Somnia is working on creating an innovative on-chain virtual society, where the key to its success lies in the design of the economic cycle rather than merely the speed of transaction processing. The SOMI Token plays multiple roles in this ecosystem, including paying for gas fees, providing incentives, and participating in governance.

It is particularly noteworthy that it has a unique 'behavior mining' mechanism. Various interactions by users on the platform, such as minting, trading, social interactions, etc., can trigger small rewards. The funding for these rewards comes from the distribution of system transaction fees: 50% is burned, 30% is used for validator rewards, and the remaining 20% is returned to the ecological incentive pool. This design directly links token demand with user activity, allowing ordinary users to continuously receive rewards.

However, this mechanism also faces challenges. In the early stages, on-chain transaction volume may not be sufficient to support large-scale content creation, which may lead to difficulties in launching the ecosystem. To address this issue, the foundation has established an initial incubation fund of 250 million SOMI for ecosystem subsidies in the first two years. However, it is important to note that token unlocks are concentrated in the 12-24 month period, which may pose risks of a surge in circulation and inflationary pressure.

In terms of governance, Somnia adopts a bicameral system: token holders and active users (identified through identity NFTs) have different voting weights. Major decisions require a majority from both chambers to pass. Additionally, a 7-day decision delay period and a voting snapshot mechanism are established to mitigate sudden governance risks. This model, while increasing the voice of active users, may also prolong the decision-making cycle, posing both opportunities and challenges for a gaming ecosystem that requires rapid iteration.

In terms of the market, Somnia faces dual competitive pressures from traditional metaverse projects and emerging vertical chains. To demonstrate the feasibility of its 'high-speed chain + economic closed-loop' model, Somnia needs to launch a benchmark application with high daily active users in the short term.

At the same time, policy risks cannot be ignored. Virtual identities and Token reward mechanisms may be interpreted by regulatory agencies as involving securities or gambling nature, which may affect their compliance in certain regions.

Overall, the value capture path of SOMI is clear, but its success is highly dependent on the scale of the ecosystem and ongoing incentive capabilities. Investors need to closely monitor the token unlocking progress, the speed of application implementation, and relevant regulatory dynamics to assess its long-term development potential.