아발란체 (AVAX) 토크노믹스

Overview

Avalanche (AVAX) is the native token of the Avalanche network, serving roles in staking, governance, transaction fees, and ecosystem incentives. Its token economics are carefully structured to ensure network security, incentivize ecosystem growth, and promote decentralization.

Token Issuance Mechanism

• Initial Supply: The maximum capped supply of AVAX is 720 million.
• Genesis Supply: 360 million AVAX released at mainnet launch (September 2020).
• Future Issuance: Additional 360 million AVAX is minted as staking rewards over time, with the rate determined programmatically. The rate can be adjusted via governance, but overall inflation is designed to decrease as AVAX is claimed and staked.
• Burn Mechanism: All fees paid in AVAX are burned, further reducing circulating supply and introducing a deflationary component.

Issuance Table (Genesis Allocations):

Allocation & Unlocking Mechanisms

• Public Sale:
• Three options; most tokens distributed with 1-year or 18-month vesting schedules and periodic unlocks.
• Option B tokens had no vesting—unlocked at launch.
• Private Sales & Strategic Partners:
• Majority on vesting schedules (cliff releases) between 1–4 years.
• Team, Foundation, Community Allocations:
• Team: 4-year vesting
• Foundation: 10-year vesting, periodic cliff unlocks
• Community & Dev: 1-year vesting
• Airdrops:
• Four-year vesting, distributed to incentivize network participation.
• Testnet Incentives:
• 1-year lockups for contributors.

Recent & Upcoming Unlock Events:
Unlocks occur at regular intervals (“cliff” events), as observed in the quantitative data (examples):

This unlocking pattern continues through 2027 and beyond.

Usage & Incentive mechanisms

1. Network Security (Staking)

• Validators must stake at least 2,000 AVAX and run network nodes to validate the chain.
• Delegators can contribute as little as 25 AVAX to earn a share of staking rewards.
• Staking rewards (from the 360M AVAX reserve) incentivize honest behavior and network participation.
• Minimum staking period: 2 weeks; maximum: 1 year.

2. Fee Payment and Burning

• All transaction fees are paid in AVAX and permanently burned.
• This mechanism introduces a deflationary pressure, counterbalancing the inflation from staking rewards.

3. Governance

• Stakers participate in Avalanche network governance to vote on key parameters (e.g., staking rewards, minimum amounts).

4. Ecosystem Participation

• Airdrops, incentive programs, and development grants are distributed to users, developers, and contributors to grow the Avalanche ecosystem.

Locking Mechanisms

• Staking: AVAX must be locked for a fixed period when participating in validation (2 weeks to 1 year).
• Vesting: All allocations to team, partners, and early backers are subject to time-based lockups (1, 4, or 10-year schedules). The Foundation, for example, has a 10-year vesting with scheduled, periodic unlock events.
• Bridging/Subnets: When AVAX moves between subnets or cross-chain, traditional locking/unlocking smart contracts (bridges) are used to escrowing and releasing tokens (see token bridging schematic from Messari).

Unlocking Schedule

The unlocking of AVAX tokens follows regular “cliff” events, as described above. Publicly available unlock data shows periodic scheduled unlocks for key groups (team, partners, foundation, airdrop recipients) from 2020 through at least 2027. This ensures transparency and gradual dilution, reducing sudden impact on circulating supply.

Summary Table: Issuance, Allocation, Locking, and Unlocking

Conclusion and Implications

Avalanche's token economics combine well-calibrated inflation (via staking), strict vesting schedules, and aggressive burning to maintain a sustainable and balanced network economy. The transparent unlocking calendar helps manage market supply risks. By incentivizing network participation, burning fees to counteract inflation, and aligning lockups with long-term development, Avalanche aims to foster a secure, decentralized, and growth-oriented ecosystem.

Potential risks: Major unlock events can introduce short-term supply pressure, though the distributed cliff unlocking mechanism seeks to mitigate sudden dilutions. Participants should monitor future unlock schedules and governance signals for residual supply-side impacts.

For deeper understanding or the latest unlock schedules, consult Avalanche's official documentation and Messari unlocks dashboard.