同步令牌和异步令牌_令牌模型的另一个大问题：“交换媒介”令牌和速度问题...

同步令牌和异步令牌

by Jose Maria Macedo

由Jose Maria Macedo

令牌模型的另一个大问题：“交换媒介”令牌和速度问题 (Another big problem with token models: “Medium of Exchange” tokens and the velocity problem)

As an analyst at Amazix, I spend a large portion of my time reading through hundreds of projects’ whitepapers and analyzing their token economic models to discern whether or not they’re adequately capturing the value created by the project.

作为Amazix的分析师，我大部分时间都在阅读数百个项目的白皮书，并分析其代币经济模型，以识别它们是否充分利用了该项目所创造的价值。

This is extremely important because the value captured by a token is essentially its utility or intrinsic value which is also what ensures that the token’s price grows alongside adoption/success of the underlying project. A token lacking utility will see its price supported only by speculation and is very likely to fail in the long-run.

这是非常重要的，因为代币所捕获的价值本质上是其效用或内在价值，这也确保了代币的价格随基础项目的采用/成功而增长。 缺乏代币的公用事业将只能通过投机来支持其价格，从长远来看很可能会失败。

For more on this, see my earlier blog, in which I discussed the importance of token economic models in ensuring a token’s long-term value.

有关更多信息，请参阅我先前的博客 ，其中讨论了代币经济模型对确保代币长期价值的重要性。

In part 1 of this series, I covered the problem of misaligned incentives caused by projects which have both equity and tokens, suggesting there’s an inverse relationship between the value of a project’s equity and the value of its token in that they are effectively competing to capture the value created by the project. I also suggested some potential solutions to this issue.

在本系列的第1部分中 ，我讨论了由既有股权又有代币的项目导致的激励失调的问题，这表明项目股权的价值与其代币的价值之间存在反比关系，因为它们有效地竞争了捕获项目创建的值。 我还建议了一些可能解决此问题的方法。

In this blog, I’ll discuss the second most common problem we see with token economic models: the velocity problem facing “Medium of Exchange” tokens. I’ll begin by giving a brief background of what token economics is before describing what the velocity problem is, why it matters and some of the solutions we recommend to our clients.

在此博客中，我将讨论在代币经济模型中看到的第二个最常见的问题：“交易媒介”代币面临的速度问题。 首先，我将简要介绍代币经济学的背景知识，然后再描述速度问题，其重要性以及我们向客户推荐的一些解决方案。

什么是代币经济模型，为什么重要？ (What is a token economic model and why does it matter?)

If you’re a seasoned crypto investor or understand what a token economic model is, feel free to skip this part.

如果您是经验丰富的加密货币投资者或了解什么是代币经济模型，请随时跳过此部分。

Before we start talking about token economic models, it may be wise to start at the very beginning with what is a token and what makes up its value.

在我们开始讨论代币经济模型之前，明智的做法是从一开始就先了解什么是代币及其价值所在。

A token is a crypto-economic unit of account that represents or interacts with an underlying value-generating asset. A token’s value is made up of its intrinsic value, the percentage of the token’s value that derives from demand for the underlying asset, and its speculative value, the percentage of the value of the tokens that derives from demand due to an expectation of future price increases. While speculation is nice, it is hard to control/predict and puts projects at the mercy of short-term-oriented investors, like our friend below:

令牌是代表基础价值生成资产或与基础价值生成资产交互的加密经济单位。 代币的价值由其内在价值，由对基础资产的需求衍生的代币价值的百分比，以及其投机价值，由对未来价格的预期衍生于需求的代币价值的百分比组成增加。 尽管投机很好，但很难控制/预测，并且使项目受短期投资者的支配，例如下面的朋友：

Rather than focus on speculative value, we recommend investors focus on intrinsic value. A token’s intrinsic value is dependent on two factors: the value created by the underlying asset and the percentage of this value which is captured by the token.

建议投资者不要关注投机价值，而应关注内在价值。 代币的内在价值取决于两个因素：基础资产创造的价值和该价值所占的百分比。

The token economic model is what determines the latter — how much of the value created by the platform is captured by the token. As such, it’s one of the primary determinants of a project’s utility value and long-term success.

令牌经济模型决定了令牌的经济模型-平台捕获的平台价值创造了多少。 因此，它是项目效用价值和长期成功的主要决定因素之一。

交换代币的媒介和速度问题 (Medium of Exchange tokens and the velocity problem)

A pure Medium of Exchange token is a token whose sole or at least primary use is as payment for some utility on the project’s platform or protocol. There are various incarnations of this, from marketplaces such as Signals Network where the token is the sole currency used to buy services on the platform, to SaaS type projects like BitStation where customers can only access the platform’s utility by paying the company a fee in the native token.

纯Exchange令牌是一种令牌，其唯一或至少主要用途是作为项目平台或协议上某些实用程序的付款。 这有很多种形式，从诸如信号网络 (令牌是用于购买平台上的服务的唯一货币)的市场，到诸如BitStation等SaaS类型的项目，在该项目中，客户只能通过向公司支付一定费用来访问平台的公用事业。本机令牌。

The general problem with MoE tokens is that they suffer from extremely high velocity. This has been well documented by many, including Vitalik, James Kilroe and Kyle Samani.

MoE令牌的普遍问题是它们遭受极高的速度。 许多人(包括Vitalik ， James Kilroe和Kyle Samani)对此进行了充分的记录。

Basically, given the MoE token’s only use is payment for a service on the platform, there’s no incentive actually to hold tokens and incur price risk vs FIAT.

基本上，鉴于MoE令牌的唯一用途是为平台上的服务付款，因此实际上没有动机来持有令牌并招致价格风险(相对于FIAT)。

Buyers of the platform’s utility will simply acquire tokens for the purposes of a specific transaction (holding it for as little time as possible). On the other hand, sellers of the platform’s utility (whether this be users on a marketplace as in the case of Signals or the company behind the project in the case of Bitstation) will instantly sell the tokens they receive for FIAT rather than incur price risk vs FIAT.

平台实用程序的购买者仅会出于特定交易的目的而获取令牌(将其持有的时间尽可能短)。 另一方面，平台实用程序的卖家(无论是Signals上的市场用户，还是Bitstation上的项目背后的公司)都将立即出售其收到的代币以获取FIAT而不产生价格风险与FIAT。

This will result in high velocity for the token, as the increase in demand driven by buyers acquiring tokens will always be quickly matched by a corresponding increase in supply from sellers converting these tokens to FIAT.

这将导致令牌的高速运行，因为由购买令牌的购买者驱动的需求增长将始终与将这些令牌转换为FIAT的卖方相应的供应增加Swift匹配。

Effectively, high velocity acts as an increase in circulating supply and is thus inversely proportional to the value of the token (although a certain base level velocity is necessary for the token to have any value, as pointed out by James Kilroe). We can see how this works using the Equation of Exchange, which has famously been adapted to crypto by both Chris Burniske and Vitalik.

实际上，高速会增加循环供应量，因此与代币的价值成反比(尽管James Kilroe指出 ，代币要有任何价值，一定的基本水平速度是必需的)。 我们可以使用Exchange方程来了解它的工作原理，该方程已由Chris Burniske和Vitalik著名地应用于加密。

To use Burniske’s definition:

要使用伯尼斯克的定义：

MV=PQ

MV = PQ

Where: M= size of the asset base V= velocity of the asset (the number of times that an average coin changes hands every day) P= price of the digital resource being provisioned. This is not the price of the cryptocurrency but rather of the resource being provisioned by the network (i.e. price in $ per GB of storage in the case of Filecoin)Q= quantity of the digital resource being provisioned (GBs of storage provided)

其中： M =资产基础的大小V =资产的速度(平均硬币每天换手的次数) P =所供应的数字资源的价格。 这不是加密货币的价格，而是由网络供应的资源的价格(例如，在Filecoin的情况下，价格为每GB存储的价格$) Q =被供应的数字资源的数量(提供的存储GB)

As Burniske tells us, in order to value the coin, we solve for M, where:

正如Burniske告诉我们的，为了估价硬币，我们求解M，其中：

M = PQ/V.

M = PQ / V。

M is the size of the monetary base necessary to support a cryptoeconomy of size PQ, at velocity V. In order to find the token price, we simply divide M by the total token supply. As we can see, the higher the velocity the lower the coin’s value.

M是在速度V下支持大小为PQ的加密经济所必需的货币基础的大小。为了找到代币价格，我们只需将M除以代币总供给即可。 如我们所见，速度越高，硬币的价值就越低。

Or, if we prefer to use Vitalik’s definition:

或者，如果我们更喜欢使用Vitalik的定义：

Vitalik takes MV=PT and in order to simplify the analysis of cryptocurrencies recasts it as MC=TH, where:

Vitalik采用MV = PT，为了简化对加密货币的分析，将其重铸为MC = TH，其中：

M= total money supply (or total number of coins) C= price of the cryptocurrency (or 1/P, with P being price level) T= transaction volume (the economic value of transactions per time) H= 1/V (the average time that a user holds a coin before using it to make a transaction)

M =总货币供应量(或硬币总数) C =加密货币的价格(或1 / P ， P为价格水平) T =交易量(每次交易的经济价值) H = 1 / V (用户使用硬币进行交易之前平均持有硬币的时间)

Therefore, the left part of the equation (MC) is simply the market cap (total supply*price) whereas the right side is the economic value transacted per time period (T) multiplied by the average time a user holds a coin (H).

因此，等式(MC)的左侧部分只是市值(总供给*价格)，而右侧是每个时间段(T)交易的经济价值乘以用户平均持有硬币的时间(H) 。

To solve for the token price, one must therefore solve for C:

为了解决代币价格，因此必须解决C：

C=TH/M

C = TH / M

Once again, we can see that the higher the velocity (or the lower the holding time H), the lower the token price.

再一次，我们可以看到速度越高(或保持时间H越短)，令牌价格越低。

In both Burniske and Vitalik’s definitions, it is apparent that the velocity of the coin is inversely proportional to the value of the token, That is, the longer people hold the token, the higher the price of each token. As James Kilroy tells us:

在Burniske和Vitalik的定义中，很明显，硬币的速度与代币的价值成反比，也就是说，持有代币的人越久，每个代币的价格就越高。 正如James Kilroy告诉我们的那样：

“This is intuitive, because if the transactional activity of an economy is $100 billion (for the year) and coins circulate 10 times each over the course of the year, then the collective value of the coins is $10 billion. If they circulate 100 times, then the collective coins are worth $1 billion. Thus, understanding and calculating the velocity in any token economy is extremely important.”

“这很直观，因为如果一个经济体的交易活动(全年)为1000亿美元，并且硬币在这一年中各流通10次，那么硬币的集体价值就是100亿美元。 如果它们流通100次，那么这些集体硬币的价值将达到10亿美元。 因此，了解和计算任何代币经济中的速度极为重要。”

To see the drastic effects that velocity can have on a token’s value capture and market cap, see the following analysis of the effects of velocity on Ethereum’s market cap by John Pfeffer:

要了解速度可能对代币的价值获取和市值产生的巨大影响，请参阅John Pfeffer对速度对以太坊市值的影响的以下分析：

“In a protocol-land where protocol usage is managed by capital-efficiency optimising intelligent bots (which seems likely), let’s assume for simplicity the absolute floor on 1/V is the block time of the chain in question. Let’s then take ETH with a 2.5 minute block time as an example (highly theoretical, just to make a simple maths point). This implies each token could be used (assuming fixed block times, which in fact will likely shorten) 210,240 times a year. Buterin, Choi, etc. talk about, say, 10% of ETH being staked (let’s assume staked tokens never move at all). That would bring V down to 189,216 per year. Assume 50%, then V=105,120. Multiply this last number by $50b of network value (i.e., ETH just maintains its current value, and you’d need $5.25 quadrillion of economic activity denominated in ETH (i.e., excluding any ERC20/ ERC721-denominated economic activity), that is to say, 65x the current global GDP of $80 trillion. These numbers are all just varying shades of silly. That’s the point. As long as some of your tokens are circulating at a high V, your overall V is high.”

“在协议领域，协议使用由资本效率优化的智能漫游器来管理(这似乎是可能的)，为简单起见，我们假设1 / V的绝对下限是所讨论的链的阻塞时间。 接下来，我们以ETH的2.5分钟的阻塞时间为例(从理论上讲，仅是为了简单说明一下)。 这意味着每个令牌每年可以使用210,240次(假设固定的块时间，实际上可能会缩短)。 Buterin，Choi等谈到，例如，有10％的ETH被抵押(假设抵押的代币根本不会移动)。 这将使V降至每年189,216。 假设50％，则V = 105,120。 将最后一个数字乘以$ 50b的网络价值(即ETH保持其当前价值，您需要以ETH计价的$ 5.25万亿的经济活动(即，不包括任何以ERC20 / ERC721计价的经济活动)，即例如，是当前80万亿美元的全球GDP的65倍。这些数字都只是愚蠢的阴影。这就是重点。只要您的某些代币以高V流通，您的总V就很高。”

速度问题的解决方案 (Solutions to the velocity problem)

The most commonly used solutions to this problem all involve designing token economic models that provide incentives for people to hold the token — basically turning it into an asset (or “Store of Value”) rather than a currency. This can be done in several ways:

解决此问题的最常用解决方案均涉及设计代币经济模型，以鼓励人们持有代币-基本上将其转变为资产(或“价值存储”)而非货币。 这可以通过几种方式完成：

(1)确保令牌模型中有一个“接收器” ((1) Ensure token model has a “sink” in it)

This one was initially suggested by Vitalik and has been widely adopted since. Basically, it involves designing token models with “buy-and-burn” mechanisms in which the project charges transaction fees and then uses some or all of the cash flows generated by its platform to purchase its own tokens and destroy them. The decrease in supply raises the value of all remaining tokens by the percentage of total supply destroyed. Effectively, the project is distributing its cash flows to its token-holders, very similar to how equity distributes cashflows to its stockholders through a dividend.

此最初由Vitalik提出，并已被广泛采用。 基本上，它涉及使用“购买和烧钱”机制设计令牌模型，在该机制中，项目收取交易费用，然后使用其平台产生的部分或全部现金流购买其自己的令牌并销毁它们。 供应的减少使所有剩余代币的价值增加，占销毁总供应量的百分比。 实际上，该项目正在将其现金流量分配给其代币持有者，这与股权通过股利向其股东分配现金流量的方式非常相似。

An example of this is Iconomi, a digital asset management platform which burns preset percentages of all fees collected and also produces quarterly reports outlining the number of tokens burned (crypto quarterly earnings reports).

例如，Iconomi是一个数字资产管理平台，它燃烧所有收取的费用的预设百分比，并且还生成季度报告，概述已燃烧的代币数量(加密的季度收益报告)。

Since, as we previously mentioned, velocity acts as an increase in circulating supply which reduces the value captured by the token, a buy-and-burn mechanism has the opposite effect of ensuring each additional transaction (i.e. increase in velocity) on the platform reduces the total supply of tokens, thus counteracting the increase in velocity with a deflationary force.

正如我们前面提到的，由于速度起到了循环供应量增加的作用，从而减少了代币所捕获的价值，因此买入和卖出机制具有相反的作用，即确保平台上的每笔额外交易(即速度增加)均会减少令牌的总供应量，从而用通气力抵消速度的增加。

This should also reduce velocity by giving people a reason to hold the token, namely the expectation that it will be more valuable in the future due to the deflationary force created by the token burn.

这还应该通过给人们一个持有令牌的理由来降低速度，即期望由于令牌燃烧所产生的通缩力，使令牌在将来更有价值。

(2)实行“利润分享” ((2) Implement a “profit-share”)

This one was initially suggested by Kyle Samani of Multicoin. It is very similar in spirit to the “buy-and-burn” in that it is providing the token with a yield and turning it into an asset that generates cash flows.

最初由Multicoin的Kyle Samani建议 。 它在精神上与“购买并燃烧”非常相似，因为它为令牌提供了收益，并将其转化为可产生现金流量的资产。

An example of this is Augur which pays REP holders for performing work for the network. REP tokens are like taxi medallions: you must pay for the right to work for the network. Specifically, REP holders must report event outcomes to resolve prediction markets. Other examples of “profit-share” tokens include FOAM , Sharpe Capital and also Ethereum once it has switched to Proof of Stake.

一个例子就是Augur，它向REP持有人支付为网络工作的酬劳。 REP代币就像出租车的奖章：您必须为网络的使用权付费。 特别是，REP持有人必须报告事件结果以解决预测市场。 一旦转换为权益证明，“利润分享”代币的其他例子包括FOAM ， Sharpe Capital以及以太坊。

Once again, a profit-share reduces token velocity by forcing people to hold the token in order to have the right to generate cash flows by providing work to the network.

利润分成再一次迫使人们持有代币，从而有权通过向网络提供工作来产生现金流，从而降低了代币的流通速度。

(3)鼓励用户锁定令牌 ((3) Encourage users to lock up tokens)

This can be done through mechanisms such as Proof-of-Stake which encourage users to lock up a certain amount of tokens, verify transactions and receive a yield in return (this also has the added benefit of acting as a profit-share). DASH, NEO and Navcoin are all examples of coins that have implemented proof of stake models.

这可以通过权益证明之类的机制来完成，该机制鼓励用户锁定一定数量的代币，验证交易并获得回报收益(这还具有充当利润分享的额外好处)。 DASH，NEO和Navcoin都是已实施权益证明模型的硬币示例。

Users can also be encouraged to lock up tokens through clever gamification — providing users with rewards (financial or otherwise) for locking up tokens. For instance, Alluma, a crypto exchange targeting Asian markets, offers different membership levels and fee discounts based on users staking different amounts of tokens:

还可以鼓励用户通过巧妙的游戏化来锁定令牌-为用户提供锁定令牌的奖励(财务或其他方式)。 例如，针对亚洲市场的加密货币交易所Alluma根据持有不同数量代币的用户提供不同的会员级别和费用折扣：

• Gold memberships offer 35% discounts in exchange for staking 2500 LUMA for 30 days, and
  黄金会员可享受35％的折扣，以换取2500 LUMA为30天的赌注，以及

• Platinum memberships offer 50% discounts in exchange for staking 10,000 LUMA for 90 days (source: page 28 of Alluma whitepaper).

  白金会员资格可享受50％的折扣，以换取10,000 LUMA的90天( 来源：Alluma白皮书第28页 )。

For another example, we can look at YouNow, a live streaming app which allows users to tip content creators in its native token PROPS.

再举一个例子，我们可以看一下YouNow，这是一个实时流应用程序，它允许用户向其原生令牌PROPS中的内容创建者提示。

While content creators could immediately convert PROPS to FIAT, they are incentivized to hold onto it as their content is ranked higher by YouNow’s algorithm based on how many tokens they hold. Since discoverability leads directly to more tips, YouNow is effectively turning PROPS into an asset by ensuring users who hold it are able to generate cash flows.

尽管内容创建者可以立即将PROPS转换为FIAT，但由于他们的内容根据持有的令牌数量而受到YouNow的算法排名较高，因此激励他们坚持使用。 由于可发现性直接带来了更多提示，因此YouNow通过确保持有PROPS的用户能够产生现金流，将其有效地转化为资产。

结论 (Conclusion)

Token economic model design is an extremely important and underrated area for both investors and founders of cryptocurrency projects to think about. A project with a weak token economic model may see its token price fail, even as the project itself succeeds, simply because the token is not capturing any of the value created by the project.

对于投资者和加密货币项目的创始人而言，代币经济模型设计是一个极其重要且被低估的领域。 即使项目本身成功，但具有较弱的代币经济模型的项目可能会看到其代币价格失败，这仅仅是因为代币未捕获项目所创造的任何价值。

Velocity is one of the biggest problems with current token economic models and many established projects such as Civic, Storj and Po.et have recently revamped their token models to address this issue. If you believe your project may also suffer from high velocity and are interested in having your token economics audited or discussing this further, feel free to get in touch with me through here or on Twitter.

速度是当前代币经济模型的最大问题之一，许多成熟的项目(例如Civic ， Storj和Po.et)最近都修改了其代币模型以解决此问题。 如果您认为您的项目也可能遭受高速发展，并且有兴趣对代币经济学进行审核或进一步讨论，请随时通过此处或在Twitter上与我联系。

翻译自: https://www.freecodecamp.org/news/single-biggest-problem-with-token-models-part-2-52c0eca2115c/

同步令牌和异步令牌