評估區塊鏈生態系統：以 XRP 為例的三步驟框架

EasyA 聯合創始人 Phil Kwok 最近在一系列推文中分享了評估區塊鏈生態系統的詳細觀點。

Phil Kwok, co-founder of EasyA, recently shared a detailed perspective on evaluating blockchain ecosystems in a series of tweets.

EasyA 聯合創始人 Phil Kwok 最近在一系列推文中分享了評估區塊鏈生態系統的詳細觀點。

His insights center on a straightforward three-step framework designed to assess the sustainability of any blockchain, using XRP as an example. This framework emphasizes simplicity and experimentation, making it accessible to those new to blockchain technology.

他的見解集中在一個簡單的三步驟框架上，旨在評估任何區塊鏈的可持續性，以 XRP 為例。該框架強調簡單性和實驗性，使得區塊鏈技術的新手也可以使用它。

Kwok underscores the importance of understanding the supply and demand dynamics of a blockchain’s native token. His framework examines three key factors: Supply, Demand, and Supply Shocks

Kwok 強調了解區塊鏈原生代幣的供需動態的重要性。他的框架檢視了三個關鍵因素：供給、需求和供給衝擊

how is $xrp valued at $180bn.

$xrp 的價值如何達到 1800 億美元？

and how much further can it run?

它還能跑多遠？

i’m not in the business of speculating on price.

我不從事猜測價格的工作。

but as a builder.

但作為一名建設者。

i need to know whether an ecosystem is sustainable.

我需要知道一個生態系統是否可持續。

and i’ve developed a simple 3-step framework to analyse any blockchain.

我開發了一個簡單的三步驟框架來分析任何區塊鏈。

a thread 🧵 pic.twitter.com/4PUOuYGBwF

一個線程🧵 pic.twitter.com/4PUOuYGBwF

— Phil Kwok | EasyA (@kwok_phil) January 19, 2025

— 菲爾·科沃克 | EasyA (@kwok_phil) 2025 年 1 月 19 日

Supply

供應

Kwok begins by addressing the origins of token supply and its potential for inflation. Tokens generally enter circulation through initial launches and inflationary mechanisms. Inflation, which involves the creation of new tokens, can exert downward pressure on a token’s value due to increased market supply.

郭首先討論了代幣供應的起源及其通貨膨脹的潛力。代幣通常透過初始發行和通貨膨脹機制進入流通。通貨膨脹涉及新代幣的創建，由於市場供應增加，可能會對代幣的價值產生下行壓力。

XRP, however, is distinct in this regard. At its launch, 100 billion XRP were created, and no more can ever be minted, making it a zero-inflation token. Furthermore, XRP is deflationary because transaction fees, paid in XRP, are permanently burned, reducing the total supply over time.

然而，XRP 在這方面是不同的。在推出時，XRP 被創建了 1000 億個，並且再也無法鑄造，使其成為零通貨膨脹代幣。此外，XRP 具有通貨緊縮性，因為以 XRP 支付的交易費用會被永久銷毀，隨著時間的推移，總供應量會減少。

However, Kwok highlights an important nuance: Ripple, the company closely associated with XRP, was initially allocated 80 billion XRP. These holdings can be sold on the market, introducing periodic selling pressure. While this is not inflationary, it is a factor to consider when analyzing XRP’s supply dynamics.

然而，Kwok 強調了一個重要的細微差別：與 XRP 密切相關的 Ripple 公司最初分配了 800 億 XRP。這些持有的資產可以在市場上出售，從而帶來週期性的拋售壓力。雖然這不會導致通貨膨脹，但在分析 XRP 的供應動態時，這是一個需要考慮的因素。

Demand

要求

Demand is the cornerstone of a token’s value, distinguishing utility tokens from speculative or memecoins. According to Kwok, XRP’s demand stems from multiple sources:

需求是代幣價值的基石，將實用代幣與投機幣或迷因幣區分開來。 Kwok 表示，XRP 的需求來自多個來源：

Transaction Fees: The XRP Ledger requires users, including institutions like JPMorgan, to pay fees in XRP. These fees are subsequently burned, creating inherent demand.

交易費用：XRP 帳本要求使用者（包括摩根大通等機構）以 XRP 支付費用。這些費用隨後被燒毀，創造了內在需求。

Cross-Border Payments: XRP is integral to facilitating rapid, cost-effective cross-border payments. By serving as a bridge currency, XRP enables seamless conversion between fiat currencies (e.g., Japanese yen to euros). This utility positions XRP as a solution for the multi-trillion-dollar global payments market, providing faster and cheaper transactions than traditional systems.

跨境支付：XRP 是促進快速、經濟高效的跨境支付不可或缺的一部分。透過充當橋樑貨幣，XRP 可以實現法定貨幣（例如日圓與歐元）之間的無縫轉換。該實用程式將 XRP 定位為數萬億美元的全球支付市場的解決方案，提供比傳統系統更快、更便宜的交易。

Emerging Use Cases: Kwok also notes the potential for increased demand through new developments, such as the integration of automated market makers (AMMs) and decentralized identity solutions on the XRP Ledger. These innovations may encourage users to lock or utilize XRP in new ways, further enhancing demand.

新興用例：Kwok 還指出，透過新的開發，例如自動化做市商 (AMM) 的整合和 XRP Ledger 上的去中心化身分解決方案，可能會增加需求。這些創新可能會鼓勵使用者以新的方式鎖定或使用 XRP，從而進一步增加需求。

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— TimesTabloid (@TimesTabloid1) July 15, 2023

- TimesTabloid (@TimesTabloid1) 2023 年 7 月 15 日

Supply Shocks

供應衝擊

Supply shocks, though less applicable to XRP than other blockchains, involve mechanisms that restrict the circulating supply of tokens. Kwok references examples like staking on Ethereum or Polkadot, where tokens are locked for extended periods, reducing market liquidity.

供應衝擊雖然不像其他區塊鏈那樣適用於 XRP，但涉及限制代幣流通供應的機制。 Kwok 提到了在以太坊或 Polkadot 上進行質押的例子，其中代幣被長期鎖定，從而減少了市場流動性。

While XRP does not currently employ similar mechanisms, Kwok acknowledges that amendments to the XRP Ledger, such as AMMs, could introduce analogous dynamics over time.

雖然 XRP 目前沒有採用類似的機制，但 Kwok 承認，隨著時間的推移，對 XRP 帳本的修改（例如 AMM）可能會引入類似的動態。

Kwok’s framework provides a practical approach for builders and blockchain enthusiasts to evaluate the sustainability of blockchain ecosystems. By applying this methodology to XRP, he highlights its deflationary supply model, strong demand drivers, and potential for enhanced utility through ongoing development.

Kwok 的框架為建構者和區塊鏈愛好者提供了評估區塊鏈生態系統永續性的實用方法。透過將此方法應用於 XRP，他強調了其通貨緊縮供應模型、強大的需求驅動因素以及透過持續開發增強效用的潛力。

However, he emphasizes that this framework is not intended for price speculation or investment advice. Instead, it serves as a tool for assessing the long-term viability of a blockchain and its ecosystem.

不過，他強調，該框架並非用於價格投機或投資建議。相反，它是評估區塊鏈及其生態系統長期可行性的工具。

Kwok concludes by inviting feedback to refine this framework further, fostering collaboration within the Web3 community to create a robust guide for blockchain evaluation.

Kwok 最後邀請回饋進一步完善該框架，促進 Web3 社群內的合作，為區塊鏈評估創建強大的指南。

: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

：此內容旨在提供信息，不應被視為財務建議。本文所表達的觀點可能包含作者的個人觀點，並不代表時代小報的意見。敦促讀者在做出任何投資決定之前進行深入研究。讀者採取的任何行動均需自行承擔風險。 《時代小報》對任何經濟損失不負任何責任。

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