量已解鎖，但其回購和銷毀機制可能會導致流通供應量出現 4.5% 的缺口，從而影響代幣的整體可用性。

How much of unlocked tokens get translated into Cir. Supply? 🔎

有多少解鎖代幣被轉化為 Cir。供應？ 🔎

While cir. supply is an industry standard, how does it compare to unlocked supply shown that is derived from projects whitepaper?

雖然循環。供應是行業標準，它與項目白皮書中顯示的未鎖定供應相比如何？

Let's take a look at tokens with over 90% unlocks compared to their cir. supply 👇🏻 pic.twitter.com/GXOHcGLRut

讓我們來看看與 cir 相比解鎖率超過 90% 的代幣。供應👇🏻 pic.twitter.com/GXOHcGLRut

— Token Unlocks (@Tokenomist_ai) October 9, 2024

— 代幣解鎖 (@Tokenomist_ai) 2024 年 10 月 9 日

These comparisons highlight the complexities inherent in token economics within the cryptocurrency space. High unlock percentages do not necessarily equate to immediate circulation due to various factors, including vesting schedules or strategic distribution decisions. Such discrepancies—whether an oversupply or undersupply—can significantly impact liquidity and price volatility in the market, making it crucial for investors to monitor both unlocked token metrics and circulating supply dynamics closely for informed decision-making.

這些比較凸顯了加密貨幣領域代幣經濟學固有的複雜性。由於各種因素，包括行權時間表或策略分配決策，高解鎖百分比不一定等於立即流通。這種差異（無論是供應過剩還是供應不足）都會嚴重影響市場的流動性和價格波動，因此投資者密切監控未鎖定的代幣指標和流通供應動態以做出明智的決策至關重要。

Disclaimer: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

免責聲明：這不是交易或投資建議。在購買任何加密貨幣或投資任何服務之前，請務必進行研究。

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在 Twitter 上關注我們@nulltxnews，了解最新的加密貨幣、NFT、人工智慧、網路安全、分散式運算和 Metaverse 新聞！

The image is by peshkov/123RF with some image effects by Colorcinch

此影像由 peshkov/123RF 提供，部分影像效果由 Colorcinch 提供