评估区块链生态系统：以 XRP 为例的三步框架

EasyA 联合创始人 Phil Kwok 最近在一系列推文中分享了评估区块链生态系统的详细观点。

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

EasyA 联合创始人 Phil Kwok 最近在一系列推文中分享了评估区块链生态系统的详细观点。

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.

他的见解集中在一个简单的三步框架上，该框架旨在评估任何区块链的可持续性，以 XRP 为例。该框架强调简单性和实验性，使区块链技术的新手可以使用它。

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 强调了解区块链原生代币的供需动态的重要性。他的框架考察了三个关键因素：供给、需求和供给冲击

how is $xrp valued at $180bn.

$xrp 的价值如何达到 1800 亿美元？

and how much further can it run?

它还能跑多远？

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

我不从事猜测价格的工作。

but as a builder.

但作为一名建设者。

i need to know whether an ecosystem is sustainable.

我需要知道一个生态系统是否可持续。

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

我开发了一个简单的三步框架来分析任何区块链。

a thread 🧵 pic.twitter.com/4PUOuYGBwF

一个线程🧵 pic.twitter.com/4PUOuYGBwF

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

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

Supply

供应

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.

郭首先讨论了代币供应的起源及其通货膨胀的潜力。代币通常通过初始发行和通货膨胀机制进入流通。通货膨胀涉及新代币的创建，由于市场供应增加，可能会对代币的价值产生下行压力。

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 在这方面是不同的。在推出时，XRP 被创建了 1000 亿个，并且再也无法铸造，使其成为零通货膨胀代币。此外，XRP 具有通缩性，因为以 XRP 支付的交易费用会被永久销毁，随着时间的推移，总供应量会减少。

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 强调了一个重要的细微差别：与 XRP 密切相关的 Ripple 公司最初分配了 800 亿 XRP。这些持有的资产可以在市场上出售，从而带来周期性的抛售压力。虽然这不会导致通货膨胀，但在分析 XRP 的供应动态时，这是一个需要考虑的因素。

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:

需求是代币价值的基石，将实用代币与投机币或模因币区分开来。 Kwok 表示，XRP 的需求来自多个来源：

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

交易费用：XRP 账本要求用户（包括摩根大通等机构）以 XRP 支付费用。这些费用随后被烧毁，创造了内在需求。

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 是促进快速、经济高效的跨境支付不可或缺的一部分。通过充当桥梁货币，XRP 可以实现法定货币（例如日元与欧元）之间的无缝转换。该实用程序将 XRP 定位为数万亿美元的全球支付市场的解决方案，提供比传统系统更快、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.

新兴用例：Kwok 还指出，通过新的开发，例如自动化做市商 (AMM) 的集成和 XRP Ledger 上的去中心化身份解决方案，可能会增加需求。这些创新可能会鼓励用户以新的方式锁定或使用 XRP，从而进一步增加需求。

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— TimesTabloid (@TimesTabloid1) July 15, 2023

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

Supply Shocks

供应冲击

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.

供应冲击虽然不像其他区块链那样适用于 XRP，但涉及限制代币流通供应的机制。 Kwok 提到了在以太坊或 Polkadot 上进行质押的例子，其中代币被长期锁定，从而减少了市场流动性。

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.

虽然 XRP 目前没有采用类似的机制，但 Kwok 承认，随着时间的推移，对 XRP 账本的修改（例如 AMM）可能会引入类似的动态。

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 的框架为构建者和区块链爱好者提供了评估区块链生态系统可持续性的实用方法。通过将此方法应用于 XRP，他强调了其通货紧缩供应模型、强大的需求驱动因素以及通过持续开发增强效用的潜力。

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.

不过，他强调，该框架并非旨在用于价格投机或投资建议。相反，它是评估区块链及其生态系统长期可行性的工具。

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 最后邀请反馈进一步完善该框架，促进 Web3 社区内的合作，为区块链评估创建强大的指南。

: 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.

：此内容旨在提供信息，不应被视为财务建议。本文表达的观点可能包含作者的个人观点，并不代表时代小报的意见。敦促读者在做出任何投资决定之前进行深入研究。读者采取的任何行动均需自行承担风险。 《时代小报》对任何经济损失不承担任何责任。

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