Token, as the smallest semantic unit for information processing in generative artificial intelligence, is evolving from a technical concept into a core value carrier of the intelligent economy. Based on the techno-economic paradigm theory, this paper defines the conceptual connotation and techno-economic characteristics of the Token economy, and systematically reviews its development trajectory from germination, explosion, to diffusion. This paper finds that the orderly operation of the Token economy follows four fundamental laws: The super-growth law driven by decreasing marginal cost and price elasticity of demand. It forms a positive feedback loop of “cost reduction-price decline-demand surge-exponential growth in invocation volume-further cost amortization”, driving a super-exponential expansion of Token invocation. The super-linear returns law resulting from the overlapping effects of economies of scale and scope. Significant economies of scale arise from improved batch processing efficiency, optimized cluster scheduling, and fixed cost amortization, while economies of scope emerge from multimodal tasks sharing underlying computing resources and operation and maintenance systems. The deep coupling of the two makes the growth rate of returns far exceed that of factor inputs. The differentiation law of “Token efficiency” driven by long-tail applications. The user value created by a unit Token varies significantly across different scenarios, thereby promoting price stratification, the rise of prompt engineering, and a transformation of enterprise budget management models. The circular reinforcement law of the data-token-value cycle, forming a flywheel effect of “more invocations-more interaction data-better models-higher Token efficiency-further stimulation of invocations”. The four fundamental laws are interwoven, mutually reinforcing, and deeply coupled, jointly forming a complete dynamic system for the development of the Token economy. Currently, China has achieved a globally leading scale of Token invocation, but faces prominent problems such as low pricing, security, and compliance issues, particularly three major structural constraints: fragmented data backflow, infrastructure mismatch, and lack of brand recognition. To achieve healthy and sustainable development of the Token economy, it is necessary to take data elements as a core lever, build a robust data infrastructure support system, establish Token efficiency evaluation and data incentive mechanisms, foster a global ecosystem for computing power scheduling and cost optimization, establish a whole-chain governance system for the Token economy, build data mutual trust and overseas expansion guarantee mechanisms, and shape new international competitive advantages for Chinese Tokens, thereby promoting the Token economy’s transition from super-growth to high-quality development.