為什麼羊駝金融失敗？

2025年5月26日，羊駝金融（Alpaca Finance）是一項著名的分散融資（DEFI）協議，以其BNB鏈上的槓桿產量農業而聞名，宣布決定減少運營。

DeFi protocol Alpaca Finance, known for leveraged yield farming on BNB Chain, is shutting down after four years. The protocol announced the closure on May 26, stating that it had made the decision to "safeguard our community and ensure a graceful and secure wind-down."

Defi協議羊駝金融，以BNB鏈上的槓桿產量耕種而聞名，在四年後關閉。該協議於5月26日宣布關閉，並指出它已決定“保護我們的社區並確保優雅而安全的風力”。

The team explained that the protocol had been facing financial difficulties due to consistent losses, macroeconomic challenges, and a competitive DeFi landscape.

該小組解釋說，該協議由於持續的損失，宏觀經濟挑戰和競爭性偏見而面臨財務困難。

Alpaca Finance's closure will impact users who had invested in the protocol's token or participated in its programs, as well as the broader DeFi ecosystem, which is losing a familiar platform for leveraged yield farming.

羊駝金融的關閉將影響投資於該協議令牌或參與其計劃的用戶以及更廣泛的Defi生態系統，該系統正在失去一個熟悉的槓桿產量養殖平台。

Why Did Alpaca Finance Fail?

為什麼羊駝金融失敗？

Alpaca Finance's closure was announced after "extensive internal deliberation" and considering possible paths forward.

羊駝金融的關閉是在“廣泛的內部審議”之後宣布的，並考慮了可能的道路。

The protocol's blog post elaborated on the reasons for shutdown, mentioning that the team had evaluated several options but ultimately decided to wind down Alpaca Finance in a manner that prioritizes safeguarding the community and ensuring a graceful and secure wind-down.

該協議的博客文章詳細闡述了關閉的原因，提到該團隊已經評估了幾種選擇，但最終決定以優先考慮保護社區並確保優雅而安全的防風的方式來減少羊駝般的融資。

The protocol's statement explained the difficulties it faced in recent months, including consistent financial losses, which are a common challenge for DeFi protocols in an increasingly competitive landscape, especially in the current macroeconomic climate.

該協議的聲明解釋了近幾個月來遇到的困難，包括一致的財務損失，這對於競爭日益激烈的格局中的Defi協議來說是一個普遍的挑戰，尤其是在當前的宏觀經濟氣候中。

Alpaca Finance's struggles were also evident in the plummeting Total Value Locked (TVL) on DefiLlama. While the protocol enjoyed a peak TVL of over $900 million in early 2022, this figure had dropped to $54.6 million by May 2025, showcasing a loss of user trust and engagement as yield farmers moved to more stable or innovative platforms.

羊駝金融的掙扎在Defillama上的總價值（TVL）中也很明顯。儘管該協議在2022年初享有超過9億美元的高峰電視，但到2025年5月，這一數字已降至5460萬美元，展示了用戶信任和參與度的損失，因為產量農民搬到了更穩定或更穩定或創新的平台。

Furthermore, Binance's delisting of the ALPACA token in May 2025 dealt a "major blow" to the project, rendering it unable to attract new users or pursue new initiatives, effectively stunting its growth.

此外，Binance在2025年5月對羊駝令牌的推薦造成了對該項目的“重大打擊”，使其無法吸引新用戶或追求新計劃，從而有效地阻止了其增長。

The team also noted in their announcement that the protocol struggled to adapt to evolving market conditions, such as the rise of newer, more efficient DeFi platforms that offered better yields with lower risks.

該團隊在宣布的消息中還指出，該協議努力適應不斷發展的市場狀況，例如更新，更高效的Defi平台的崛起，這些平台提供了更好的產量，風險較低。

Internal challenges played a role as well. Despite being a fair-launch project with no pre-sale or pre-mine, Alpaca Finance failed to maintain a sustainable tokenomics model.

內部挑戰也發揮了作用。儘管是一個沒有預售或預售的公平啟動項目，但羊駝金融未能維持可持續的代幣學模型。

The combination of a collapsing token price, low trading volume, and dwindling TVL became a double-edged sword that ultimately brought down the project.

倒塌的代價價格，低交易量和減少TVL的結合成為一把雙刃劍，最終降低了該項目。

The Pump-and-Dump Drama: A Calculated Exit Strategy?

泵送戲劇：計算出的退出策略？

Before its closure, Alpaca Finance was a subject of interest due to its token's dramatic price surge.

在關閉之前，羊駝金融是由於代幣的巨大價格漲幅而引起了人們的關注。

The ALPACA token shot up by 700% following Binance's delisting announcement in April 2025, reaching a notable high before its eventual crash. This pump was largely driven by a short squeeze, where traders who had bet against the token were forced to buy back at higher prices, further fueling the rally.

在2025年4月Binance的宣布宣布之後，羊駝的代幣猛增了700％，在最終墜毀之前達到了顯著的高點。該泵在很大程度上是由短暫的擠壓驅動的，在那兒，對代幣押注的交易者被迫以更高的價格回購，進一步加劇了集會。

However, this massive pump raised red flags. The price surge occurred despite a lack of fundamental developments, with the project canceling token issuance and burning some tokens to reduce the circulating supply, an artificial attempt to "squeeze" the price upward. As a user sarcastically remarked, "What’s the point of burning tokens if you’re just going to shut down?"

但是，這種巨大的泵增加了紅旗。儘管缺乏基本的發展，但價格飆升仍發生了，該項目取消了令牌發行並燃燒一些令牌以減少循環供應，這是人為地“擠出”價格上漲的人為嘗試。正如用戶諷刺的那樣，“如果您要關閉，燃燒令牌有什麼意義？”

This sentiment reflects a broader suspicion: the pump may have been orchestrated to allow insiders or large holders to dump their tokens at a profit before the shutdown.

這種情緒反映出更廣泛的懷疑：該泵可能已經精心策劃，以允許內部人或大型持有人在關閉之前以利潤傾倒其令牌。

This hypothesis was confirmed by the subsequent 30% price drop to $0.112 within 24 hours of the closure announcement, with a market cap of $17 million. At its all-time high (ATH) of $8.78, ALPACA's current price represents a staggering 99% decline, leaving retail investors feeling betrayed.

隨後的30％的價格在關閉公告後的24小時內降至0.112美元，市值為1700萬美元，證實了這一假設。羊駝目前的價格在其歷史最高的8.78美元（ATH）上，代表著驚人的99％下降，使散戶投資者感到被背叛。

The pump-and-dump pattern suggests a lack of long-term vision. The absence of a clear roadmap post-pump indicates that the price surge was likely a calculated move to maximize profits before exiting, rather than a genuine effort to revive the project.

泵送模式表明缺乏長期視力。缺乏明確的路線圖後泵表表明，價格上漲可能是在退出之前最大化利潤的計算措施，而不是真正的努力來恢復項目。

This behavior has sparked discussions about the ethics of such actions in DeFi, with users labeling the team "scammers, criminals."

這種行為引發了關於Defi中此類行動的道德的討論，用戶將團隊標記為“騙子，罪犯”。

This incident has put other DeFi tokens under scrutiny. Projects like Beefy Finance (BIFI), which also operates in the yield farming space on BNB Chain, may face similar risks if they cannot adapt to market shifts. Similarly, smaller DeFi tokens that Binance extends the Monitoring Tag to may follow ALPACA's trajectory if they fail to innovate or maintain user trust.

該事件使其他Defi令牌受到審查。諸如BNB連鎖店的產量耕種領域也運營的Beefy Finance（BIFI）之類的項目，如果無法適應市場變化，則可能面臨類似的風險。同樣，如果Binance將監視標籤擴展到較小的Defi令牌，則如果無法創新或維護用戶信任，則可能會遵循羊駝的軌跡。