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TON 在当下这个情绪与流动性不断切换的加密周期里，L1代币的估值早已不止看技术参数，更多是多因素叠加的结果：从能在社交网络瞬间引爆关注的Meme效应，到实际使用中决定体验的链上费用与安全性，再到生态应用能否真正留住用户和资金。但最容易被忽略的，却是影响最深远的“货币溢价”——当一种资产被市场默认为价值储存手段或交换媒介时，它会天然获得额外需求，从而推升估值。这也解释了为何在2025年的行情中，BTC、SOL、TON等网络的核心资产能在波动中保持更强韧性：它们不仅是代币，更逐渐成为链上经济体系的“钱”。
价值储存与资产的流动性和去中心化直接相关，因此它并不是一个真正可行的市场推广策略。
另一方面，作为交换媒介可能更容易一些。代币可以在区块链经济中作为价值交换和衡量的方式。
这与代币在Web 2.0经济中的作用相同：
Robux是Roblox的游戏内代币，具有很高的兑换价值。
When the Meme currency became popular, people started buying SOL to participate in Meme trading. Since SOL is the default currency of the Pump.fun platform, most traders did not switch back to US dollars. Instead, they kept some SOL as a backup for emergencies. During the NFT boom in 2021, a similar situation occurred on Ethereum. Many users began using native assets for trading, effectively turning Ethereum into a medium of exchange. But does this premium still exist? No, that premium is rapidly disappearing. Users are increasingly preferring to use stablecoins for transactions. Ethereum’s dominance as a medium of exchange has diminished, while USDC and USDT are becoming more popular in terms of transaction volume and in top liquidity pools like Uniswap. For L2 platforms like Arbitrum, the situation is similar. Solana’s SOL remains the dominant medium of exchange, but USDC is closing the gap quickly. This is because Pump.fun and Raydium prefer to use SOL as their default currency, while other platforms have different opinions (for example, Meteora). Emerging platforms like MetaDAO are also setting USDC as their default currency pair.
BNB and USDT are competing with each other.
,, 
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During the 2021-2022 period, BNB dominated as the preferred medium of exchange. However, later on, USDT gained market share and surpassed BNB in terms of usage.
,Markets choose their own mediums of exchange, and stablecoins are often the top choice.
,There are no so-called “legal currencies” in the blockchain.
,Some projects use the “quoted assets” strategy, where their own tokens serve as the medium of exchange. For example, Zora and Virtuals do this. In reality, this increases the transaction fees for users and projects, but it has little impact on the price of the tokens themselves. Ecosystem tokens can also try similar strategies through asset issuance platforms that use specific tokens for quoting prices. However, this may not be cost-effective.
,, The user experience and liquidity in the blockchain market are continuously improving. The previous issue of currency overpricing was due to a lack of choices and insufficient liquidity. The next billion users will use the same mediums of exchange as in real life, such as USDC, EUR, etc. ,
