Hedera（HBAR）代幣經濟學

Overview

Hedera Hashgraph’s native token, HBAR, is central to the network’s operation, security, and ecosystem growth. The token economics are designed to balance incentives for network participants, ensure long-term sustainability, and support ecosystem expansion. Below is a comprehensive breakdown of Hedera’s token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

1. Issuance Mechanism

• Fixed Supply: The total supply of HBAR is 50 billion tokens, all minted at network launch in August 2018 and held in the Hedera Treasury.
• No Inflation: The supply cannot be increased without the unanimous consent of the Hedera Governing Council.
• Distribution Schedule: HBAR tokens are released from the treasury according to a long-term schedule, originally planned over 15 years, to mitigate risks such as Sybil attacks and to ensure gradual decentralization.

2. Allocation Mechanism

The allocation of HBAR tokens is structured to incentivize various stakeholders and support the network’s development. The following table summarizes the main allocation categories and their proportions:

Key Observations:

• The majority of tokens are reserved for the treasury and ecosystem development, reflecting a focus on long-term growth.
• Allocations to founders, Swirlds, and employees ensure ongoing commitment and technical advancement.

3. Usage and Incentive Mechanisms

Network Utility

• Transaction Fees: HBAR is used to pay for all network services, including consensus, smart contracts, and file storage. Fees are split into network, service, and node fees.
• Medium of Exchange: HBAR is used for trading, purchasing NFTs, and other ecosystem activities.

Staking and Security

• Proof-of-Stake (PoS): Hedera operates a permissioned PoS model, with consensus nodes run by Governing Council members. Nodes must stake HBAR to participate.
• Delegated Staking: Tokenholders can delegate HBAR to nodes via compatible wallets, earning a share of staking rewards.
• Staking Rewards: As of March 2024, the maximum annual staking reward rate is 2.5%. Rewards are distributed from a dedicated staking account.

Ecosystem Incentives

• Grants and Bounties: HBAR is distributed to developers and projects through grants, bug bounties, and incentive programs managed by the HBAR Foundation and other ecosystem entities.
• Community Programs: Past initiatives included community testing programs and developer launch rewards.

4. Locking and Vesting Mechanisms

• Vesting Schedules: Allocations to founders, employees, and early investors are subject to multi-year vesting schedules, often with cliffs and gradual unlocks to align long-term incentives.
• Restricted Coin Units (RCUs): Employee and service provider compensation is often structured as RCUs, which vest over four years with a one-year cliff.
• SAFT Exchange Offer: Early investors who accepted amended SAFTs received extended distribution schedules in exchange for additional HBAR allocations.

5. Unlocking Time and Circulating Supply

• Long-Term Release: The original plan was to release HBAR into circulation over 15 years, with adjustments made over time. By 2025, approximately 34% of all HBARs were projected to be in circulation, with the remainder unlocking gradually.
• Treasury Management: The Hedera Treasury Management Report provides ongoing transparency about allocation and distribution schedules.
• SAFT Distributions: Early investor tokens are unlocked in tranches, with specific dates and amounts communicated in advance.

6. Governance and Control

• Governing Council: Up to 39 global organizations govern Hedera, controlling treasury management, network upgrades, and key economic parameters.
• Superuser Privileges: The Council can intervene in network operations, including pausing services in emergencies.

7. DeFi and Ecosystem Growth

• DeFi TVL Growth: Hedera’s DeFi ecosystem has seen significant growth, with TVL peaking at $166.6M in Q4 2024 before declining to $97.1M in Q1 2025. SaucerSwap and Bonzo Finance are leading protocols.
• Staking and Liquid Staking: Liquid staking protocols and DeFi platforms are increasingly important for HBAR utility and user incentives.

8. Summary Table: Hedera Token Economics

9. Additional Resources

• Hedera Treasury Management Report
• Hbar Economics Whitepaper (v3)
• Hedera Blog: Token Economics

10. Implications and Analysis

• Balanced Incentives: The allocation and vesting mechanisms are designed to align incentives across founders, developers, investors, and the broader ecosystem.
• Security and Decentralization: The gradual release and staking requirements help secure the network and prevent centralization of voting power.
• Ecosystem Focus: Significant resources are dedicated to ecosystem development, reflecting Hedera’s strategy to drive adoption and innovation.
• Transparency: Regular updates and public reports enhance trust and allow stakeholders to track token flows and unlocks.
• DeFi Growth: The rapid expansion of DeFi on Hedera, led by protocols like SaucerSwap, demonstrates increasing utility and demand for HBAR.

11. Limitations and Future Considerations

• Centralization Risk: The current permissioned node structure and Council control may limit decentralization until further node access is opened.
• Unlocking Uncertainty: Actual unlock schedules may vary due to market, regulatory, or governance decisions.
• Evolving Incentives: As the ecosystem matures, incentive structures and staking parameters may be adjusted to reflect network needs and market conditions.

In summary, Hedera’s token economics are characterized by a fixed supply, structured allocation, robust staking and incentive mechanisms, and a transparent, Council-governed approach to treasury management and token distribution. The model is designed to support sustainable growth, security, and broad ecosystem participation over the long term.