以太坊（ETH）代币经济学

Issuance Mechanism

Ethereum's issuance model has evolved significantly:

• Original Model: At launch (2015), Ethereum distributed ETH through a public crowd sale, allocating the initial supply to contributors, the Ethereum Foundation, and early project participants.
• Proof-of-Work (PoW) Era: ETH was issued as a block reward to miners, with the reward rate periodically reduced via protocol upgrades.
• Post EIP-1559 (August 2021): EIP-1559 introduced a base fee burn mechanism, which removes a portion of transaction fees from circulation, reducing effective network issuance and turning ETH into a deflationary or near-zero inflation asset during periods of high network activity.
• Proof-of-Stake (PoS) Era (since September 2022, "The Merge"): New ETH issuance is linked to the amount staked and serves as rewards to network validators, replacing mining. Annualized net ETH issuance has dropped dramatically, often trending toward 0% or deflation, as observed in the months following EIP-1559 and The Merge, where periods even saw negative net issuance due to high burn rates.

Allocation Mechanism

Initial Allocation

• Crowdsale Participants: The majority of the genesis ETH supply came from those who bought in the 2014 public crowd sale.
• Ethereum Foundation and Early Contributors: A minority portion (about 16.7%) was allocated to the foundation and a smaller share to early developers and contributors. Unlike many blockchain launches, there was no substantial lock-up or long-term vesting for the crowdsale allocation—most ETH was liquid from genesis.

There are no recurring large-scale platform allocations; all subsequent ETH is issued via consensus as rewards to validators (formerly miners).

Usage and Incentive Mechanism

ETH is the native token and has multiple core uses:

• Gas Fees: ETH is the sole token accepted to pay transaction and contract execution fees on Ethereum.
• Staking: On PoS-Ethereum, validators must lock up (stake) ETH to participate in block production and earn rewards.
• Collateral and Financial Primitives: ETH is widely adopted in DeFi as base-layer collateral, a medium of exchange, and a reserve for ecosystem tokens.
• Ecosystem Alignment: ETH is used in protocol funding, securing the chain, governance indirectly (via staked economic security), and network DAOs.

Lock-Up and Unlocking Mechanisms

• Staking Lock-Up: Validators must lock up a minimum of 32 ETH to run a full validator node. Staked ETH can only be withdrawn after a withdrawal is requested, subject to an exit queue and, until the Shanghai Upgrade (April 2023), was non-withdrawable.
• Unlocking Events: There were no major protocol-wide unlocking events for ETH, aside from phased withdrawability for staked ETH following the Shanghai upgrade. Pre-staking era ETH had no protocol-enforced vesting or lockups.

Staking Unlocking (Shanghai Upgrade, 2023):

• Timeline: Until April 2023, staked ETH and staking rewards could not be withdrawn. After the Shanghai upgrade, users could exit staking and begin withdrawing their rewards and principal, with withdrawals throttled by a network-controlled exit queue to ensure stability.

Summary Table

Concluding Remarks

Ethereum's token economics are uniquely dynamic. Key innovations like EIP-1559 and PoS have transformed ETH into a potentially deflationary asset and ensured that incentives are tightly aligned with both network security and participant engagement. Ethereum's lack of significant lockups or vesting from launch has resulted in a highly liquid and broadly distributed token supply, while staking mechanisms now provide new forms of economic participation and reward. Decentralization and adaptability remain central to Ethereum's economic architecture and future roadmap.