Token Issuance Rate

New tokens enter existence through specific, nameable mechanisms: a proof-of-work block subsidy paid to miners, proof-of-stake rewards paid to validators and their delegators, scheduled releases from vesting contracts, and mints authorized by governance. This metric averages gross creation over a trailing window to give a daily rate. It is the gross figure, before any burn mechanism is netted off, and it is measured in tokens rather than dollars so that it is unaffected by price.

计算方式

tokens created over the last 30 days / 30

易产生误导之处

Providers differ on whether vesting releases count as issuance: those tokens already exist and are simply becoming transferable, so a source that includes them measures something different from one that counts only protocol-level minting. On proof-of-stake chains the reward rate varies with how much of the supply is staked, so a 30-day average is already stale when the staking ratio is shifting. Issuance paid to validators who immediately restake never reaches any market, and this figure cannot distinguish that from issuance that is sold. Chains that pay rewards in a separate liquid staking derivative complicate the count further, since the underlying tokens and the derivative can both appear in supply data.

与股权的类比，以及为何该类比不成立

Share issuance under an employee stock plan or at-the-market program. The analogy fails because equity issuance requires board authorization, is disclosed in filings, and delivers cash or labor to the company in exchange, whereas token issuance happens automatically under code and delivers nothing to any balance sheet.

如何解读高值或低值

A higher daily figure means more new tokens are being created; a lower one means fewer. To compare across assets, read it against circulating supply as an inflation rate rather than in absolute token counts.