Deep Tide TechFlow message: On July 18, Wei Liang, Deputy Director of the China Academy of Information and Communications Technology, said that China’s average daily Token call volume has surged from about 100 billion at the beginning of 2024 to 140 trillion at the end of March 2026, growing more than a thousandfold. Agents are driving the emergence of an entirely new economic form—“Token economy.” In Chinese, “Token” is called a “token unit,” an important unit used by large models to process information and measure the cost of model calls. Its growth rate is the most direct barometer of industrial development. In the age of agents, a single user instruction may trigger multiple rounds of model calls and resource consumption, directly spurring an explosion in demand for AI computing power. With large-scale adoption of agents, a series of new models surrounding Token measurement, scheduling, pricing, and trading are taking shape.