Without accumulating small steps, one cannot reach a thousand miles; without accumulating small streams, one cannot form rivers and seas." In the crypto world, any project that issues coins must face the issue of tokenomics. Whether it is a native coin, a governance coin, an application coin, or an exchange token, tokenomics can be said to be one of the most important indicators for understanding the operational status of a project. In the Web3 world, the emphasis is on decentralized governance and transparency of information, with the ultimate goal of achieving a trustless mechanism. However, in fact, the vast majority of projects still require a team to operate. As long as there is a team, it is difficult to achieve complete decentralization; and as long as true decentralization has not been reached, there will inevitably be a need for 'trust' to exist. This is the gap between ideals and reality. Except for Bitcoin, almost no project can truly achieve complete decentralization. Of course, not being fully decentralized does not mean the project is unsuccessful. Decentralization is just a core element of Web3, but has never been the only measure. Different projects must face their communities, and facing the community means bearing the responsibility (which may also be an incentive) for openness and transparency in information to gain the community's trust. Are the management team and key figures publicly identifiable? Is the development roadmap and its progress clear and traceable? Is the community interaction on social media sincere and credible? These are all hard indicators that the crypto world has learned through experience over the years. Among these, the most critical is still the development of the token linked to the project; and in the development process, the easiest to quantify and most frequently compared is tokenomics. The value of the token can be seen as a bridge connecting the project party and the community. The project party can package the team in a dazzling way and describe the roadmap vividly, but the value of the token is ultimately the most real reflection. The rise or fall of the token price has the most direct impact on both the project party and the community. Is the tokenomics designed to be inflationary or deflationary? Is the issuance quantity limited or unlimited? What proportion does the project party occupy, and how long is the lock-up period? All these will directly affect the market value of the token, and the market capitalization of the token reflects the operational situation of the project party. The traditional financial market is actually the same. When a listed company announces that it will not pay the final dividend that year—no matter how much the management promises business stability, investors will reassess the actual operational situation from the perspective of corporate financial strategy. Corporate stock buybacks, bond issuance, rights issues, treasury stock investment strategies, etc., are essentially the predecessors of tokenomics, and the analytical logic is actually quite similar, so there is no need to elaborate on each one. Gate destroys GateToken every quarter. When I saw this in the early years, I only thought it was a set of announcement data, to be honest, I didn't feel much. After all, this is not a major reform, nor is it an epoch-making new product; it is just a long-term commitment we achieve every season. But later I gradually realized that this matter is actually very crucial—it is one of the indicators that many Gate supporters and investors value the most. This trust comes not only from various promotions but also from this simple and stable fulfillment that can withstand the test of time. If you have also been following the announcements of Gate destroying GT every season, please remember this article. In the crypto world, there has never been a shortage of project parties and tokenomics that jump back and forth and fail to deliver on promises.