在高度波動的市場環境中，令牌經濟學的價值逐漸開始出現

在高度波動的市場環境中，令牌經濟學的價值逐漸開始出現。

A few days ago, the first White House Crypto Summit came to an end, and its impact has just begun…

幾天前，第一個白宮加密峰會結束了，其影響才剛剛開始……

BTC price fell below $80,000. The crypto market is facing the largest liquidation since the collapse of LUNA. Investors' sensitivity to risk has increased significantly, and funds are flowing to projects with anti-fall properties at an accelerated pace. At the same time, investors are increasingly scrutinizing token economic models, and a key question has emerged: Is there a token model that can withstand market fluctuations and survive bull and bear cycles?

BTC價格下跌低於$ 80,000。自Luna倒塌以來，加密市場正面臨著最大的清算。投資者對風險的敏感性已大大提高，資金正以加速的速度流向具有反凹陷性能的項目。同時，投資者越來越多地審查代幣的經濟模式，並且出現了一個關鍵問題：是否有一個代幣模型可以承受市場波動並在公牛和熊週期中倖存下來？

The temptation and cost of inflation

通貨膨脹的誘惑和成本

It is no accident that most tokens choose an inflation model. By issuing more tokens, developers, communities, and early investors are rewarded, thus quickly launching the ecosystem. However, when market sentiment is low, the expansion of circulation combined with shrinking demand can easily lead to a downward spiral in prices.

大多數令牌選擇通貨膨脹模型絕非偶然。通過發行更多的代幣，開發商，社區和早期投資者獲得獎勵，從而迅速啟動生態系統。但是，當市場情緒低落時，循環的擴展與需求不斷增長的需求很容易導致價格下降。

Among mainstream tokens, Ethereum is a typical example. The total supply was not set in its early design, leading to long-term inflation problems and causing anxiety among users. It was not until the EIP-1559 proposal introduced a destruction mechanism that the selling pressure was effectively alleviated, and this mechanism had a profound impact on Ethereum's economic model and its market performance.

在主流代幣中，以太坊是一個典型的例子。總供應並未在其早期設計中設定，導致長期通貨膨脹問題並引起用戶焦慮。直到EIP-1559提案引入了破壞機制，銷售壓力才有效緩解，這種機制對以太坊的經濟模式及其市場績效產生了深遠的影響。

But the question is: if inflation is the fuel that kick-starts the ecosystem, can deflation be the brake to fight the cycle?

但是問題是：如果通貨膨脹是啟動生態系統的燃料，通貨緊縮是否可以剎車打擊週期？

The Scarcity Logic of Deflation

通縮的稀缺邏輯

In stark contrast to Ethereum's struggle, Bitcoin has a four-year halving cycle. After each halving, the rate of new coin production is halved, and scarcity drives prices into an upward channel. This mechanism allows Bitcoin to maintain its deflationary properties after multiple bear markets, making it the only “digital gold” in the crypto market that crosses cycles.

與以太坊的鬥爭形成鮮明對比的是，比特幣有一個四年的減半週期。每次減半後，新硬幣產量的速度減半，稀缺將價格推向了向上的渠道。這種機制使比特幣能夠在多個熊市之後保持其通縮性能，從而使其成為加密市場中唯一的“數字黃金”。

This logic is being used by more projects. For example, the Solana ecosystem, which is very popular in this cycle, has launched the SIMD-0228 proposal vote for the token SOL, which tries to balance ecological incentives and value storage by dynamically adjusting the inflation rate. The proposal was proposed by Tushar Jain and others from Multicoin Capital. The core mechanism is: when the SOL pledge rate exceeds 50%, the issuance volume is reduced to curb inflation, and when it is below 50%, the issuance is increased to incentivize pledges. This "elastic inflation" design reveals a key principle—deflation is not a total negation of inflation, but a balancing tool for dynamic game with it.

更多項目正在使用此邏輯。例如，在此週期中非常受歡迎的Solana生態系統已為令牌SOL推出了SIMD-0228提案投票，該投票通過動態調整通貨膨脹率來平衡生態激勵措施和價值存儲。該提議是由Tushar Jain和其他Multicoin Capital提出的。核心機制是：當SOL承諾率超過50％時，發行量減少以遏制通貨膨脹，當其低於50％時，發行量會增加以激勵承諾。這種“彈性通貨膨脹”設計揭示了一個關鍵原則 - 膨脹不是通貨膨脹的完全否定，而是一種與之動態遊戲的平衡工具。

Even during market downturns, the number of token holders of many projects has increased instead of decreased. Perhaps this is the most effective proof of the deflationary token model in the face of downward market conditions.

即使在市場低迷時期，許多項目的代幣持有人的數量也有所增加，而不是減少。也許這是面對下降市場條件下的通縮令牌模型的最有效證明。

The triple value of deflation mechanism

通縮機制的三重值

In the current counter-cyclical environment, the value of the deflation mechanism has become increasingly prominent, and its breakthrough lies in three aspects:

在當前的反週期環境中，通縮機制的價值變得越來越突出，其突破在三個方面：

However, to realize these values, specific tools are needed to support them. The current mainstream deflation mechanisms include:

但是，要實現這些價值，需要特定的工具來支持它們。當前的主流通氣機制包括：

Microscopic sample of deflation design

縮氣設計的微觀樣本

$BONK has remained relatively stable during this shock. The author found that it has a multi-level deflation model. The core of this model is the transparent destruction mechanism on the chain, including automatic destruction of ecological interactions and event-driven large-scale destruction. It continuously reduces its own circulation in the entire volatile market and realizes a deflationary economy. To a certain extent, it has achieved "follow the rise but not the fall"

在這種衝擊期間，$ BONK保持相對穩定。作者發現它具有多層次的通縮模型。該模型的核心是鏈上透明的破壞機制，包括自動破壞生態相互作用和事件驅動的大規模破壞。它在整個動蕩的市場中不斷減少自己的發行，並實現了通信經濟。在一定程度上，它實現了“遵循上升，但不是跌倒”

The daily destruction mechanism is connected to all of Bonk's ecological applications, and the destruction volume continues to increase. In addition, the BONK community also regularly launches event-driven large-scale destruction activities, such as the "BURNmas" plan for Christmas last December, which destroyed 1.69 trillion BONK (about 54.52 million US dollars), accounting for nearly 1.8% of the total supply of BONK (about 92.7 trillion); in February this year, another 2.025 trillion BONK (about 36.956 million US dollars) was destroyed. These destruction measures not only enhance investor confidence, but also provide support for prices by reducing selling pressure.

每日破壞機制與Bonk​​的所有生態應用有關，破壞量不斷增加。此外，BONK社區還定期發起活動驅動的大規模破壞活動，例如去年12月聖誕節的“伯恩馬斯”計劃，該計劃銷毀了1.69萬億個邦克（約5452萬美元），佔邦克總供應量的近1.8％（約92.7萬億美元）；今年2月，另外2.025萬億個邦克（約36.56億美元）被銷毀。這些破壞措施不僅增強了投資者的信心，而且還通過減少銷售壓力來為價格提供支持。

These measures had a triple effect:

這些措施具有三重效應：

The first is scarcity reconstruction. As the supply of tokens in circulation decreases, the perception of their value increases, which may put upward pressure on the price of tokens.

首先是稀缺重建。隨著流通中令牌的供應減少，其價值的看法增加，這可能會給令牌價格帶來上升壓力。

The second is to build community trust: Destroying tokens also sends a positive signal to the community. It shows that the project governance is committed to the long-term growth and sustainability of the token, allowing the community to see the promise of "real money".

第二個是建立社區信任：破壞令牌也向社區發出了積極的信號。它表明，項目治理致力於代幣的長期增長和可持續性，從而使社區看到了“真錢”的希望。

The third is the possibility of exponential growth: due to the low prices brought about by continuous destruction, the token has more room for growth. This is an attractive point for traders seeking high-risk investments but with high return potential.

第三個是實現指數增長的可能性：由於連續破壞帶來的低價格，代幣具有更大的增長空間。對於尋求高風險投資但具有高回報潛力的交易者來說，這是一個有吸引力的點。

In a highly volatile market environment,

在高度波動的市場環境中