اقتصاد توکنی Hedera (HBAR)

Overview

Hedera Hashgraph's native token, HBAR, is central to the network's operation, governance, and incentive structure. The token economics are designed to balance network security, ecosystem growth, and long-term sustainability. Below is a comprehensive breakdown of the key mechanisms and structures underpinning HBAR's tokenomics.

Token Supply and Issuance Mechanism

• Total Supply: 50 billion HBAR (fixed cap; cannot be increased without unanimous Council consent).
• Issuance Pattern: All tokens were pre-minted at genesis. Distribution into circulation occurs via scheduled releases, typically at the end of each quarter, resulting in discrete increases in circulating supply rather than a continuous emission. This controlled release is managed by the Hedera Treasury and is designed to support network growth and stability.

Circulating Supply (Recent Trend)

• As of July 14, 2025, the circulating supply is approximately 42.39 billion HBAR.
• The supply has shown a steady, stepwise increase, consistent with the quarterly distribution model.

Allocation Mechanism

The initial and ongoing allocation of HBAR is structured to incentivize a broad range of stakeholders and support ecosystem development. The following table summarizes the major allocation categories and their respective shares:

• Additional Allocations:
  • Developer Community Fund: ~241 million HBAR (~0.5%)
  • Ecosystem Reserves: 600 million HBAR (~1.2%)
  • HBAR Foundation: Initially allocated 7 billion HBAR (~21.4%) for ecosystem grants and development

Usage and Incentive Mechanism

• Transaction Fees: HBAR is used to pay for network transaction fees, which are split into network, service, and node fees.
• Staking:
  • Hedera operates a permissioned Proof-of-Stake (PoS) model, governed by the Hedera Governing Council (up to 39 enterprises).
  • Consensus nodes must stake HBAR to participate in network security and consensus.
  • Tokenholders can delegate HBAR to nodes and receive a share of staking rewards.
  • As of March 2024, ~22.63 billion HBAR (~45.2% of total supply) was staked.
  • Maximum annual staking reward rate: 2.5% (subject to Council adjustment).
• Ecosystem Incentives: HBAR is distributed to developers, projects, and community members through grants, rewards, and ecosystem programs (e.g., HBAR Foundation, developer funds).
• Other Uses: HBAR is used for governance, licensing payments (e.g., to Swirlds), and as an incentive for service providers.

Locking and Unlocking Mechanism

• Locking:
  • Large allocations (e.g., treasury, ecosystem, founders) are subject to vesting and lock-up schedules to prevent market oversupply and align incentives.
  • Staked HBAR is locked for the duration of the staking period.
• Unlocking:
  • Token releases from the treasury and other locked allocations occur at the end of each quarter, following a pre-determined schedule.
  • The release schedule is designed to be gradual and predictable, supporting market stability.
  • Specific vesting schedules for founders, employees, and partners are outlined in Hedera's tokenomics documentation and are typically multi-year.

Governance and Control

• Governing Council:
  • Composed of up to 39 global enterprises, responsible for network governance, treasury management, and protocol upgrades.
  • Council decisions are required for major changes, including supply adjustments and staking parameters.

Summary Table: Hedera HBAR Tokenomics

Key Takeaways

• Controlled Supply: All HBAR tokens are pre-minted, with a fixed cap and a transparent, scheduled release mechanism.
• Diverse Allocation: Tokens are distributed across treasury, ecosystem, investors, founders, and service providers to support network growth and stability.
• Staking and Incentives: HBAR is central to network security (staking) and ecosystem development (grants, rewards).
• Predictable Unlocking: Quarterly releases and vesting schedules ensure gradual integration of tokens into circulation, reducing volatility risks.
• Strong Governance: The Hedera Governing Council provides robust oversight and adaptability to changing market and network conditions.

This structure is designed to foster long-term sustainability, incentivize participation, and support the ongoing evolution of the Hedera ecosystem.