Pardon the headline rhetoric, but the Polkadot token economy is in desperate need of change and the current mechanism is endangering the ecosystem.

Crowdloan

DOT Holders

• Lend out DOT and lose only two years of liquidity in exchange for project tokens
• Project selection is not based on project fundamentals, only on which project gives more tokens
• If you get project tokens at 0 cost, they have no value in the user's mind and you will only sell them as soon as possible to cash out, and you will make money if you sell as much as you can
• Project tokens at 0 cost have no value, and other investors are not willing to take over, so they will be cut off no matter how much they take over.
• If the project tokens are not listed on the exchange, they will eventually become air money, and those who participate in the crowd lending will cry out that they have been duped and will never participate in crowd lending again.

Project side

• Borrowing DOT, bidding for all the slots, and distributing project tokens to the lenders, with no income and backdated?
• Ultimately, projects are made to make money, and project owners need to survive, they need funds for the initial start-up of the project, but to do Polkadot projects and have to pay back money?
• If the project owner does not have the funds to market their tokens, the value of the project tokens will be zero.
• The slot auction mechanism is extremely damaging to the project owner and only squeezes the project owner's capital, which is not beneficial to the project's subsequent development
• When the slot is renewed for the second time, the project may face no tokens to issue and will not be able to compete with new coin projects for the parallel chain slot, and will eventually be eliminated

Eco

• DOTs are either pledged or locked up in crowdsourced loans and have no liquidity needs
• Project tokens have no value relative to DOT, which means there is no demand for cross-chain exchange, and no projects like Uniswap will be created
• Without consumption, there is no revenue, and no economic benefits, and eventually the ecology will lose users and die

Crowdfunding

DOT holders

• Pay DOT in exchange for project tokens, which should be an investment in the first place
• Consider the fundamentals of the project when choosing a project, carefully screen quality projects for investment, and do not invest in junk projects
• The project tokens are bought with DOT and have value in the user's mind, they will cherish the chips in their hands and will not sell below cost unless they are disappointed with the project
• Project tokens have a certain value and other investors may be willing to take over these chips at a lower level
• Project tokens do not need to be listed on an exchange, as long as they are exchanged for DOT via Polkadot across chains, they can be cashed out on the exchange, which creates the demand for cross-chain trading

Project side

• Revenue DOT, partly to pay for the use of the card slot, partly for the project start-up capital, solving the project side's income problem
• Distributes project tokens to investors, project owner raises DOT and both parties get what they need
• The revenue DOT and project tokens can be formed into LP trading pairs and marketed on decentralised exchanges to stabilise the value of the project tokens, while also increasing the TVL of exchanges within the ecosystem
• Parallel chain slots can be a good way to help project owners control costs if they switch to a rental system. Polkadot can increase the rent if competition is fierce
• Project owners can use the profit buyback DOT to renew the parallel chain lease

Eco

• The role of DOT is no longer only to lock, but to become a bridge of value in the ecology, which will keep flowing in the ecology
• The value of the project token is anchored in the DOT, and the demand for cross-chain exchange will increase, which will promote the emergence of financial derivatives in the ecology
• If there is consumption, there will be income and economic benefits, users will increase and the ecology will live on

What Polkadot is now trying to change

• Replace the crowd-lending mechanism with crowd-funding
• Change the parallel chain "auction-locked token system" to a "rent system", where rents can be auctioned if competition is fierce
• Change the source of pledge rewards, stop inflation, pledge rewards should come from parallel chain rents
• Incentivise DOT holders to participate more in project crowdfunding to support eco-project development, instead of the current incentive to lock in DOT flows

Sorry, my English is not good, the above are all AI translations, here is the original Chinese

众贷

DOT持有者

• 借出DOT，仅损失两年流动性，换取项目代币
• 项目选择不看项目基本面，只看哪个项目给的代币多
• 0成本获得项目代币，在用户心里上是没有价值的，拿到手后只会尽快卖出套现，卖多少都是赚
• 0成本项目代币没有价值，其它投资者接手意愿不强，多少接都是被割
• 如果项目代币未上交易所，最终变成空气币，参与众贷者大呼上当，从此不再参与众贷

项目方

• 借入DOT，全部竞拍卡槽，还要给借出人分发项目代币，无收入还要倒贴?
• 做项目最终是为了赚钱，项目方也需要生存，项目初始启动需要资金，但做Polkadot项目还要倒贴钱？
• 项目方没有资金来做市自己的代币，项目代币价值就等于0
• 卡槽竞拍机制对项目方伤害极大，只会压榨项目方的资金，对项目后续发展没有任何好处
• 在第二次续拍卡槽时，可能面临无代币可发，无法与新发币项目竞争平行链卡槽，最终被淘汰

生态

• DOT不是在质押，就是在众贷锁定，没有流动需求
• 项目代币相对于DOT没有价值，也就是没有跨链交换需求，也就不会产生类似Uniswap这样的项目
• 没有消费，就没有收入，也就没有经济效益，最终失去用户，生态走向死亡

众筹

DOT持有者

• 支付DOT，换取项目代币，这原本就应该是一笔投资
• 选择项目时要考虑项目基本面，仔细甄别优质项目进行投资，垃圾项目不投
• 得到的项目代币是用DOT买来的，在用户心里上是有价值的，会珍惜手中的筹码，除非对项目失望，一般不会低于成本价卖出
• 项目代币是有一定价值的，其它投资者可能会有意愿在低位接手这些筹码
• 项目代币不需要上交易所，只要通过Polkadot跨链交换成DOT，就可以在交易所套现，这就催生出了跨链交易的需求

项目方

• 收入DOT，一部分支付卡槽使用费用，一部分用于项目启动资金，解决了项目方的收入问题
• 给投资者分发项目代币，项目方募集到DOT，双方可取所需
• 可以将收入的DOT与项目代币组成LP交易对，在去中心化交易所做市，稳定项目代币价值，同时也增加了生态内交易所的TVL
• 平行链卡槽如果改用租用制，可以很好的帮助项目方控制成本。如果竞争激烈，Polkadot可以提高租金
• 项目方可以使用盈利回购DOT来续租平行链

生态

• DOT作用不再只有锁定，而是变为生态中的价值桥梁，会不停的生态中流动
• 项目代币价值锚定于DOT，跨链交换需求会增加，会促进生态中金融衍生品的出现
• 有消费，就有收入，也就有了经济效益，用户就会增加，生态才会生生不息

Polkadot现在要改变的事情

• 将众贷机制改为众筹
• 将平行链“竞拍锁定代币制度”改为“租金制度”，如果竞争激烈，租金可以竞拍
• 改变质押奖励来源，停止通胀，质押奖励应该来自平行链租金
• 激励DOT持有者多参与项目众筹，支持生态项目发展，而不是现在激励锁定DOT流动