The token economic design of distributed storage protocols often determines their long-term viability. Taking a leading storage protocol as an example, its native token achieves multi-dimensional functionality integration.

First is the security aspect. Storage nodes must lock a certain amount of tokens as collateral, directly establishing an economic penalty mechanism—when data becomes unavailable or service quality declines, the staked tokens are forfeited. This constraint compels node operators to maintain infrastructure diligently and discourages cutting corners.

Second is governance rights. Token holders participate in decision-making through voting, influencing everything from storage pricing to network parameter upgrades, all driven by community consensus. This breaks the limitations of centralized decision-making but also requires the governance mechanism itself to be robust.

The third pillar is incentive design. Honest nodes receive stable reward income, with earnings linked to actual service quality. This not only ensures the network's sustainable operation but also provides participants with clear expectations.

From a macro perspective, the staking mechanism locks up circulating tokens, reducing sell pressure. As protocol usage increases, more people need to stake tokens to participate, forming a self-reinforcing cycle. However, evaluating whether this model is truly effective depends on several key indicators: how high the current staking rate is, whether penalties are enforced strictly, and the actual participation rate in governance voting. In the long run, whether security, decentralization, and network scalability can be balanced remains to be validated over time.