了解 Solana (SOL) 通膨模型及其對美元價格的影響

Solana (SOL) 是最受歡迎和創新的區塊鏈之一，它是最受歡迎的高吞吐量和極快交易的鏈之一

Solana (SOL) is one of the most popular blockchains for high throughput and very fast transaction speeds for less than a dollar. But what makes Solana different from most other cryptocurrencies is its inflationary model that enables the network to create new tokens, which help secure the network and reward validators. Though Solana’s inflationary model is essential to the ecosystem, it also directly impacts where the currency is valued in USD terms, something investors need to appreciate.

Solana (SOL) 是最受歡迎的區塊鏈之一，具有高吞吐量和極快的交易速度，且交易速度不到一美元。但 Solana 與大多數其他加密貨幣的不同之處在於其通貨膨脹模型，該模型使網路能夠創建新的代幣，這有助於保護網路並獎勵驗證者。儘管 Solana 的通膨模型對於生態系統至關重要，但它也直接影響貨幣以美元計價，這一點投資者需要重視。

To keep up with the most current updates on Solana’s value, visit this Solana USD tracker that shows the real price of Solana and presents its historical data to track SOL value change against USD.

要了解 Solana 價值的最新更新，請訪問此 Solana 美元追蹤器，該追蹤器顯示 Solana 的實際價格並提供其歷史數據以追蹤 SOL 相對於美元的價值變化。

Understanding Solana’s Inflationary Model

了解 Solana 的通膨模型

The Solana coin has an inflationary model contrary to Bitcoin, in which it has a capped amount of 21M, which guarantees a constant level of participation in the network. We refer to inflation in this context as the mechanism wherein the supply of SOL tokens grows over time as a reward to those who validate transactions and contribute to network security. However, unlike the fixed supply of BTC, Solana’s model prescribes a periodic and potentially predictable issuance of new tokens potentially introducing a positive and a negative effect on the price of SOL in USD.

Solana 幣具有與比特幣相反的通膨模型，其上限為 2,100 萬，這保證了網路的持續參與水準。在這種情況下，我們將通貨膨脹稱為 SOL 代幣供應量隨著時間的推移而增長的機制，作為對驗證交易和為網路安全做出貢獻的人的獎勵。然而，與 BTC 的固定供應量不同，Solana 的模型規定定期且可預測地發行新代幣，這可能會對 SOL 的美元價格產生正面和負面的影響。

1. Initial Inflation Rate

1. 初始通貨膨脹率

Solana set an initial annual inflation rate to be about 8% when it launched. This results in approximately 8% added to the total supply every year through rewards for those who validate the network (aka, validators). First, we imagine an initial rate at a high enough level of incentive for validators to stake their SOL and to help maintain the network.

Solana 在推出時將初始年通膨率設定為 8% 左右。透過對驗證網路的人（又稱驗證者）的獎勵，每年總供應量增加約 8%。首先，我們設想一個足夠高水準的初始利率，以激勵驗證者質押他們的 SOL 並幫助維護網路。

2. Decay Rate

2. 衰減率

Another part of Solana’s inflationary model is a “decay rate” — the rate will increase, but a decay rate will cut that in half. The model is currently meant to drop 15 percent annually until its long term steady level of 1.5 percent. This slow reduction over time of inflationary rewards is to try and offset the need to incentivize validators with the need to fix the SOL supply growth.

Solana 通膨模型的另一部分是「衰減率」——速率會增加，但衰減率會將其減半。該模型目前預計每年下降 15%，直至達到 1.5% 的長期穩定水平。隨著時間的推移，通貨膨脹獎勵的緩慢減少是為了嘗試抵消透過修復 SOL 供應成長的需要來激勵驗證者的需要。

3. Token Burning Mechanism

3. 代幣銷毀機制

Solana burns part of transaction fees to kill inflation. As transaction fees on Solana are extremely low, these burns actually contribute to the deflationary component of the tokenomics, partially offsetting the inflation, and may potentially provide support for the price of the token over time.

Solana 燃燒部分交易費用以抑制通貨膨脹。由於 Solana 的交易費用極低，這些銷毀實際上有助於代幣經濟的通貨緊縮成分，部分抵消了通貨膨脹，並可能隨著時間的推移為代幣的價格提供支持。

Inflation and its Effects on the Price of Solana in USD

通貨膨脹及其對 Solana 美元價格的影響

Multiple channels determine Solana’s USD price in response to the inflationary model. Here’s how it plays out:

多種管道決定 Solana 的美元價格以應對通貨膨脹模型。結果如下：

1. Pressure to Increase Supply and Prices

1. 增加供應和價格的壓力

An inflationary model has one of the most direct effects; a steady increase in token supply. The more SOL tokens being injected into the circulation, the less likely it is to have an uptrend in the SOL price (against the USD). The basic principle of supply and demand applies here: But if demand for SOL doesn’t expand proportionally with its overall supply, the growing quantity of SOL tokens may weaken the price in USD terms.

通膨模型具有最直接的影響之一：代幣供應量穩定增加。注入流通中的 SOL 代幣越多，SOL 價格（兌美元）上漲的可能性就越小。供給和需求的基本原則在這裡適用：但是，如果 SOL 的需求沒有與其整體供應量成比例地增長，那麼 SOL 代幣數量的增長可能會削弱以美元計價的價格。

In order for Solana’s USD price to be sustainable and increase, demand for SOL must be growing — meaning Solana needs more users, developers, and applications using its network and, therefore, buying up SOL for its ongoing growth. Inflation will create an additional supply and if there is already high demand, it would help drive the value of the token in the free market.

為了使 Solana 的美元價格可持續並上漲，對 SOL 的需求必須不斷增長 - 這意味著 Solana 需要更多用戶、開發人員和應用程式使用其網絡，因此需要購買 SOL 以實現其持續增長。通貨膨脹將創造額外的供應，如果需求已經很高，這將有助於推動自由市場上代幣的價值。

2. Encouraging Staking and Helping to Reduce Circulating Supply

2. 鼓勵質押並幫助減少流通量

Solana’s inflationary rewards are designed to incentivize staking – the act of locking up your SOL to support the network and earn rewards. With each additional user staking, a significant amount of SOL is out of circulation. With less supply of tokens available and thus less to sell on exchanges, this can lend to taking the pressure off of the price from inflation.

Solana 的通膨獎勵旨在激勵質押，即鎖定 SOL 以支持網絡並賺取獎勵的行為。每增加一個用戶質押，就會有大量 SOL 停止流通。由於可用代幣供應量減少，因此在交易所出售的代幣也減少，這可以減輕通膨帶來的價格壓力。

If most SOL tokens are staked, the circulating supply constraints, and could work in favor of SOL, inflating the price in terms of SOL/USD. By staking, it becomes a balance mechanism, balancing inflation and potentially creating upward price pressure if the demand is strong.

如果大多數 SOL 代幣都被質押，那麼流通供應就會受到限制，並且可能有利於 SOL，從而提高 SOL/美元的價格。透過質押，它成為一種平衡機制，可以平衡通貨膨脹，如果需求強勁，可能會造成價格上行壓力。

3. Inflation and Validator Incentives

3. 通貨膨脹和驗證者激勵

Solana’s inflationary model is a buffer for validators so they get something in return for securing the network and decentralization. Investor confidence directly increases the dollar value of Solana, which will increase the more robust and secure network. This is a good thing, but also a bad thing if inflation rewards are deemed too high with no support from the growth of the network in use.

Solana 的通貨膨脹模型是驗證者的緩衝，因此他們可以透過保護網路和去中心化來獲得一些回報。投資者信心直接增加 Solana 的美元價值，這將增強網路的穩健性和安全性。這是一件好事，但如果通膨獎勵被認為太高而沒有網路成長的支持，這也是一件壞事。

To counteract these concerns, Solana plans to do so by slowly lowering the rate of inflation through the “decay rate,” to finally lead to a lower inflation rate that keeps validator incentives while avoiding excessive supply growth. Having this sort of stability may also improve investor confidence and therefore help to maintain Solana’s USD price in the long term.

為了消除這些擔憂，Solana 計劃透過「衰減率」緩慢降低通貨膨脹率，最終實現較低的通貨膨脹率，從而保持驗證者的激勵，同時避免供應過度增長。擁有這種穩定性也可能提高投資者的信心，從而有助於長期維持 Solana 的美元價格。

4. Token Burning and Deflationary Counterbalance

4. 代幣銷毀和通貨緊縮平衡

The transaction fee burning mechanism of Solana acts as a counterbalance to inflation. While Solana transaction fees are much less than other networks, the burning of transaction fees helps to counter the increase in

Solana 的交易費用燃燒機制起到了對抗通貨膨脹的作用。雖然 Solana 交易費用比其他網路低得多，但交易費用的銷毀有助於抵消交易費用的增加