了解 Solana (SOL) 通胀模型及其对美元价格的影响

Solana (SOL) 是最受欢迎和创新的区块链之一，它是最受欢迎的高吞吐量和极快交易的链之一

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) 是最受欢迎的区块链之一，具有高吞吐量和极快的交易速度，且交易速度不到一美元。但 Solana 与大多数其他加密货币的不同之处在于其通货膨胀模型，该模型使网络能够创建新的代币，这有助于保护网络并奖励验证者。尽管 Solana 的通胀模型对于生态系统至关重要，但它也直接影响货币以美元计价，这一点投资者需要重视。

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 价值的最新更新，请访问此 Solana 美元跟踪器，该跟踪器显示 Solana 的实际价格并提供其历史数据以跟踪 SOL 相对于美元的价值变化。

Understanding Solana’s Inflationary Model

了解 Solana 的通货膨胀模型

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 币具有与比特币相反的通货膨胀模型，其上限为 2100 万，这保证了网络的持续参与水平。在这种情况下，我们将通货膨胀称为 SOL 代币供应量随着时间的推移而增长的机制，作为对验证交易和为网络安全做出贡献的人的奖励。然而，与 BTC 的固定供应量不同，Solana 的模型规定定期且可预测地发行新代币，这可能会对 SOL 的美元价格产生积极和消极的影响。

1. Initial Inflation Rate

1. 初始通货膨胀率

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 在推出时将初始年通胀率设定为 8% 左右。通过对验证网络的人（又名验证者）的奖励，每年总供应量增加约 8%。首先，我们设想一个足够高水平的初始利率，以激励验证者质押他们的 SOL 并帮助维护网络。

2. Decay Rate

2. 衰减率

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 通胀模型的另一部分是“衰减率”——速率会增加，但衰减率会将其减半。该模型目前预计每年下降 15%，直到达到 1.5% 的长期稳定水平。随着时间的推移，通货膨胀奖励的缓慢减少是为了尝试抵消通过修复 SOL 供应增长的需要来激励验证者的需要。

3. Token Burning Mechanism

3. 代币销毁机制

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 燃烧部分交易费以抑制通货膨胀。由于 Solana 的交易费用极低，这些销毁实际上有助于代币经济的通缩成分，部分抵消了通货膨胀，并可能随着时间的推移为代币的价格提供支持。

Inflation and its Effects on the Price of Solana in USD

通货膨胀及其对 Solana 美元价格的影响

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

多种渠道决定 Solana 的美元价格以应对通货膨胀模型。其结果如下：

1. Pressure to Increase Supply and Prices

1. 增加供应和价格的压力

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.

通货膨胀模型具有最直接的影响之一：代币供应量稳步增加。注入流通中的 SOL 代币越多，SOL 价格（兑美元）上涨的可能性就越小。供给和需求的基本原则在这里适用：但是，如果 SOL 的需求没有与其总体供应量成比例地增长，那么 SOL 代币数量的增长可能会削弱以美元计价的价格。

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.

为了使 Solana 的美元价格可持续并上涨，对 SOL 的需求必须不断增长 - 这意味着 Solana 需要更多用户、开发人员和应用程序使用其网络，因此需要购买 SOL 以实现其持续增长。通货膨胀将创造额外的供应，如果需求已经很高，这将有助于推动自由市场上代币的价值。

2. Encouraging Staking and Helping to Reduce Circulating Supply

2. 鼓励质押并帮助减少流通量

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 的通胀奖励旨在激励质押，即锁定 SOL 以支持网络并赚取奖励的行为。每增加一个用户质押，就会有大量 SOL 停止流通。由于可用代币供应量减少，因此在交易所出售的代币也减少，这可以减轻通胀带来的价格压力。

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.

如果大多数 SOL 代币都被质押，那么流通供应就会受到限制，并且可能有利于 SOL，从而抬高 SOL/美元的价格。通过质押，它成为一种平衡机制，可以平衡通货膨胀，如果需求强劲，则可能会造成价格上行压力。

3. Inflation and Validator Incentives

3. 通货膨胀和验证者激励

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 的通货膨胀模型是验证者的缓冲，因此他们可以通过保护网络和去中心化获得一些回报。投资者信心直接增加 Solana 的美元价值，这将增强网络的稳健性和安全性。这是一件好事，但如果通胀奖励被认为太高而没有网络增长的支持，这也是一件坏事。

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.

为了消除这些担忧，Solana 计划通过“衰减率”缓慢降低通货膨胀率，最终实现较低的通货膨胀率，从而保持验证者的激励，同时避免供应过度增长。拥有这种稳定性也可能会提高投资者的信心，从而有助于长期维持 Solana 的美元价格。

4. Token Burning and Deflationary Counterbalance

4. 代币销毁和通货紧缩平衡

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 的交易费用燃烧机制起到了对抗通货膨胀的作用。虽然 Solana 交易费用比其他网络低得多，但交易费用的销毁有助于抵消交易费用的增加