Solana（SOL）代幣經濟學

Issuance Mechanism

Solana’s native token, SOL, is both inflationary and deflationary over time:

• Initial Issuance: When Solana launched its Mainnet Beta in March 2020, the initial inflation rate was set at 8.0% annually (February 2021).
• Disinflation Schedule: The protocol employs a disinflation rate of -15%, reducing annual token issuance every year until a long-term steady-state inflation rate of 1.5% is achieved.
• Reward Distribution: Most newly issued SOL is distributed to validators and delegators as staking rewards, incentivizing network security and participation. These rewards also include a proportion of transaction fees.
• Burn Mechanism: A portion of all transaction fees is burned (destroyed), introducing a deflationary aspect to the token economics.
• No Continuous Manual Emissions: There is no fixed hard cap in the manner of Bitcoin; however, strictly speaking, token supply expands predictably per the inflation schedule, and validator/delegator rewards are the primary issuance pathway.

Allocation Mechanism

The initial token supply was distributed through a combination of private sales, public auctions, team/foundation allocations, and a large community fund. As of the launch and later, allocations were as follows:

• Note: These numbers are based on initial allocations and may vary as tokens are unlocked or transferred over time.

Major Unlock Schedules and Market Impact

• Monthly Linear Unlocks: Key allocations, especially to Alameda, FTX, and others, followed monthly linear unlocks starting from 2021, extending through 2028.
• Large Unlock Events in 2025: Major batches (e.g., ~69 million SOL slated for March and May 2025) will fully unlock, potentially impacting liquidity.
• Team & Foundation: 50% of founders' tokens unlocked at launch, with the rest vesting monthly over two years.

Usage and Incentive Mechanism

SOL serves as the cornerstone of the Solana ecosystem, underpinning various vital activities:

1. Transaction Fees

• All on-chain transactions and smart contract executions are paid in SOL.
• Transaction fees consist of a base fee (per signature) and a dynamic fee based on computing resources.
• “Prioritization fees” can be added to speed up transaction processing.

2. Staking and Network Security

• Token holders can stake SOL directly (as validators) or delegate to existing validators.
• Staking is rewarded via inflationary issuance and a share of transaction fees.
• Validators can set their own commission rates.

3. Ecosystem Incentives

• Grants, hackathons, and bug bounties are paid in SOL.
• Solana Foundation runs multiple programs (e.g., AI grants) that pay out in SOL.
• Stake pools allow for decentralized staking management.

4. Governance

• Solana's governance is validator-centric; validators initiate on-chain votes through vote-escrowed tokens (not direct SOL voting).
• Community and ecosystem proposals (feature upgrades, treasury spend, etc.) are implemented via validator consensus.

Lock-up Mechanism and Unlocking Schedule

• Seed/Strategic/Team Investors: Subject to multi-year vesting with varying cliffs and linear monthly unlocks.
• Foundation/Community Fund: The foundation committed to not distributing more than 8 million SOL/month for the end of 2020; unlocks are managed to avoid major market shocks.
• FTX/Alameda/Other Parties: Some tokens remained locked for years, with linear monthly or periodic full unlocks scheduled through 2028.
• Major Unlocks:
  • 645,000 SOL/month (from 2021–2027) from foundation deals.
  • 7.5 million SOL in March 2025 and 61.85 million SOL in May 2025 (from agreements with Alameda/FTX) will fully unlock in one batch, representing significant supply shocks.

Circulating Supply and Staking

• As of late 2022, ~77% of all available SOL was staked.
• Market dynamics are influenced by staking, as unstaked supply increases or decreases liquidity in the markets. For example, a ~24% increase in unstaked supply was anticipated during the FTX meltdown event.
• Staking rewards and validator yields draw from both inflation and fees.

Summary Table: Key SOL Tokenomics Aspects

Closing Thoughts

Solana’s tokenomics were designed for robust network security, gradual decentralization, and sustainable ecosystem growth:

• The staged, multi-year unlock mechanism with occasional large supply cliffs (notably in 2025) aims to limit immediate sell pressure.
• The inflation schedule and fee-burning reduce long-term dilution and anchor staking incentives.
• High staking rates secure the network and dilute speculative trading supply.
• Community and developer grants keep ecosystem incentives aligned with Solana’s growth.

Potential risks include volatility during large unlock events and changes in staking participation which could impact yields and network security. Overall, Solana’s approach balances rapid early capital deployment with sustained, incentive-aligned growth.