#数字货币市场洞察 token unlocking and unlimited issuance—these two terms have appeared frequently in the market recently. On the surface, they seem like normal economic model designs, but the underlying implications are worth a closer look.

Let’s start with unlocking. In many projects’ token allocations, VCs and early participants acquire tokens at extremely low costs. What happens after the unlock period ends? A large number of tokens flood the market. If you’re still hoping for the price to keep rising at this point, you might be disappointed—those low-cost holders are looking for exit opportunities. What’s called “value release” often turns into one-way selling pressure. The chart retail investors see when entering may just be the final hype before others sell off.

Unlimited issuance is even more concerning. When a project’s token supply has no cap, your share will be continuously diluted. Today, you own one ten-thousandth of the total; tomorrow, it might be one hundred-thousandth. With this design, unless the actual value growth of the project outpaces the rate of issuance, the purchasing power of each token will inevitably decline.

What’s at the core of the problem? Many projects lack real use cases and sustainable ecosystem development. Tokens become merely fundraising tools rather than carriers of actual value. When market hype fades, what’s often left is just a string of numbers and an empty website.

As ordinary participants, it’s hard for us to get complete information in the early stages. How well are those fancy whitepapers and roadmaps executed? Can the team’s background withstand scrutiny? Who really benefits from the tokenomics? These are questions that deserve careful consideration.

If you really want to survive long-term in this market, I suggest focusing on projects with clear technical roadmaps, real-world applications, and reasonable token models. Short-term price swings can create the illusion of wealth, but in the end, only things that truly create value can stand the test of time. Otherwise, when the bubble bursts, the cost of being left holding the bag may far exceed your expectations.