Tokenomics：加密货币价格升值的主要驱动力

象征学是一个在加密货币世界中围绕着很多词的词。但是到底是什么？这是塑造加密货币价格升值的最强大的力量之一

Tokenomics is a term used to describe the economic aspects of a cryptocurrency, such as its total supply, issuance rate, and burn mechanism. It plays a crucial role in determining a coin's potential future value and is closely monitored by traders.

象征学是一种用来描述加密货币的经济方面的术语，例如其总供应，发行率和燃烧机制。它在确定硬币的潜在未来价值方面起着至关重要的作用，并受到交易者的密切监控。

A coin's supply is a key factor in its tokenomics. Some cryptocurrencies, like Bitcoin, have a limited total issuance, while others, like Ethereum and Dogecoin, have a higher rate of issuance. The speed at which new coins enter circulation can impact their availability and value.

硬币的供应是其令牌学的关键因素。有些加密货币（例如比特币）的总发行有限，而其他加密货币（例如以太坊和狗狗币）的发行率更高。新硬币进入循环的速度会影响其可用性和价值。

Another aspect of tokenomics is the ability to burn coins. When cryptocurrency owners use the currency for specific purposes, such as paying transaction fees, a portion of the coins may be "burned," effectively removing them from circulation. This can help support the coin price by reducing the total supply.

令牌学的另一个方面是燃烧硬币的能力。当加密货币所有者将货币用于特定目的（例如支付交易费用）时，可能会“燃烧”一部分硬币，从而有效地将其从循环中删除。这可以通过减少总供应来帮助支持硬币价格。

By managing supply through issuance and burning, a coin issuer can influence whether a cryptocurrency is inflationary or deflationary. In an inflationary system, more coins are issued each year than are taken out of circulation, leading to a positive net issuance. Over time, the purchasing power of the currency falls as more is issued. Conversely, in a deflationary system, more coins are taken out of circulation than are put into circulation, pushing net issuance into negative territory. This results in the purchasing power of the currency rising over time.

通过通过发行和燃烧管理供应，硬币发行人可以影响加密货币是通货膨胀还是通货膨胀。在通货膨胀系统中，每年发出的硬币要比流通中的更多，从而导致净发行阳性。随着时间的流逝，随着货币的购买力越来越多。相反，在通缩系统中，比流通量相比，将更多的硬币从循环中取出，从而将净发行推向负面。这导致货币随着时间的推移的购买力增加。

Many cryptocurrencies aim to showcase deflationary tokenomics to support the coin price. For example, Ethereum's Merge in 2022 saw the coin transition from a proof-of-work to a proof-of-stake system. As part of this change, Ethereum sharply reduced its net issuance to become deflationary. It introduced a mechanism to burn coins during transactions, leading to a net deflationary supply, according to many.

许多加密货币旨在展示通缩令牌学以支持硬币价格。例如，以太坊在2022年的合并看到了从工作证明到销售证明系统的硬币过渡。作为这一变化的一部分，以太坊大大降低了其净发行量以变成通货紧缩。根据许多人的说法，它引入了一种在交易过程中燃烧硬币的机制，导致净流化供应。

In effect, Ethereum's issuers "rigged" the coin's tokenomics to support its price, increasing the likelihood of price appreciation over time, although it's not guaranteed.

实际上，以太坊的发行人“操纵”了硬币的标记，以支持其价格，尽管无法保证，但随着时间的推移，价格随着时间的推移增加了价格。

While everyone may talk about a coin's deflationary issuance driving up price, it's important to remember that supply is only half the equation. Demand is the critical factor in driving a coin's price higher. There are many things in short supply that are worthless — for instance, the number of glasses in your kitchen cabinet is limited, but nobody will pay anything for them. In the absence of demand for an object or a cryptocurrency, a limited supply is meaningless.

虽然每个人都可能谈论硬币的放气发行价格上涨价格，但重要的是要记住，供应只是等式的一半。需求是使硬币价格更高的关键因素。供应短的东西有很多毫无价值的东西 - 例如，厨房橱柜中的眼镜数量有限，但没有人会为他们付出任何费用。在没有对物体或加密货币的需求的情况下，有限的供应毫无意义。

Without demand, any cryptocurrency is worthless, as it has no value apart from what people are willing to pay for it. This is why there are around 20,000 or more cryptocurrencies in existence, but only a small handful are actually worth anything at all, with nearly all of them being effectively worthless.

没有需求，任何加密货币都是毫无价值的，因为除了人们愿意为此付出的东西外，它没有价值。这就是为什么存在大约有20,000或更多的加密货币的原因，但是只有少数几乎完全值得，几乎所有这些都有效地毫无价值。

However, managing the supply of a popular cryptocurrency—one that already has demand for its coins—can move its price higher (or lower) because it encourages traders to buy. They can purchase with the knowledge that a cryptocurrency won't be overinflated by the coin's issuers. This attracts demand, which in turn attracts still more demand, resulting in a virtuous circle.

但是，管理流行的加密货币的供应（已经对硬币有需求的一种需求）可以提高价格（或更低），因为它鼓励商人购买。他们可以知道，硬币的发行人不会过度充气加密货币。这吸引了需求，进而吸引了更多的需求，从而导致了一个良性的圈子。

It's these psychological dynamics that are so important in manipulating crypto prices. By increasing enthusiasm around deflationary coins and setting them against a relatively fixed or even shrinking supply of coins, prices can rise indefinitely.

正是这些心理动力在操纵加密​​价格中非常重要。通过增强对放气硬币的热情，并将它们设置为相对固定甚至缩小的硬币供应，价格可以无限期上涨。

As the first cryptocurrency, Bitcoin's tokenomics have been extensively studied and are highly deflationary. Famously, there are only 21 million coins available for mining, and even this limited issuance slows over time, with the total supply expected to be issued around the year 2140. As issuance slows, Bitcoin mining requires increasing energy and expense.

作为第一个加密货币，比特币的令牌学已经进行了广泛的研究，并且是高度放气的。著名的是，只有2100万枚硬币可供开采，即使这项有限的发行量随着时间的流逝，预计将在2140年左右发行总供应。随着发行速度的速度，比特币采矿需要增加能源和费用。

However, there are other favorable tailwinds for Bitcoin's supply. While 21 million coins is the maximum number of outstanding coins, some estimates suggest that around 3.7 million coins have simply been lost, likely forever. These coins may have been purchased early in Bitcoin's lifetime, when coins were cheap and considered a curious novelty. But if Bitcoin owners threw away hard drives that held these coins, they're likely permanently unavailable and effectively dead. So the real maximum supply is even lower than the potential maximum.

但是，还有其他有利的比特币供应方风。虽然2100万个硬币是未偿还的硬币数量，但一些估计表明，大约370万枚硬币已经丢失了，可能永远丢失。这些硬币可能是在比特币一生中早期购买的，当时硬币便宜并且被认为是一种奇怪的新颖性。但是，如果比特币所有者扔掉了拥有这些硬币的硬盘驱动器，那么它们可能会永久无法使用并有效地死亡。因此，真正的最大供应甚至低于潜在最大值。

Thus, Bitcoin benefits from ever slower issuance and a capped number of coins on the supply side. Additionally, it gains from a herding effect as the most popular cryptocurrency, as well as the perception that it's a scarce resource. On the demand side, Bitcoin analysts keep ratcheting up price targets, driving “Bitcoin fever” ever higher and stoking demand for the coins.

因此，比特币受益于较慢的发行和供应方面的封顶硬币。此外，它从畜牧效应中获得了最受欢迎的加密货币，并且认为这是一种稀缺的资源。在需求方面，比特币分析师不断提高价格目标，使“比特币热”不断提高，对硬币的需求不断提高。

With supply fixed and demand potentially continuing to rise, we could see lollapalooza effects on the price, as has already happened for an asset that was created out of thin air. However, if demand dries up for any reason—say, if quantum computing can break the coin's cryptography and effectively counterfeit coins—Bitcoin's price could fall to nothing. Again, it

随着供应固定和需求可能会继续上升，我们可以看到lollapalooza对价格的影响，就像从稀薄空气中产生的资产所发生的那样。但是，如果出于任何原因需求变干 - 例如，如果量子计算可能会破坏硬币的加密术并有效伪造硬币，那么Bitcoin的价格可能会落下。再次，它