币界网报道：Binance Research Institute released a report pointing out that the token model has undergone multiple iterations. In the ICO era, only 15% of projects were listed on exchanges, and 78% were scams, but it gave birth to high-quality projects such as Aave. Liquidity mining began with Synthetix and was later adopted by Compound and Yearn Finance, but the utility of governance tokens failed to continue. The multi-token model was difficult to implement in Axie Infinity and Helium, and eventually returned to a simplified model. The surge in private financing in 2021-2022 led to a decrease in token circulation. Recently, projects have begun to increase circulation and reduce FDV. Platforms such as Hyperliquid have led the token repurchase trend and have destroyed tokens worth $8 million. The ICM platform Believe has simplified the token issuance process, but the market is still dominated by speculation, and more than 27,000 tokens have been issued. Overall, the token economy is still exploring a more sustainable development model.