11 小時前
Something fundamental changed in Arweave's tokenomics in 2025.
Here is why $AR is grossly undervalued based on pure math:
Arweave uses an "endowment" mechanism: 80% of all storage fees get locked forever. 20% incentives paid to miners. This has been true since genesis (2018).
But 2025 was different...
2024:
- New AR minted: ~140K/year
- AR locked in endowment: ~100K/year
- Net: +40K circulating supply
2025:
- New AR minted: ~135K/year
- AR locked: ~119K/year
- Net: +16K (88% reduction)
Meanwhile, demand is accelerating:
Storage growth (last 10 months): 220 TiB to 336 TiB (+53%)
Feb 2025 ATH with 16.95 TiB uploaded in ONE MONTH (3x year-over-year)
More demand + shrinking supply = ?
The market is pricing $AR like it's 2023.
But the tokenomics fundamentally shifted in 2025. This change is sustainable because:
- Fixed supply
- Accelerating demand
- Deflationary mechanism
- Permanent storage moat
- This is not getting enough attention.
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