(this article is repost from WarSpore · Saga official documentation site： Notion )
“交易” 是区块链自构建之初就体现出来的最底层用途，应该说自比特币之后的所有链上应用，本质上都是基于 “交易” 这个底层场景进行构建的。交易催生出金融，所以金融特性也是区块链的原生属性，交易发生时便产生了价格，而价格的载体即是 Token，围绕 Token 构建的金融模型被称为 “代币经济” 或 “代币模型”，即 Tokenomics。
“Transaction” represents the most fundamental utility embedded in blockchain from its inception. It can be said that essentially all on-chain applications since Bitcoin have been built upon the underlying scenario of “transaction.” Transactions give rise to finance, making financial characteristics an inherent nature of blockchain. When transactions occur, prices emerge, with tokens serving as the carriers of these prices. The financial model constructed around tokens is referred to as “token economics” or the “token model,” known as Tokenomics.
区块链行业是一个特别有趣的行业，它天生就自带 技术 与 金融 双重属性，仅从一个维度去研究和观察，得出来的结论往往是片面的，甚至是脱离现实的。当我们在区块链行业中构建一个应用时，在项目立项之初，除了决定它需要采用何种技术方案之外，还需要确定它采用何种金融模型，不仅如此，还需要确保技术与金融是和谐共处、互相成就的。
The blockchain industry is a particularly fascinating field, inherently endowed with dual attributes of technology and finance. Studying and observing it from only a single dimension often leads to one-sided, or even unrealistic, conclusions. When building an application in the blockchain industry, from the very inception of a project, it is necessary not only to decide on the technical approach but also to determine the financial model it will adopt. Moreover, it is crucial to ensure that technology and finance coexist in harmony and reinforce each other.
“交易” 是区块链行业最底层的牵引力，它不仅牵引着区块链项目都需要基于金融模型进行构建，还影响着市场上的参与者以金融视角看待一切事物。从纯技术角度上讲，我们仍然可以构建出一款与金融毫无关系的链上应用，但当你开始着手市场投放的时候，你就会发现一个残酷的现实：这个市场拒接接受任何毫无金融属性的项目。
“Transaction” is the most fundamental driving force in the blockchain industry. It not only drives blockchain projects to be built upon financial models but also influences market participants to view everything through a financial lens. From a purely technical standpoint, it is still possible to develop an on-chain application with no financial relevance. However, once you begin to engage with the market, you will encounter a harsh reality: this market refuses to accept any project that lacks financial attributes.
当你信誓旦旦的发表你的作品时，不管它以何种形态呈现，在最开始迎接你的往往都是一句冰冷的质问：它的 Tokenomics 是什么？
When you proudly unveil your creation, regardless of its form, the first thing that often greets you is a cold, pointed question: "What is its Tokenomics?”
技术、金融与预期 | Technology, Finance and Expectation
项目往往都是由代码堆砌起来的，背后体现的是 “技术”，但当一个项目发了币，然后整个项目的逻辑都是基于代币来运作时，这背后体现的则是 “金融”。技术与金融的结合是区块链项目的典型特征，开发者看到的是项目的技术视角，但用户和投资者则是从金融视角来审视项目。
A project is typically built from lines of code, reflecting its “technical” nature. However, when a project issues a token and its entire logic operates around that token, what is reflected is “finance.” The integration of technology and finance is a defining characteristic of blockchain projects. Developers view the project from a technical perspective, while users and investors examine it through a financial lens.
何为金融？简单的理解，便是项目代币的所有流转路径的总和以及相互之间的作用关系，包括项目内的项目外的。一个区块链就好比是一个大型的分布式计算机，所有运行在其上的程序都共享同一个内存和硬盘，项目之间的数据天然互通，这与传统 Web2 场景有本质不同，在 Web2 场景里，项目和项目之间几乎完全隔离，像是一座孤岛。由于这种天然的互通性，区块链上的所有项目将组成一个大的生态圈，生态圈里的每个项目都是一个小的生态系统，大小生态系统互相作用、互相影响。
What is finance? In simple terms, it is the sum of all circulation paths of a project’s token and the interrelationships between them—both within and outside the project. A blockchain can be likened to a large distributed computer, where all programs running on it share the same memory and storage, allowing data to flow naturally between projects. This is fundamentally different from the traditional Web2 scenario, where projects are almost completely isolated from one another, resembling isolated islands. Due to this inherent interconnectivity, all projects on a blockchain form a large ecosystem, with each project acting as a smaller ecosystem within it. These ecosystems, large and small, interact and influence one another.
连接大小生态系统的媒介就是代币，项目的存在本身能形成一种市场预期，当这种预期被投射到项目代币上时，代币在市场上便形成了价格支撑，有效的价格支撑能让代币被广泛的传播，而代币被知晓也意味着项目被知晓，从而进一步巩固项目的市场预期。所以，区块链项目与代币之间隔着一个名为 “预期” 的概念：项目创造预期，代币量化预期，营销管理预期。
The medium connecting these ecosystems, large and small, is tokens. The very existence of a project can create market expectations. When these expectations are projected onto the project’s token, the token gains price support in the market. Effective price support enables the token to be widely disseminated, and awareness of the token translates into awareness of the project, further reinforcing market expectations. Therefore, between a blockchain project and its token lies a concept called “expectations”: the project creates expectations, the token quantifies expectations, and marketing manages expectations.
为什么会有代币模型 | Why’s Tokenomics there
最简单的代币模型莫过于让代币自由流通，仅设计代币的增发模型，例如比特币和狗狗币，它们规定了一种 ”挖矿“ 式的增发方式，这种模式简单直接，但就是因为过于简单，让所有参与人在这种代币模型面前几乎不存在认知差异，大家只能粗暴的拼算力，无法拼 ”智力“。
The simplest token model is to allow tokens to circulate freely while designing only an issuance model for them, such as Bitcoin and Dogecoin. They define a “mining”-style issuance method—a model that is straightforward and direct. However, precisely because it is so simple, there is almost no cognitive differentiation among participants facing such a token model. Everyone can only engage in brute-force competition in computing power, with no room for competing through "intelligence.”
传统金融领域创造了一堆晦涩难懂的专有名词，并不是因为金融玩法有多高深莫测，而是因为这能创造 ”认知壁垒“，确保真正了解金融模型运作原理的人始终是少数人，因为不懂的人越多，要价就越高。回到代币模型上，越复杂的代币模型认知壁垒越高，那些智力较高的 ”高认知“ 人群，就能更容易的利用系统规则从 ”低认知“ 人群中获益，这种获益方式安全且隐蔽，因为损失收益的一方往往会将责任归咎于系统本身，无法归咎于具体的个人。
The traditional finance world piles up a bunch of confusing jargon—not because the mechanics are actually pretty straightforward, but because it creates a kind of “knowledge gap.” This keeps the number of people who truly understand how the financial models work relatively small. And the fewer who get it, the more they can charge. Now, back to token models: the more complex the token model, the higher that knowledge gap becomes. Those with sharper insights—the “high-awareness” crowd—find it easier to work the system to their advantage, benefiting from those who don’t grasp it as quickly. This approach is both safe and subtle, because when people lose out, they tend to point the finger at the system itself, not at any one person in particular.
回答为什么要设计代币模型，答案很简单，任何一种代币模型都会有隐含的 ”智力门槛“，它会把参与进来的人划分成 利用规则的人 和 被规则利用的人 两类人群，这种认知落差能促进财富从低认知人群向高认知人群流动。你可能会问，明知有认知落差，为什么低认知的人还会愿意参与进来？抱歉，这是站在上帝视角的思考，从个人视角出发，没人愿意承认自己是 “低认知” 的，或者没人能真正意识到自己的认知水平。
The reason for designing a token model is actually quite simple: any token model inherently comes with a built-in “intelligence threshold.” It naturally sorts participants into two groups— those who work the rules to their advantage, and those who end up being worked by the rules. This gap in understanding helps move wealth from the less aware to the more aware. You might wonder, if people know this gap exists, why would those with lower awareness still join in? Well, that’s a view from the outside looking in. From an individual’s own perspective, no one wants to admit—or may even realize—that they are on the lower end of that awareness scale. That’s just the way it is.
代币模型如何运作 | How’s Tokenomics functioning
代币模型的运作核心是 价格套利 机制。如果把项目所创造的生态称作 “小生态”，把区块链里的所有项目所组成的生态称作 ”大生态“，那么代币就是从小生态里生产出来，在大生态里完成流通。代币的生产过程往往会伴随着成本，然后代币在大生态里流通就会被赋予价格，成本与价格之间如果存在套利空间，那代币就会源源不断地被生产出来然后抛售到市场以填平套利空间。
The core mechanism of a token model revolves around price arbitrage. If we think of the ecosystem created by a project as the “mini‑ecosystem,” and the broader environment formed by all projects on the blockchain as the “macro‑ecosystem,” then tokens are essentially produced within the mini‑ecosystem and circulated in the macro‑ecosystem. The production of tokens often comes with an associated cost. Once these tokens enter the macro‑ecosystem, they are assigned a market price. If there is an arbitrage opportunity between the production cost and the market price, tokens will be continuously churned out and then dumped into the market until that gap is closed.
代币在流通过程中会伴随着项目共识在逐渐扩大，共识的扩大会利于巩固预期，预期越强，代币就越会被用户捏在手里而不是在市场流通。代币在市场上流通的越少，价格就会越有支撑，套利空间也就越稳定，整个代币模型的运转才会更加健康。因此，共识和预期是套利空间形成的基础。
As tokens circulate, they carry the project’s consensus with them, gradually expanding its reach. This growing consensus helps reinforce expectations—the stronger the expectations, the more likely users are to hold onto tokens rather than trade them in the market. The fewer tokens circulating, the stronger the price support, and the more stable the arbitrage opportunity becomes, leading to a healthier functioning of the entire token model. Thus, consensus and expectations form the foundation upon which arbitrage space exists.
代币模型不仅要生产代币，更要创造预期，所谓的预期便是 “人人都觉得自己有机会通过项目赚到钱”，所以代币的生产只是代币模型的最基本职能，为了创造预期，模型还需要引入更多基于代币的玩法。包括但不限于：
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代币通缩玩法：如定期的回购或者突如其来的销毁事件
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代币显性质押玩法：如有回报的锁仓质押或者需要质押后才能解锁的特定功能
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代币隐性质押玩法：如需要保证用户长时间拥有和使用代币的特定功能
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多代币玩法：如引入多种代币，每种代币对应不同功能，代币之间有明确的兑换条件
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限制提现玩法：如需要达成一定条件才能将代币提现到钱包里
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高复杂度玩法：如设计复杂的功能玩法，使用户在投入本金后仍需琢磨很久
A token model shouldn’t just produce tokens—it also needs to create expectation. And what’s expectation? It’s the idea that “everyone feels they have a chance to earn money through the project.” So, producing tokens is just the basic job of a token model. To build that expectation, the model needs to introduce more token‑based features. These include, but aren’t limited to:
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Deflationary token mechanics: Like regular buybacks or unexpected token burns.
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Explicit staking features: Such as lock‑up staking with rewards, or unlocking specific functions only after staking.
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Implicit staking features: Like certain functions that require users to hold and use tokens over an extended period.
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Multi‑token setups: Introducing multiple tokens, each tied to different functions, with clear exchange conditions between them.
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Withdrawal‑limit mechanics: Where meeting certain conditions is required before tokens can be withdrawn to a wallet.
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High‑complexity features: Designing intricate gameplay that keeps users thinking long after they’ve invested capital.
以上玩法，核心目的都是 在代币增发的同时推迟代币被投放到市场上的时间，使项目能在市场上维持足够久的套利空间，给共识扩散和稳定预期赢得时间，从而形成正向飞轮。
The core purpose of all the above mechanisms is to delay the release of newly minted tokens into the market while token issuance continues. This allows the project to sustain an arbitrage window in the market long enough to give consensus room to spread and expectations time to solidify—ultimately forming a positive feedback loop.
WarSpore · Saga 的代币模型 | Tokenomics of WarSpore · Saga
区块链游戏的代币模型可以很自然的与游戏玩法相结合，属于高复杂度的代币玩法，但由于代币模型被嵌入到游戏玩法里，所以用户对于高复杂度玩法的接受度自然会提高。对于 WarSpore · Saga 游戏（以下简称 Saga）来说，我将从玩家成本、代币增发、代币质押、套利空间和共识扩散这几个角度来介绍游戏的代币模型。
The token model of a blockchain game can naturally integrate with gameplay, representing a form of sophisticated token mechanics. Because the token model is embedded within the gameplay itself, user acceptance of this complexity naturally increases. For WarSpore · Saga (hereinafter referred to as Saga), I will explain the game’s token model from the following perspectives: player costs, token issuance, token staking, arbitrage opportunities, and the spread of consensus.
玩家成本 | Player costs
玩家要通过游戏获得增发的代币通常是需要付出成本的，在大多数情况下，这个成本可能是购买初始游戏 NFT 的资金。Saga 也是同样的模式，但允许玩家 “零” 成本游玩，同样也能获得增发的代币，不过此时的增发速率是最低的，如果玩家投入本金购买游戏内的 NFT 卡牌，就能加快增发速率，这里的本金投入是 一次性 的。
In blockchain games, players usually need to bear some cost to earn newly issued tokens, which in most cases involves purchasing initial game NFTs. Saga follows a similar model, but it also allows players to start playing at practically “zero” cost while still receiving token rewards—though at the lowest issuance rate. If players invest capital to purchase in‑game NFT cards, they can boost the issuance rate, and this capital investment is a one‑time upfront cost.
代币增发 | Token issuance
代币的增发逻辑被嵌入到 PVE 模式中，玩家通过击杀怪物以获得赏金代币，击杀的怪物越强，获得的赏金越多，但游玩 PVE 模式会消耗 “行动力”，行动力不足时无法继续 PVE 模式，这意味着行动力也同卡牌 NFT 一样，会限制玩家的代币增发速率。行动力可以通过等待区块时间自动获得，也可投入本金立刻获得，这里的本金投入是 持续性 的。
The token issuance mechanism is embedded within the PVE mode, where players earn bounty tokens by defeating monsters—the stronger the monster, the higher the reward. However, engaging in PVE consumes ”Action Points.” When Action Points run low, players cannot continue PVE, meaning Action Points—similar to card NFTs—also limit the player’s token issuance rate. Action Points can be regained automatically by waiting for block mining-time to pass, or acquired immediately by spending capital. Here, the capital investment is ongoing and recurring.
代币质押 | Token staking
代币的质押分为显性和隐性，两者在 Saga 中均有体现。游戏的 PVP 模式允许对战双方以约定的价格交易各自手上的游戏代币，当 PVP 模式活跃时，就意味着大量玩家在通过 PVP 模式进行代币交易，这些交易的代币不会在市场流通，属于隐性的代币质押，而游戏的 UGC 模式则明确要求玩家通过质押游戏代币来进行内容创作，属于显性的代币质押。
Token staking can be either explicit or implicit, and both forms are reflected in Saga. The game’s PVP mode allows two players to trade their in-game tokens at an agreed-upon price. When the PVP mode is active, it means a large number of players are using it to trade tokens—these traded tokens do not enter the open market and thus represent a form of implicit token staking. Meanwhile, the UGC mode explicitly requires players to stake in-game tokens in order to create content, representing a clear case of explicit token staking.
套利空间 | Arbitrage opportunity
传统的套利空间是玩家获得游戏代币所付出的成本与代币在市场上的价格之间的差额，这个 “差额” 能维持的时间与项目的市场营销、市值管理和项目本身的质量息息相关，所以这种套利空间与代币在市场上的 “泡沫” 大小有关，但对于周期性强的品种，泡沫破灭是迟早的事，所以这种套利空间是脆弱的。Saga 引入了两套套利机制，一套与上述传统的套利机制一致，通过 本金 -> 代币 -> 市场 的方式套利，即游戏的 PVE 玩法，而另一套是通过玩家对战的形式以协商一致的价格进行代币交易，这种方式类似于用 OTC 的方式交易代币，不会引起市场波动，即游戏的 PVP 玩法。
In traditional models, the arbitrage opportunity lies in the gap between the cost incurred by players to earn in-game tokens and the market price of those tokens. The duration for which this “gap” can be sustained is closely tied to the project’s marketing efforts, market cap management, and overall quality. As a result, this type of arbitrage opportunity correlates with the level of “bubble” surrounding the token in the market. However, for highly cyclical assets, bubble bursts are only a matter of time, making such arbitrage fragile. Saga introduces two distinct arbitrage mechanisms. The first aligns with the traditional model described above, through flow of capital → tokens → markets—this corresponds to the PVE gameplay. The second mechanism allows players to trade tokens through peer-to-peer battles at mutually agreed prices, resembling OTC (over-the-counter) token trading that does not directly impact market fluctuations—this is realized through the PVP gameplay.
共识扩散 | Consensus extension
要形成共识首先需要让参与共识的人了解到项目的存在，之后再了解到项目存在套利空间，于是才能形成共识。共识的扩散除了要触及到市场上更多的人以外，还需要将项目的优势与特点阐述清楚，这点肯定是需要项目方投入资源在市场营销上的，但除此之外，项目还可以通过 推荐分红系统，让渡一定的项目盈利给用户，激励用户自发的帮助项目进行传播。Saga 并没有直接引入这种推荐系统，而是通过地板价会固定增长的盲盒 NFT 来达到类似的效果，具体来说，当盲盒被更多的玩家打开后，其终端价格将 永久上涨，于是购买了盲盒的用户自然有动力推广游戏以帮助推高盲盒价格。
For consensus to form, participants must first become aware of the project’s existence and then recognize that it offers arbitrage opportunities—only then can consensus truly take shape. Spreading consensus requires not only reaching more people in the market but also clearly communicating the project’s strengths and distinctive features. While this inevitably demands resource investment from the project team in marketing, projects can also adopt a referral & rewards system, sharing a portion of the project’s profits with users to incentivize them to spread the word organically. Saga does not implement such a referral system directly. Instead, it achieves a similar effect through blind‑box NFTs with a fixed, gradually increasing floor price. Specifically, as more blind boxes are opened by players, their final price permanently rises, naturally motivating users who have purchased blind boxes to promote the game and help drive up their value.
总结 | Conclusion
代币模型很大程度上决定了一款区块链项目的生死，项目的所有玩法本质上都是基于代币的玩法，但代币是一种强周期性资产，所以如何设计项目的代币模型以对抗市场周期性，确保在低谷期不会轻易地被市场扫地出局，这是需要我们持续去探索和努力的方向。
A token model largely determines the success or failure of a blockchain project. At its core, every feature of the project is fundamentally built around tokens. However, tokens are highly cyclical assets. Thus, how to design a project’s token model to withstand market cycles and ensure it isn’t easily washed out during downturns is a direction that requires our ongoing exploration and effort.
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对Tokenomics说的很好，非常认同！