I am quite concerned about the pol coin price of @ 0xPolygon Unequally, few people in this era have analyzed the token economics of such an old token. Let me analyze it. Why is it that when there was a 5% inflation, this coin could be worth 1u, but now that there is an annual deflation of -15%, the price of the coin has dropped to 0.1u instead? 1. Agreement revenue flywheel: Polygon PoS and AgLayer will charge transaction fees, with a portion being destroyed and the remaining portion allocated entirely to the POL pledger - without flowing to any other party. With the increase of on chain activities → the increase of transaction fee income → the increase of pledger income; Higher returns attract more people to enter the market, and they can only buy POL and pledge it in the market. Thus forming a price flywheel 2. Fundamentals of Public Chain All private tokens have been unlocked and digested, all private tokens have been unlocked and digested, all private tokens have been unlocked and digested! Polygon PoS, as a payment infrastructure, generates transaction fees similar to VISA; At present, the scale is already large and still growing rapidly. With the development of the agglayer ecosystem, there has been an explosion in the polymarket. The rapid increase in transaction fees is evident to all. AgLayer will provide interoperability between various AgLayer chains and the Ethereum mainnet, charging various transaction fees (including Okx's xlayer, katana, miden, and other star AgLayer public chains). In the past, these values were taken away by third parties (bridges, relays, etc.); In the future, all will be transferred to POL stakers!! Once income stabilizes, the remaining inflation will be closed. At that time, POL will experience both deflation and dividends. simultaneously In the next one or two years, the AggLayer ecosystem project will airdrop to stakers, further increasing the short-term staking yield. This includes airdrops from top tier influencers such as @ katana and @ 0xMiden! 3. Pledge rate The current annualized pledge is about 4%, of which 0.73% has already come from pure transaction fee income (REV), which accounts for a very high proportion of "real income" compared to other networks. The high returns of other public chains come from high inflation. Only pol's profits come from high deflation! With the increase of activities, the arrival of celebrity project airdrops, and the launch of AggLayer transaction fees, this proportion will continue to rise. About 33.5% of the tokens on the entire network have been pledged. Actually, the returns are very good Of course, the price rebound of Pol is still very weak at present, and the project team's energy is still scattered on incubating star projects and various startups. I haven't restrained my power back to my own public chain. But Pol's foundation is really, really good. Nothing is lacking, except for the discovery of the main force.