Tokenomics：加密貨幣價格升值的主要驅動力

象徵學是一個在加密貨幣世界中圍繞著很多詞的詞。但是到底是什麼？這是塑造加密貨幣價格升值的最強大的力量之一

Tokenomics is a term used to describe the economic aspects of a cryptocurrency, such as its total supply, issuance rate, and burn mechanism. It plays a crucial role in determining a coin's potential future value and is closely monitored by traders.

象徵學是一種用來描述加密貨幣的經濟方面的術語，例如其總供應，發行率和燃燒機制。它在確定硬幣的潛在未來價值方面起著至關重要的作用，並受到交易者的密切監控。

A coin's supply is a key factor in its tokenomics. Some cryptocurrencies, like Bitcoin, have a limited total issuance, while others, like Ethereum and Dogecoin, have a higher rate of issuance. The speed at which new coins enter circulation can impact their availability and value.

硬幣的供應是其令牌學的關鍵因素。有些加密貨幣（例如比特幣）的總發行有限，而其他加密貨幣（例如以太坊和狗狗幣）的發行率更高。新硬幣進入循環的速度會影響其可用性和價值。

Another aspect of tokenomics is the ability to burn coins. When cryptocurrency owners use the currency for specific purposes, such as paying transaction fees, a portion of the coins may be "burned," effectively removing them from circulation. This can help support the coin price by reducing the total supply.

令牌學的另一個方面是燃燒硬幣的能力。當加密貨幣所有者將貨幣用於特定目的（例如支付交易費用）時，可能會“燃燒”一部分硬幣，從而有效地將其從循環中刪除。這可以通過減少總供應來幫助支持硬幣價格。

By managing supply through issuance and burning, a coin issuer can influence whether a cryptocurrency is inflationary or deflationary. In an inflationary system, more coins are issued each year than are taken out of circulation, leading to a positive net issuance. Over time, the purchasing power of the currency falls as more is issued. Conversely, in a deflationary system, more coins are taken out of circulation than are put into circulation, pushing net issuance into negative territory. This results in the purchasing power of the currency rising over time.

通過通過發行和燃燒管理供應，硬幣發行人可以影響加密貨幣是通貨膨脹還是通貨膨脹。在通貨膨脹系統中，每年發出的硬幣要比流通中的更多，從而導致淨發行陽性。隨著時間的流逝，隨著貨幣的購買力越來越多。相反，在通縮系統中，比流通量相比，將更多的硬幣從循環中取出，從而將淨發行推向負面。這導致貨幣隨著時間的推移的購買力增加。

Many cryptocurrencies aim to showcase deflationary tokenomics to support the coin price. For example, Ethereum's Merge in 2022 saw the coin transition from a proof-of-work to a proof-of-stake system. As part of this change, Ethereum sharply reduced its net issuance to become deflationary. It introduced a mechanism to burn coins during transactions, leading to a net deflationary supply, according to many.

許多加密貨幣旨在展示通縮令牌學以支持硬幣價格。例如，以太坊在2022年的合併看到了從工作證明到銷售證明系統的硬幣過渡。作為這一變化的一部分，以太坊大大降低了其淨發行量以變成通貨緊縮。根據許多人的說法，它引入了一種在交易過程中燃燒硬幣的機制，導致淨流化供應。

In effect, Ethereum's issuers "rigged" the coin's tokenomics to support its price, increasing the likelihood of price appreciation over time, although it's not guaranteed.

實際上，以太坊的發行人“操縱”了硬幣的標記，以支持其價格，儘管無法保證，但隨著時間的推移，價格隨著時間的推移增加了價格。

While everyone may talk about a coin's deflationary issuance driving up price, it's important to remember that supply is only half the equation. Demand is the critical factor in driving a coin's price higher. There are many things in short supply that are worthless — for instance, the number of glasses in your kitchen cabinet is limited, but nobody will pay anything for them. In the absence of demand for an object or a cryptocurrency, a limited supply is meaningless.

雖然每個人都可能談論硬幣的放氣發行價格上漲價格，但重要的是要記住，供應只是等式的一半。需求是使硬幣價格更高的關鍵因素。供應短的東西有很多毫無價值的東西 - 例如，廚房櫥櫃中的眼鏡數量有限，但沒有人會為他們付出任何費用。在沒有對物體或加密貨幣的需求的情況下，有限的供應毫無意義。

Without demand, any cryptocurrency is worthless, as it has no value apart from what people are willing to pay for it. This is why there are around 20,000 or more cryptocurrencies in existence, but only a small handful are actually worth anything at all, with nearly all of them being effectively worthless.

沒有需求，任何加密貨幣都是毫無價值的，因為除了人們願意為此付出的東西外，它沒有價值。這就是為什麼存在大約有20,000或更多的加密貨幣的原因，但是只有少數幾乎完全值得，幾乎所有這些都有效地毫無價值。

However, managing the supply of a popular cryptocurrency—one that already has demand for its coins—can move its price higher (or lower) because it encourages traders to buy. They can purchase with the knowledge that a cryptocurrency won't be overinflated by the coin's issuers. This attracts demand, which in turn attracts still more demand, resulting in a virtuous circle.

但是，管理流行的加密貨幣的供應（已經對硬幣有需求的一種需求）可以提高價格（或更低），因為它鼓勵商人購買。他們可以知道，硬幣的發行人不會過度充氣加密貨幣。這吸引了需求，進而吸引了更多的需求，從而導致了一個良性的圈子。

It's these psychological dynamics that are so important in manipulating crypto prices. By increasing enthusiasm around deflationary coins and setting them against a relatively fixed or even shrinking supply of coins, prices can rise indefinitely.

正是這些心理動力在操縱加密​​價格中非常重要。通過增強對放氣硬幣的熱情，並將它們設置為相對固定甚至縮小的硬幣供應，價格可以無限期上漲。

As the first cryptocurrency, Bitcoin's tokenomics have been extensively studied and are highly deflationary. Famously, there are only 21 million coins available for mining, and even this limited issuance slows over time, with the total supply expected to be issued around the year 2140. As issuance slows, Bitcoin mining requires increasing energy and expense.

作為第一個加密貨幣，比特幣的令牌學已經進行了廣泛的研究，並且是高度放氣的。著名的是，只有2100萬枚硬幣可供開採，即使這項有限的發行量隨著時間的流逝，預計將在2140年左右發行總供應。隨著發行速度的速度，比特幣採礦需要增加能源和費用。

However, there are other favorable tailwinds for Bitcoin's supply. While 21 million coins is the maximum number of outstanding coins, some estimates suggest that around 3.7 million coins have simply been lost, likely forever. These coins may have been purchased early in Bitcoin's lifetime, when coins were cheap and considered a curious novelty. But if Bitcoin owners threw away hard drives that held these coins, they're likely permanently unavailable and effectively dead. So the real maximum supply is even lower than the potential maximum.

但是，還有其他有利的比特幣供應方風。雖然2100萬個硬幣是未償還的硬幣數量，但一些估計表明，大約370萬枚硬幣已經丟失了，可能永遠丟失。這些硬幣可能是在比特幣一生中早期購買的，當時硬幣便宜並且被認為是一種奇怪的新穎性。但是，如果比特幣所有者扔掉了擁有這些硬幣的硬盤驅動器，那麼它們可能會永久無法使用並有效地死亡。因此，真正的最大供應甚至低於潛在最大值。

Thus, Bitcoin benefits from ever slower issuance and a capped number of coins on the supply side. Additionally, it gains from a herding effect as the most popular cryptocurrency, as well as the perception that it's a scarce resource. On the demand side, Bitcoin analysts keep ratcheting up price targets, driving “Bitcoin fever” ever higher and stoking demand for the coins.

因此，比特幣受益於較慢的發行和供應方面的封頂硬幣。此外，它從畜牧效應中獲得了最受歡迎的加密貨幣，並且認為這是一種稀缺的資源。在需求方面，比特幣分析師不斷提高價格目標，使“比特幣熱”不斷提高，對硬幣的需求不斷提高。

With supply fixed and demand potentially continuing to rise, we could see lollapalooza effects on the price, as has already happened for an asset that was created out of thin air. However, if demand dries up for any reason—say, if quantum computing can break the coin's cryptography and effectively counterfeit coins—Bitcoin's price could fall to nothing. Again, it

隨著供應固定和需求可能會繼續上升，我們可以看到lollapalooza對價格的影響，就像從稀薄空氣中產生的資產所發生的那樣。但是，如果出於任何原因需求變乾 - 例如，如果量子計算可能會破壞硬幣的加密術並有效偽造硬幣，那麼Bitcoin的價格可能會落下。再次，它