加密貨幣，區塊鍊和未來：導航後啟動景觀

探索加密貨幣的不斷發展的作用，區塊鏈的擴散以及決定其在加密未來中長期生存能力的關鍵因素。

Crypto TGEs, Blockchains, and the Future: Navigating the Post-Launch Landscape

加密貨幣，區塊鍊和未來：導航後啟動景觀

The crypto landscape is buzzing with token generation events (TGEs) and a growing number of blockchains. But are these launches setting the stage for lasting innovation, or are they just exit ramps for founders? Let's dive into the current trends and future outlook.

加密景觀隨著象徵性的一代活動（TGE）和越來越多的區塊鏈而嗡嗡作響。但是，這些發射是為持久創新奠定了基礎，還是只是為創始人退出坡道？讓我們深入了解當前的趨勢和未來的前景。

The Rise of 'Orphan Chains' and Founder Departures

“孤兒連鎖店”和創始人出發的崛起

A worrying trend has emerged: founders leaving their projects soon after TGEs. Instances like Jason Zhao's departure from Story Protocol and Mo Shaikh's resignation from Aptos have sparked debate about the true intentions behind these token launches. Is the goal long-term growth, or simply a quick payday?

出現了令人擔憂的趨勢：創始人在TGES之後不久離開了項目。諸如傑森·趙（Jason Zhao）脫離故事協議和莫·謝赫（Mo Shaikh）辭職之類的實例引發了有關這些代幣發射背後的真正意圖的辯論。目標是長期增長，還是僅僅是快速發薪日？

Brian Huang, co-founder of Glider, points out that a token launch should be the *start* of a project, not the end. Sterling Campbell from Blockchain Capital suggests reasons for departure can include fatigue or the realization that product-market fit isn't there. Vesting schedules, intended to stagger insider sales, haven't entirely quelled concerns, especially when a founder exits a multimillion-dollar project soon after launch.

Glider的聯合創始人Brian Huang指出，令牌發布應該是項目的“開始”，而不是目的。區塊鏈資本的斯特林·坎貝爾（Sterling Campbell）提出出發的原因可能包括疲勞或意識到產品市場擬合度不存在。歸屬時間表，旨在交錯內幕的銷售，並沒有完全平息問題，尤其是當創始人在發布後不久就退出了數百萬美元的項目時。

Too Many Blockchains? A Question of Utility

區塊鏈太多？實用程序的問題

The sheer volume of TGEs raises the question: do we really need more blockchains? Annabelle Huang of Altius Labs suggests that while general-purpose chains might be oversaturated, there's still room for networks built for specific use cases. Projects like Hyperliquid, which gained traction by building a derivatives exchange *before* launching its own chain, exemplify this approach.

巨大的TGE提出了一個問題：我們真的需要更多的區塊鏈嗎？ Altius Labs的Annabelle Huang建議，儘管通用連鎖店可能過飽和，但仍有用於特定用例的網絡空間。諸如Hyperliquid之類的項目通過在 *推出自己的鏈條之前通過建立衍生品交換來獲得吸引力，並體現了這種方法。

The Venture Capital Conundrum

風險資本難題

It's less clear why venture capital continues to flow into new chains, especially as performance levels become increasingly similar. Networks with established distribution might hold more appeal, while corporate-led chains from companies like Stripe and Robinhood could accelerate mainstream adoption – though potentially diluting the ethos of permissionless networks.

目前尚不清楚為什麼風險資本繼續流入新的連鎖店，尤其是隨著績效水平越來越相似。具有既定分銷的網絡可能會更具吸引力，而諸如Stripe和Robinhood等公司的公司主導的連鎖店可能會加速主流採用，儘管有可能稀釋無許可網絡的精神。

TGEs and Vesting: A Balancing Act

TGES和歸屬：平衡行為

Vesting terms are public, and investors should be aware of the risks. However, the sheer volume of tokens scheduled to unlock by 2030 ($155 billion, according to a Binance Research report) creates a constant uphill battle for genuine supporters. The pressure from token unlocks risks adding persistent selling pressure to the market.

歸屬條款是公開的，投資者應意識到風險。但是，原定於2030年解鎖的龐大的代幣（根據Binance Research報告，1550億美元）為真正的支持者造成了一場不斷的艱苦的戰鬥。代幣的壓力釋放了風險，增加了持續的銷售壓力。

PayPal Expands its Stablecoin Reach

PayPal擴大其穩定範圍

PayPal's stablecoin, PYUSD, is making moves to increase its availability across different blockchains. Integrating with LayerZero, PYUSD will be available on eight additional blockchains, including Tron, Avalanche, and Sei. The creation of PYUSD0 provides a permissionless version of the token on these networks, fully fungible and interoperable with native PYUSD.

PayPal的Stablecoin Pyusd正在採取行動，以增加不同區塊鏈的供應性。與layerzero集成，Pyusd將提供八個其他區塊鏈，包括Tron，Avalanche和SEI。 PYUSD0的創建提供了這些網絡上的代幣的無許可版本，該網絡與本機Pyusd完全易於訪問且可互操作。

The Future: Usage Beyond the Launch

未來：超越發布的用法

Ultimately, the success of a blockchain hinges on its ability to demonstrate durable usage beyond the initial hype. Unless projects can prove their long-term value, the cycle of inflated valuations, early exits, and fading blockchains is likely to persist. The industry needs to shift its focus from TGEs as mere fundraising mechanisms to TGEs as the foundation for thriving, useful ecosystems.

最終，區塊鏈的成功取決於其在最初炒作以外表現出耐用用法的能力。除非項目能夠證明其長期價值，否則估值，提前退出和褪色區塊鏈的周期可能會持續存在。該行業需要將其重點從TGES轉變為僅僅是籌款機制，以作為蓬勃發展，有用的生態系統的基礎。

So, what's the takeaway? The future of crypto lies not just in launching new chains, but in building lasting value and utility. It's time to move beyond the quick wins and focus on creating projects that truly matter. Now, if you'll excuse me, I'm off to ponder the mysteries of blockchain over a strong cup of coffee. Cheers!

那麼，收穫是什麼？加密的未來不僅在於推出新的連鎖店，還在於建立持久的價值和實用性。現在是時候超越快速勝利並專注於創建真正重要的項目了。現在，如果您能原諒我，我要考慮一下大塊咖啡上的區塊鏈的奧秘。乾杯!