In the evolving domain of cryptocurrency markets, accurate token valuation remains a critical aspect influencing investment decisions and policy development. Whilst the prevailing equation of exchange pricing model offers a quantitative valuation approach based on the interplay between token price, transaction volume, supply, and either velocity or holding time, it exhibits intrinsic shortcomings. Specifically, the model may not consistently delineate the relationship between average token velocity and holding time. This paper aims to refine this equation, enhancing the depth of insight into token valuation methodologies.

翻译：在加密货币市场不断演变的领域中，准确的代币估值仍然是影响投资决策与政策制定的关键要素。尽管主流的交易方程式定价模型提供了一种基于代币价格、交易量、供给以及流转速率或持有时间之间相互作用的定量估值方法，但其仍存在固有缺陷。具体而言，该模型可能无法始终一致地阐明平均代币流转速率与持有时间之间的关系。本文旨在完善此方程式，以深化对代币估值方法的洞察。