> For the complete documentation index, see [llms.txt](https://axon-finance.gitbook.io/axon-finance-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://axon-finance.gitbook.io/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics.md).

# 引读：价值从哪里来

> 价值捕获 = 手续费收入回购销毁。一套把真实业务增长铸进代币价值的经济设计。

前六部分讲清楚了 AXON 是什么、市场在哪、地基怎么建、PayFi 怎么落地、AI 怎么接进来、路线怎么走。本部分回答最后一个问题：**AXON 这枚代币，价值从哪里来。**

AXON 的答案是一句话：**不靠通胀补贴，靠真实业务。** 网络承载的每一笔支付、结算、信贷与 AI 代理调用，都会在链层产生真实的协议手续费收入；这些收入按比例回购 AXON 并销毁，把网络的真实增长转译为代币的稀缺与价值。这与 [3.1 价值在链层沉淀](/axon-finance-docs/part-iii-ji-shu-jia-gou/part3-architecture/3-1-why-own-l1.md) 一脉相承。

本部分的章节地图：

* **7.1** 供应与分配 —— 100 亿总量、六桶分配框架。
* **7.2** 解锁与流通曲线 —— 各桶的 vesting 与 60 个月的流通释放节奏。
* **7.3** 代币效用与通缩飞轮 —— AXON 的六大效用，以及「收入即通缩」的价值捕获飞轮。

> **口径说明**：本部分代币基础参数（总量 / 初始价 / FDV / TGE 流通 / 六桶分配 / vesting）以战略数据真相源为准，为已定稿数据。**生态桶（50%）作为单一整体桶披露**，其内部用途细分与更细颗粒度的释放安排，将在 TGE / 交易所上市时另行披露。融资各轮口径见 [7.1](/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics/7-1-supply-allocation.md)：各轮为固定认购价，不承诺二级市场价格或收益。


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