从代币经济学角度梳理牛市到来前必须了解的知识

Today's article compiled by the author is about token economics. When you are looking for new projects to determine whether they are worth buying, it may be very valuable to you. Many people talk about token economics, but only a few people really understand it. If you are considering whether to buy encrypted assets, understanding token economics is one of the most useful first steps you can take to make a wise decision. This newsletter will introduce some basic knowledge to help you learn how to analyze projects by yourself. In order to understand whether a coin is rising or not. In order to better understand this, we must understand the supply and demand. Let's think of how many answers there are to supply tokens from the supply side. How many tokens will there be in total? How long will new tokens be released to the market? The last answer is that with the passage of time, the increase of token supply is called emissions, and the speed of emissions is very important. You can find information about this in the white paper on tokens. Every minute, miners verify a transaction, and the current reward for each verification is due to This is released to the market every day. On average, the speed of creating blocks will be halved every four years, which is called halving until the end of the year. In other words, it is expected that the remaining ones will be excavated by the beginning of the year, and the inflation rate will be zero until the end of the next century. This means that if there are fewer tokens, the price of tokens should go up, and vice versa. If there are more tokens, the price should go down. This is easy for me to manage. However, when we look at other tokens, for example, the situation is a bit complicated because there is no upper limit on the number of ethereum. However, as long as the fee of ethereum is kept at a reasonable level, it is actually an important measure of the net tightening of assets. The total supply of tokens existing today minus the maximum supply of destroyed tokens in the chain is the maximum number of tokens that can exist. The market value of today's token price is fully diluted. The maximum supply of today's token price is on the supply side. One important thing to consider is the distribution of tokens, which is not a big problem in this respect, but when evaluating the new tokens to be purchased, it is necessary to consider whether there are other large households who own most of the token unlocking plans, how to agree on whether most of the tokens have been distributed among the early investors in the seed wheel, and my point is not to invest in junk coins created like this without studying token economics and eventually lose money. In my opinion, it is a good resource to check the unlocking plan in order to quickly summarize the supply side. Important contents: Please check the circulation supply, total supply and maximum supply token allocation unlocking plan. Even so, relying on supply alone is not enough to decide whether it is worth buying a token, so let's talk about demand. Well, we know that the supply is 10,000 tokens, and the inflation rate is about and decreasing every year. So why is the price not 10,000 dollars? Why is there only a fixed supply of dollars? Well, simply speaking, people still need to believe that it is valuable and It will be valuable in the future. Let's divide the demand into components: financial utility, return on investment of tokens, actual utility value, speculative financial utility, how much income or cash flow can be generated by holding tokens? It is impossible for you to pledge tokens to generate them unless you package them, but then it will no longer be common. If holding tokens benefits the holders by rewarding pledge income or providing them in liquidity mining, the demand will naturally increase, but please remember. Earnings must get tokens from somewhere. Inflation, so when you see these really high annualized projects, you should keep some doubts about the actual utility. For many projects, the fact is that they are worthless. This can be discussed, but it is valuable because it can be used as a unit of value storage and exchange. It is called digital currency, which is a substitute for legal tender controlled by the central bank. Ethereum is a kind of digital currency. It has many uses through decentralized financial applications. In fact, you can use it to do something, not just hold it, send it or receive it. To decide whether it is practical or not, you must consider who the team members are, what consultants they have, and what companies they support with their background. What they are building, whether they have solved a real problem, etc. This includes narrative stalks and beliefs. Basically, this is a belief in the future, that is, others will want to buy it after you buy it. It is difficult to analyze and predict whether there is a return on investment and whether there is a demand side speculation. There is a pledge opportunity, but it has a super narrative. People believe that it may be a long-term value store. There is also a huge advantage that it is the first cryptocurrency. When you hear people talk about cryptocurrency, they will first mention that a strong community can promote demand, so always remember to study the community in harmony before investing. In my opinion, speculation is one of the biggest driving factors in cryptocurrency. Don't underestimate that a token can be led by the correct narrative stalk and followers. Think about how far you go. It is highly related to most encrypted tokens and will move together. If you don't hold anything other than and, then it should be based on the supply and demand aspects of token economics to make you think that it will perform better when valuing a token. Another important aspect is the balance between the three difficult problems of token economics, income inflation and lock-up period. Equity certification projects hope to give their tokens high pledge income to attract users, but high annualized percentage may lead to inflation and selling pressure. On the one hand, if the pledge income is not attractive enough, it may be difficult to get users to let people hold tokens. The longer the lock-up period is, the higher the income will be. The disadvantage is that if the lock-up period is too long, people will simply avoid participating in the project. Another thing will happen on the day of unlocking, which will lead to huge selling because investors want to extract profits. If you think the supply demand is difficult to understand, just try to think in a simple way about what will happen if the Ethereum Foundation decides to print 100 million new tokens tomorrow. The answer is that the price will collapse due to the increase of supply and the decrease of demand. What will happen if Michael Sailor announces that he wants to buy 10,000 yuan in the next month? The answer is that the price will rise because the supply will decrease and the demand will increase. Just consider the following model. The price will always tend to be balanced according to the supply-demand curve. Is the dollar completely worthless or is it worth the dollar? No one really knows that it is still very difficult for investors to determine the price because cryptocurrency has no basic value compared with, for example, stocks, which makes cryptocurrency assets very volatile and speculative, but it is also provided for a few people who actually take the time to participate in cryptocurrency 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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