Hedera（HBAR）代幣經濟學

Overview

Hedera Hashgraph's HBAR has a robust token economics structure, underpinned by a fixed maximum supply, a multiyear vesting and unlock schedule, diverse allocation for ecosystem and stakeholder incentives, and a permissioned proof-of-stake (PoS) security/reward model that is evolving toward greater decentralization. Below, each fundamental aspect is examined in detail.

Issuance Mechanism

• Total Supply: HBAR has a hard-capped maximum supply of 50 billion tokens that cannot be increased without unanimous Council approval.
• Initial Distribution: All tokens were pre-minted at network launch. There is no ongoing inflation—the circulating supply only increases via treasury allocations according to a pre-set vesting schedule.
• Circulating Supply: As of late May 2025, approximately 42.2 billion HBAR (~84% of total supply) are in circulation, with the remaining supply to be fully vested by end of 2025.
• Emission Pattern: New HBARs are systematically released from the Hedera Treasury on a quarterly basis. The supply distribution follows a predictable and transparent unlock schedule, supporting network stability and minimizing supply shocks.

Allocation Mechanism

Token Allocation Breakdown

Allocation policy is designed to balance ecosystem growth, long-term network security, and foundational stakeholder incentivization. The main allocation categories and their indicative shares have historically been:

• Ecosystem/Development: Dedicated to grants, partnerships, developer incentives, strategic integrations, and open-source funding.
• Investors/SAFTs: Allocated via multi-year Simple Agreements for Future Tokens (SAFT), distributed to venture backers and purchasers according to vesting schedules.
• Founders & Team: Significant, but minority allocation to ensure founder alignment and continued development effort.
• Swirlds: A key allocation to the creators/maintainers of the Hashgraph protocol.
• Treasury: Funds ongoing operational and promotional activities and reserves flexibility for future requirements.

A significant portion of tokens, particularly those assigned to Foundation, Ecosystem, or Treasuries, is explicitly subject to structured unlocking, not available for immediate sale or use.

Usage and Incentive Mechanism

Primary Token Utility

• Transaction/Gas Fees: All operations—including transfers, smart contract execution, and tokenization—require HBAR for gas/fees.
• Staking: HBAR is used to stake consensus nodes, securing the network and determining node influence/probability in transaction validation.
• Delegated Staking: Token holders may delegate their HBAR to permissioned nodes to receive staking rewards (no delegation required, but available).
• Rewards: Both node operators and delegators receive staking rewards (up to a protocol-specified cap).
• Ecosystem Medium of Exchange: Used within dApps, NFT marketplaces, DeFi protocols, and for on-chain payments throughout the smart contract and tokenization ecosystem.

Incentive Mechanism

• Staking Rewards: As of 2024–2025, the annual staking rewards rate is capped at 2.5%. A maximum of 13% (6.5B HBAR) of total supply qualifies for the full reward rate—rewards diminish as participation increases above this threshold.
• Validator/Delegator Structure: Minimum node stake is 250M HBAR; maximum stake per node is 1.85B HBAR (calculated as total supply/number of nodes). Today, major portions of staked HBAR are supplied by core entities (e.g., Swirlds, Treasury) to bootstrap security, often without receiving rewards—holders opting into reward-based staking steadily grow as the network decentralizes.
• Ecosystem Incentives: Grants, liquidity mining, and programmatic rewards have historically been distributed through initiatives like the HBAR Foundation and other ecosystem-facing organizations.

Lock-up & Unlocking Mechanism

• Vesting Policy: Both primary allocations (investors, team, ecosystem funds) and most strategic reserves are subject to well-documented vesting schedules.

  • SAFT Rounds/Investors: Allocations released over multi-year periods, typically with initial cliffs (delayed unlocks), then subject to monthly or quarterly vesting.
  • Founder/Team/Employee Allocations: Use four-year vesting with one-year cliff concepts or similar, following industry-standard incentive practice.
  • Treasury/Ecosystem/Development: Distributed according to planned grant and incentive programs, but not immediately liquid.

• Unlocking Timeframe:

  • Full Circulation by End-of-2025: Hedera’s vesting schedule stipulates that the entire 50B supply will be unlocked and in circulation by the end of 2025.
  • Recent Unlock Dynamics: During Q1 2025, circulating supply increased by nearly 4 billion, with 92% (~46.2B HBAR) expected to be circulating by the end of Q2 2025.
  • Supply Trend: The unlock pattern is staged in quarterly increments, following Hedera Treasury Management Reports for transparency.

Recent and Projected Supply Dynamics

• Current State (May 31, 2025):
  • Circulating supply ~42.2B HBAR.
  • Remaining supply (~7.8B HBAR) to fully vest and circulate in the upcoming quarters, per the formal release cadence.
• Projection: All tokens expected to be in circulation by year-end 2025, providing high certainty for market participants regarding future supply overhang and potential dilution.

Summary Table: HBAR Tokenomics At a Glance

Critical Observations and Implications

• Predictability & Transparency: Hedera’s detailed, public unlocking schedules have minimized supply shocks, improving market trust.
• Ecosystem Growth Priority: The large allocations to development/integration funds reinforce a long-term outlook over short-term value extraction.
• Transition Toward Decentralization: With staking and validator rewards gradually open to public participation and a declining share of staking by core entities, decentralization of security and governance is poised to increase.
• Dilution Risk: Almost all dilution risk will be resolved by end-2025; this near-term certainty is rare amongst large-cap crypto assets.
• Elasticity of Token Velocity: As the token supply is nearly fully unlocked, long-term value will increasingly hinge on organic network usage, transaction demand, and ecosystem growth, rather than anticipated scarcity or supply overhangs.

Final Perspective

Hedera’s tokenomics model offers a rare combination of:

• Supply cap certainty
• Controlled and transparent unlocking
• Robust usage incentives for both network participants and ecosystem developers
• Strategic transition to permissionless, decentralized operations

This framework, while favoring long-term growth and security, requires the project to continuously drive utility and demand to sustain and enhance HBAR’s value as a medium of exchange, network fuel, and staking asset post-2025, when supply dynamics lose their headline impact.