在高度波动的市场环境中，令牌经济学的价值逐渐开始出现

在高度波动的市场环境中，令牌经济学的价值逐渐开始出现。

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

几天前，第一个白宫加密峰会结束了，其影响才刚刚开始……

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价格下跌低于$ 80,000。自Luna倒塌以来，加密市场正面临着最大的清算。投资者对风险的敏感性已大大提高，资金正以加速的速度流向具有反凹陷性能的项目。同时，投资者越来越多地审查代币的经济模式，并且出现了一个关键问题：是否有一个代币模型可以承受市场波动并在公牛和熊周期中幸存下来？

The temptation and cost of inflation

通货膨胀的诱惑和成本

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.

大多数令牌选择通货膨胀模型绝非偶然。通过发行更多的代币，开发商，社区和早期投资者获得奖励，从而迅速启动生态系统。但是，当市场情绪低落时，循环的扩展与需求不断增长的需求很容易导致价格下降。

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.

在主流代币中，以太坊是一个典型的例子。总供应并未在其早期设计中设定，导致长期通货膨胀问题并引起用户焦虑。直到EIP-1559提案引入了破坏机制，销售压力才有效缓解，这种机制对以太坊的经济模式及其市场绩效产生了深远的影响。

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

但是问题是：如果通货膨胀是启动生态系统的燃料，通货紧缩是否可以刹车打击周期？

The Scarcity Logic of Deflation

通缩的稀缺逻辑

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.

与以太坊的斗争形成鲜明对比的是，比特币有一个四年的减半周期。每次减半后，新硬币产量的速度减半，稀缺将价格推向了向上的渠道。这种机制使比特币能够在多个熊市之后保持其通缩性能，从而使其成为加密市场中唯一的“数字黄金”。

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.

更多项目正在使用此逻辑。例如，在此周期中非常受欢迎的Solana生态系统已为令牌SOL推出了SIMD-0228提案投票，该投票通过动态调整通货膨胀率来平衡生态激励措施和价值存储。该提议是由Tushar Jain和其他Multicoin Capital提出的。核心机制是：当SOL承诺率超过50％时，发行量减少以遏制通货膨胀，当其低于50％时，发行量会增加以激励承诺。这种“弹性通货膨胀”设计揭示了一个关键原则 - 膨胀不是通货膨胀的完全否定，而是一种与之动态游戏的平衡工具。

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.

即使在市场低迷时期，许多项目的代币持有人的数量也有所增加，而不是减少。也许这是面对下降市场条件下的通缩令牌模型的最有效证明。

The triple value of deflation mechanism

通缩机制的三重值

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

在当前的反周期环境中，通缩机制的价值变得越来越突出，其突破在三个方面：

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

但是，要实现这些价值，需要特定的工具来支持它们。当前的主流通气机制包括：

Microscopic sample of deflation design

缩气设计的微观样本

$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"

在这种冲击期间，$ BONK保持相对稳定。作者发现它具有多层次的通缩模型。该模型的核心是链上透明的破坏机制，包括自动破坏生态相互作用和事件驱动的大规模破坏。它在整个动荡的市场中不断减少自己的发行，并实现了通信经济。在一定程度上，它实现了“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.

每日破坏机制与Bonk​​的所有生态应用有关，破坏量不断增加。此外，BONK社区还定期发起活动驱动的大规模破坏活动，例如去年12月圣诞节的“伯恩马斯”计划，该计划销毁了1.69万亿个邦克（约5452万美元），占邦克总供应量的近1.8％（约92.7万亿美元）；今年2月，另外2.025万亿个邦克（约36.56亿美元）被销毁。这些破坏措施不仅增强了投资者的信心，而且还通过减少销售压力来为价格提供支持。

These measures had a triple effect:

这些措施具有三重效应：

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。随着流通中令牌的供应减少，其价值的看法增加，这可能会给令牌价格带来上升压力。

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".

第二个是建立社区信任：破坏令牌也向社区发出了积极的信号。它表明，项目治理致力于代币的长期增长和可持续性，从而使社区看到了“真钱”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.

第三个是实现指数增长的可能性：由于连续破坏带来的低价格，代币具有更大的增长空间。对于寻求高风险投资但具有高回报潜力的交易者来说，这是一个有吸引力的点。

In a highly volatile market environment,

在高度波动的市场环境中