Net Issuance

Net issuance subtracts the daily burn rate from the daily issuance rate, giving the change in supply per day in token terms. A positive figure means supply is growing; a negative figure means supply is shrinking over the window measured. On Ethereum, where proof-of-stake issuance to validators runs against the EIP-1559 base-fee burn, the sign of this figure moves with congestion and can flip in either direction without any protocol change.

计算方式

(tokens created over the last 30 days - tokens destroyed over the last 30 days) / 30

易产生误导之处

It is the small difference between two large numbers measured under different conventions, so it carries the error of both series and can change sign because of a definitional choice rather than a real event. A single 30-day window is short enough that seasonal patterns in blockspace demand determine the sign, which makes any characterization of an asset as net contracting or net expanding dependent on when the reader looked. The figure says nothing about who receives newly issued tokens or whether they are sold, staked, or held. Vesting releases, which change transferable supply without changing total supply, sit inside or outside this measure depending on the provider.

与股权的类比，以及为何该类比不成立

Net share count change after issuance and buybacks. The analogy fails because both sides of the equity figure are authorized corporate actions disclosed in filings and settled in currency the company did not issue, while both sides here are automatic code behavior with no disclosure and no cash consideration.

如何解读高值或低值

A positive figure means supply grew over the window; a negative figure means it contracted. A short window's sign should not be read as a permanent property of the asset, since both components vary with network activity.