To understand why the token XPL of a certain public chain ecosystem can continuously receive value support, one must first clarify its dual identity.

**It is not only a pass but also a security anchor for the network.**

Looking at the validators' side makes this clear. They must stake a considerable amount of XPL to be qualified to package transactions on the sub-chain. What does this mean? The token's value is directly linked to the network's processing capacity. The more frequent the transactions in the ecosystem, the more validators are needed, the more XPL is staked, and the fewer tokens are circulating in the market—this creates a natural deflationary pressure.

Network activity and token scarcity form a positive feedback loop: transaction growth → increased staking demand → tokens are locked → price is pressured upward → participants' earnings expectations improve.

Now, consider the game design at the incentive layer. Validators' income comes from two sources: XPL network rewards and transaction fees. But there is a strict constraint—malicious behavior results in Slashing, which means confiscation of XPL. The cleverness of this design lies in: honest validators' long-term accumulated earnings will inevitably surpass the gains from a single malicious act. Rational participants will naturally choose to follow the rules.

The user side is also integrated into this economic system. Holding XPL or paying transaction fees with XPL can receive fee discounts and higher network security guarantees. Tokens thus become carriers of security premiums.

The brilliance of the entire ecosystem lies in this self-reinforcing cycle: XPL appreciation → increased cost of malicious behavior → enhanced network security → attracting more users to participate → increased transaction volume and fees → further supporting the earnings of token holders.

In simple terms, this design ensures that the token's value is not generated out of thin air but is rooted in the demand for network security and the incentives for long-term participants. The technical layer, economic layer, and incentive layer support each other, forming a self-evolving ecosystem.