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PoL v2 reshapes the value model of public chains, Mainnet Token gains 33% ecological revenue.
PoL v2: A Milestone in Restructuring the Value Model of Public Chains
1. Core Breakthrough of PoL v2: Building a Value Closed Loop for Mainnet Assets
Traditional public chains have long faced the "mainnet asset dilemma"—mainnet tokens, while serving Gas and consensus functions, find it difficult to directly capture the growth of ecological value. The PoL (Proof of Liquidity) mechanism of a certain public chain attempts to solve this problem through chain-level incentive redistribution. The key iteration in version 2 is: 33% of DApp incentives are shifted from governance token stakers to mainnet token stakers. This adjustment marks a paradigm shift in the value model of mainnet assets.
PoL v1.0 has successfully driven the growth of ecological TVL (according to data platform statistics, the TVL of this public chain's mainnet surpassed 1.2 billion USD within 3 months of its launch), but the incentive dividends mainly flow to governance tokens and their derivatives. The v2 version introduces a "dual-channel allocation" (67% governance tokens / 33% mainnet tokens), allowing mainnet token holders to gain protocol-level earnings without participating in complex DeFi strategies, essentially completing the upgrade from "Gas tokens → yield assets."
2. The Ingenuity of Mechanism Design
Non-inflationary returns: v2 has not introduced new token emissions, but instead restructured existing incentive flows to enable mainnet tokens to obtain chain-level cash flow. According to data statistics, approximately $50,000 to $120,000 in incentives are currently injected directly into the mainnet token staking pool each week, creating sustained buying pressure.
Governance Token Ecological Niche Protection: Retain 67% of incentives for governance token stakers, which not only maintains the incentive leverage effect of the project party "1 dollar → 1.x dollars" but also avoids triggering liquidity runs by governance token holders.
Triple positive feedback loop:
3. Potential Impact of Market Structure
Ordinary users now only need to stake the mainnet tokens to earn two types of rewards:
Compared to other L1s that require users to provide liquidity or participate in governance, this public chain's "staking for rewards" model significantly lowers the participation threshold.
The project team can utilize the profit attributes of the mainnet token to design new mechanisms, for example:
The current market cap/TVL ratio of this public chain is 0.31, which is significantly lower than other emerging public chains. As the mainnet token gains chain-level revenue capabilities, its valuation logic may transition to "discounted cash flow":
Theoretical Market Cap = ( Chain Annual Income × Price-Earnings Ratio ) + ( Gas Demand × Inverse of Circulation Velocity )
Based on the current weekly incentive of 100,000 USD, an annualized income of 5.2 million USD corresponds to a 20 times PE, implying a valuation of 104 million USD, not yet accounting for Gas consumption and future income growth.
4. Risks and Challenges
Short-term gaming risk: Some governance token stakers may shift to other ecosystems due to incentive dilution.
Complexity of mechanisms: Ordinary users still need to understand the interaction between PoL, governance tokens, and mainnet tokens.
Regulatory gray area: The compliance of the incentive mechanism has yet to be tested.
V. Industry Insights: L1 Competition Enters the Deep Waters of Value Distribution
The exploration of this public chain reveals a trend: the competitive focus of the next generation of public chains is shifting from TPS/low Gas prices to value distribution efficiency. While some public chains distribute profits through DAOs and attempt to support prices with MEV buybacks, PoL v2 demonstrates a more native solution—directly injecting ecological value into the main coin through protocol layer design.
If this model can continue to be validated, it may inspire imitation from other L1s. After all, in the current context where the liquidity mining rewards are diminishing, the question of "how the chain can create real demand for itself" has become a key proposition that determines the life and death of a project. The answer given by this public chain is: let the main coin be the primary beneficiary of ecological prosperity.