Analysis of the XPL Economic Model: Dual Game of Ecological Incentives and Circulation Pressure
1. Token Distribution and Inflation Mechanism
Total of 10 billion tokens, 40% for ecological development. Initial annual inflation rate of 5% released through staking, decreasing to 3% year by year, combined with a transaction base fee destruction mechanism (similar to EIP-1559), forming a dynamic balance between inflation and deflation.
2. Market Performance and Risks
1. Explosive Growth: In 2025, the mainnet Beta launched with a stablecoin supply exceeding $7 billion within 24 hours, with staking amount accounting for 42% of the circulating supply.
2. Unlocking Pressure: In September 2026, 1.5 billion tokens will be unlocked for the team and investors, in addition to 500 million tokens from the public sale in the U.S. (July 2026), expanding the circulating supply by 40%.
3. Liquidity Risk: The top 10 addresses hold 63% of the stablecoins, requiring liquidity diversification.
3. Sustainability Assessment
Advantages: Ecological fund ensures long-term development, decreasing inflation + destruction mechanism creates deflation expectations, stablecoin settlement positioning supports real demand.
Challenges: The unlocking wave in 2026 may induce price volatility, necessitating responses to regulatory challenges and competition from chains like Solana. Current staking annual yield is 8-12%, indicating market recognition, with the unlocking period representing a key test.
