THORChain（RUNE）代币经济学
THORChain（RUNE）代币经济学和价格数据分析
快速了解 THORChain（RUNE）的代币经济数据，包括市值、供应量、FDV 和历史价格，帮助您轻松掌握币种现状与市场表现。
THORChain（RUNE）信息
THORChain是一個跨鏈的流動性協議，允許任何資產與其他去中心化流動性池中的資產之間進行兌換。THORChain首個平臺是BEPSwap，允許幣安幣持有者兌換或質押任何BEP2資產。RUNE是網路上的結算貨幣，可以實現所有其他資產之間的高效連接，並保障網路的經濟安全。
THORChain（RUNE）深度代币结构解析
深入了解 RUNE 的代币发行、分配与解锁机制。本部分涵盖代币用途、激励模式和解锁计划。
Overview
THORChain is a cross-chain, permissionless decentralized exchange (DEX) built on the Cosmos SDK, with its native token RUNE at the core of its economic and security model. The token economics of THORChain are designed to balance network security, liquidity, and user incentives through a sophisticated set of mechanisms. Below, we break down the key components: issuance, allocation, usage/incentives, locking, and unlocking.
Issuance Mechanism
- Fixed Supply: RUNE has a capped total supply of 500,000,000 tokens.
- Mint/Burn Dynamics: RUNE is minted and burned in response to lending and borrowing activities. When users borrow against collateral, RUNE is minted and sold for the debt asset; when debt is repaid, RUNE is bought back and burned. This mechanism can make RUNE slightly inflationary or deflationary depending on market conditions and lending activity.
- No Ongoing Inflation: There is no ongoing inflationary issuance; all tokens were created at genesis or through specific protocol events (e.g., lending).
Allocation Mechanism
Initial Allocation (as of June 2022)
| Allocation Category | Amount (RUNE) | % of Total Supply | Purpose/Notes |
|---|---|---|---|
| Community Incentives | 250,000,000 | 50% | Ecosystem growth, user rewards |
| Contributors | 75,000,000 | 15% | Core team, developers |
| Treasury | 50,000,000 | 10% | Protocol reserves, future initiatives |
| Fundraiser | 50,000,000 | 10% | Early fundraising rounds |
| Private Investors | 50,000,000 | 10% | Strategic/private sales |
| Airdrop | 25,000,000 | 5% | Early supporters, user acquisition |
- Vesting: Team/advisor allocations (10%) have fully vested as of early 2024. Seed investor tokens (5.2%) were originally locked until mainnet launch or for 12 months, whichever came first.
- Current Distribution: As of February 2024, the largest holders are protocol modules (Bond, Reserve, Standby Reserve, Pool), with the Bond Module holding ~21% of supply, reflecting the importance of network security.
Usage and Incentive Mechanisms
Core Functions of RUNE
- Liquidity Provision: RUNE must be paired 1:1 with external assets in all liquidity pools (e.g., BTC:RUNE, ETH:RUNE). This ensures deep, protocol-native liquidity and aligns RUNE’s value with network TVL.
- Network Security (Bonding): Node operators (THORNodes) must bond RUNE to participate in consensus. The required bond is set to be at least twice the value of non-RUNE assets in the pools, ensuring that the cost of attacking the network exceeds potential rewards.
- Incentive Pendulum: Rewards are dynamically split between node operators and liquidity providers to maintain an optimal ratio (67% bonded, 33% pooled). If the network is under-bonded, more rewards go to node operators; if over-bonded, more go to liquidity providers.
Incentive Pendulum Table
| Scenario | % RUNE Bonded | % RUNE in Pools | % Bond Rewards | % Liquidity Rewards |
|---|---|---|---|---|
| Inefficient | 100% | 0% | 0% | 100% |
| Over-bonded | 75% | 25% | 50% | 50% |
| Optimal | 67% | 33% | 67% | 33% |
| Under-bonded | 60% | 40% | 80% | 20% |
| Unsafe | 50% | 50% | 100% | 0% |
- Transaction Fees: RUNE is used to pay network and slip-based fees, which are distributed to node operators and liquidity providers.
- Governance: RUNE is used for minimal governance, primarily for asset and chain listings/delistings and parameter changes via node-mimir voting.
Locking Mechanism
- Node Bonding: To operate a node, a minimum bond (e.g., ~538,600 RUNE as of early 2024) must be locked. Misconduct results in slashing up to 1.5x the value of compromised assets.
- Liquidity Pools: RUNE and paired assets are locked in pools to provide liquidity. LPs can withdraw at any time, but impermanent loss protection is only fully realized after 100 days.
- Seed/Team Vesting: Early allocations to team and investors were subject to time-based or event-based locks (e.g., mainnet launch).
Unlocking Time
- Node Bonds: Unlocked when a node leaves the active set, minus any slashed amount for misbehavior.
- Liquidity Providers: Can withdraw at any time, but full impermanent loss protection is only available after 100 days.
- Seed/Team Allocations: Early investor and team tokens were locked for up to 12 months or until mainnet launch; all major vesting schedules have completed as of 2024.
Additional Mechanisms
- Impermanent Loss Protection: LPs are guaranteed to break even after 100 days, with protection increasing linearly from day 1.
- Savers Vaults & Synths: Users can deposit single assets (e.g., BTC, ETH) into Savers Vaults for yield, or mint synthetic assets for capital efficiency. These mechanisms further deepen liquidity and drive RUNE demand.
- Mint/Burn for Lending: Lending against LP positions mints new RUNE, which is burned upon repayment, providing a dynamic supply adjustment.
Summary Table: THORChain Tokenomics
| Mechanism | Description |
|---|---|
| Issuance | Fixed supply (500M RUNE); mint/burn for lending; no ongoing inflation |
| Allocation | 50% Community, 15% Contributors, 10% Treasury, 10% Fundraiser, 10% Private, 5% Airdrop |
| Usage | Liquidity provision, node bonding, transaction fees, governance, lending, synths, savers |
| Incentives | Dynamic rewards (Incentive Pendulum), impermanent loss protection, fee distribution |
| Locking | Node bonds, LP positions, vesting for early allocations |
| Unlocking | Node exit, LP withdrawal (anytime, full ILP after 100 days), vesting complete for team/seed |
Implications and Nuances
- Security-Driven Economics: The requirement for node bonds to be twice the value of external assets ensures robust security and aligns incentives for honest behavior.
- Liquidity Black Hole: The deterministic value model and deep liquidity pools create a flywheel effect, attracting more assets and users.
- Minimal Governance: THORChain’s governance is intentionally limited, reducing attack surfaces and protocol risk.
- Dynamic Supply: While the supply is capped, lending and synthetic asset mechanisms introduce short-term supply fluctuations, but these are self-correcting via burn mechanisms.
Further Reading and Resources
- THORChain Documentation
- THORChain Whitepapers
- THORChain Ecosystem
- THORChain Yield & LP Info
In summary: THORChain’s token economics are engineered for security, deep cross-chain liquidity, and sustainable user incentives, with a fixed supply, dynamic reward allocation, and robust mechanisms for both locking and unlocking value. The system’s design aims to create a self-reinforcing “liquidity black hole,” making RUNE a central asset in the multichain DeFi landscape.
THORChain（RUNE）代币经济模型：关键指标与应用场景
了解 THORChain（RUNE）的代币经济模型，对于分析其长期价值、可持续性和发展潜力至关重要。
关键代币经济指标及其计算方式：
总供应量（Total Supply）：
已创建或将要创建的 RUNE 代币的最大数量。
流通供应量（Circulating Supply）：
当前市场上可供交易和公众持有的代币数量。
最大供应量（Max Supply）：
RUNE 代币可能存在的总数量上限。
完全稀释估值（FDV）：
当前价格 × 最大供应量，预测所有代币完全流通时的总市值。
通胀率（Inflation Rate）：
反映新代币发行的速度，影响稀缺性及长期价格走势。
为什么这些代币经济指标对交易者很重要？
流通供应量高 = 流动性强。
最大供应量有限 + 低通胀率 = 具备长期价格上涨潜力。
代币分配透明 = 增强项目信任度，降低中心化风险。
FDV 高而当前市值低 = 可能存在高估风险的信号。
现在您已经了解了 RUNE 代币经济模型的功能，赶快查看 RUNE 代币的实时价格吧！
如何购买 RUNE
想将 THORChain（RUNE）添加到您的投资组合中吗？MEXC 提供多种购买 RUNE 的方式，包括信用卡、银行转账和点对点交易。无论您是新手还是专业用户，MEXC 都能让您轻松、安全地购买加密货币。
THORChain（RUNE）价格历史
分析 RUNE 的价格历史有助于用户了解过去的市场走势、关键支撑/阻力位以及波动模式。无论是追踪历史最高价，还是识别趋势，历史数据都是价格预测和技术分析的重要组成部分。
为什么选择 MEXC？
MEXC 是全球领先的加密货币交易所，深受全球数百万用户信赖。无论您是新手还是资深交易者，MEXC 都是您进入加密世界的最便捷途径。
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