“交易” 是区块链自构建之初就体现出来的最底层用途，应该说自比特币之后的所有链上应用，本质上都是基于 “交易” 这个底层场景进行构建的。交易催生出金融，所以金融特性也是区块链的原生属性，交易发生时便产生了价格，而价格的载体即是 Token，围绕 Token 构建的金融模型被称为 “代币经济” 或 “代币模型”，即 Tokenomics。
"Transaction" represents the most fundamental utility embedded in blockchain from its inception. It can be said that essentially all on-chain applications since Bitcoin have been built upon the underlying scenario of "transaction." Transactions give rise to finance, making financial characteristics an inherent nature of blockchain. When transactions occur, prices emerge, with tokens serving as the carriers of these prices. The financial model constructed around tokens is referred to as "token economics" or the "token model," known as Tokenomics.
区块链行业是一个特别有趣的行业，它天生就自带 技术 与 金融 双重属性，仅从一个维度去研究和观察，得出来的结论往往是片面的，甚至是脱离现实的。当我们在区块链行业中构建一个应用时，在项目立项之初，除了决定它需要采用何种技术方案之外，还需要确定它采用何种金融模型，不仅如此，还需要确保技术与金融是和谐共处、互相成就的。
The blockchain industry is a particularly fascinating field, inherently endowed with dual attributes of technology and finance. Studying and observing it from only a single dimension often leads to one-sided, or even unrealistic, conclusions. When building an application in the blockchain industry, from the very inception of a project, it is necessary not only to decide on the technical approach but also to determine the financial model it will adopt. Moreover, it is crucial to ensure that technology and finance coexist in harmony and reinforce each other.
“交易” 是区块链行业最底层的牵引力，它不仅牵引着区块链项目都需要基于金融模型进行构建，还影响着市场上的参与者以金融视角看待一切事物。从纯技术角度上讲，我们仍然可以构建出一款与金融毫无关系的链上应用，但当你开始着手市场投放的时候，你就会发现一个残酷的现实：这个市场拒接接受任何毫无金融属性的项目。
"Transaction" is the most fundamental driving force in the blockchain industry. It not only drives blockchain projects to be built upon financial models but also influences market participants to view everything through a financial lens. From a purely technical standpoint, it is still possible to develop an on-chain application with no financial relevance. However, once you begin to engage with the market, you will encounter a harsh reality: this market refuses to accept any project that lacks financial attributes.
当你信誓旦旦的发表你的作品时，不管它以何种形态呈现，在最开始迎接你的往往都是一句冰冷的质问：它的 Tokenomics 是什么？
When you proudly unveil your creation, regardless of its form, the first thing that often greets you is a cold, pointed question: "What is its Tokenomics?”
项目往往都是由代码堆砌起来的，背后体现的是 “技术”，但当一个项目发了币，然后整个项目的逻辑都是基于代币来运作时，这背后体现的则是 “金融”。技术与金融的结合是区块链项目的典型特征，开发者看到的是项目的技术视角，但用户和投资者则是从金融视角来审视项目。
A project is typically built from lines of code, reflecting its "technical" nature. However, when a project issues a token and its entire logic operates around that token, what is reflected is "finance." The integration of technology and finance is a defining characteristic of blockchain projects. Developers view the project from a technical perspective, while users and investors examine it through a financial lens.
何为金融？简单的理解，便是项目代币的所有流转路径的总和以及相互之间的作用关系，包括项目内的项目外的。一个区块链就好比是一个大型的分布式计算机，所有运行在其上的程序都共享同一个内存和硬盘，项目之间的数据天然互通，这与传统 Web2 场景有本质不同，在 Web2 场景里，项目和项目之间几乎完全隔离，像是一座孤岛。由于这种天然的互通性，区块链上的所有项目将组成一个大的生态圈，生态圈里的每个项目都是一个小的生态系统，大小生态系统互相作用、互相影响。
What is finance? In simple terms, it is the sum of all circulation paths of a project’s token and the interrelationships between them—both within and outside the project. A blockchain can be likened to a large distributed computer, where all programs running on it share the same memory and storage, allowing data to flow naturally between projects. This is fundamentally different from the traditional Web2 scenario, where projects are almost completely isolated from one another, resembling isolated islands. Due to this inherent interconnectivity, all projects on a blockchain form a large ecosystem, with each project acting as a smaller ecosystem within it. These ecosystems, large and small, interact and influence one another.
连接大小生态系统的媒介就是代币，项目的存在本身能形成一种市场预期，当这种预期被投射到项目代币上时，代币在市场上便形成了价格支撑，有效的价格支撑能让代币被广泛的传播，而代币被知晓也意味着项目被知晓，从而进一步巩固项目的市场预期。所以，区块链项目与代币之间隔着一个名为 “预期” 的概念：项目创造预期，代币量化预期，营销管理预期。
The medium connecting these ecosystems, large and small, is tokens. The very existence of a project can create market expectations. When these expectations are projected onto the project’s token, the token gains price support in the market. Effective price support enables the token to be widely disseminated, and awareness of the token translates into awareness of the project, further reinforcing market expectations. Therefore, between a blockchain project and its token lies a concept called “expectations”: the project creates expectations, the token quantifies expectations, and marketing manages expectations.