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价值稀释——投资者常忽视的“隐性成本”
Kaiko的分析强调了一个关键点,即表面收入与持有者实际利润之间的差异。我们常常为Ethereum或Solana的交易手续费上涨而欢呼,但却忘记网络通过印钞来“支付”验证者的工资。#Colecolen
持续的代币发行实际上是一种对持有者征收的通胀税。如果发行成本(通胀)远远超过交易手续费带来的收入,每个代币的内在价值就会被稀释。2025年Solana的案例就是一个典型例子:尽管收入达到数亿美元,但超过40亿美元的通胀率使得该网络在纯财务角度看起来“没有盈利”。这对投资者来说是一个昂贵的教训:网络繁忙并不意味着你的资产会升值,如果其(代币经济学)机制不能保护持有者免受稀释压力。$BTC $SOL $ETH