FDV：加密領域最具爭議的指標又回來了。這是您需要了解的內容

完全稀釋價值（FDV）是加密貨幣領域最具爭議的議題之一。但它到底是什麼？

The ‘fully-diluted value’ of tokens has become a contentious topic once more. Here's what FDV is, and why Binance’s commentary on the matter set crypto community abuzz.

代幣的「完全稀釋價值」再次成為一個有爭議的話題。這就是 FDV 是什麼，以及為什麼幣安對此事的評論引起了加密社群的熱議。

Fully-diluted value, or FDV, is a measure of a cryptocurrency’s market capitalization if all of its tokens were in circulation. It is often used to compare the relative valuations of different cryptocurrencies, as market capitalization can be distorted by the varying circulating supplies of different tokens.

完全稀釋價值（FDV）是一種衡量加密貨幣市值（如果所有代幣都在流通）的指標。它通常用於比較不同加密貨幣的相對估值，因為不同代幣的流通供應量可能會扭曲市值。

For example, Bitcoin has a fully-diluted value of around $1.3 trillion, even though its market capitalization is currently only around $700 billion. This is because there are still around 2.3 million Bitcoin that have not yet been mined and entered circulation.

例如，比特幣的完全稀釋價值約為 1.3 兆美元，儘管其市值目前僅為 7,000 億美元左右。這是因為仍有約 230 萬枚比特幣尚未被開採並進入流通。

Binance’s commentary on FDV focused on the increasing number of tokens that are being launched with a limited circulating supply and sky-high fully-diluted valuations. According to Binance Research, the total FDV of tokens launched in the first two months of 2024 is already approaching the total FDV of all tokens launched in 2023.

幣安對 FDV 的評論主要集中在越來越多的代幣上，這些代幣的流通量有限且完全稀釋估值極高。根據幣安研究院的數據，2024 年前兩個月發行的代幣的 FDV 總額接近 2023 年發行的所有代幣的 FDV 總額。

This trend has sparked concerns among some crypto enthusiasts, who argue that the eventual release of all of these tokens will put downward pressure on their price. It could also make the price of the tokens more sensitive to large or frequent trades.

這一趨勢引發了一些加密貨幣愛好者的擔憂，他們認為所有這些代幣的最終發行將對其價格帶來下行壓力。它還可能使代幣的價格對大額或頻繁交易更加敏感。

However, others have defended the high FDV of newly-launched tokens, arguing that it is a natural consequence of crypto’s strong rally earlier this year. They also point out that most new tokens listed on Binance have lost value since their listing date.

然而，其他人則為新推出的代幣的高 FDV 辯護，認為這是今年早些時候加密貨幣強勁反彈的自然結果。他們也指出，幣安上上市的大多數新代幣自上市之日起已經失去了價值。

In his essay, Cobie argues that the increasing private-market participation in new token launches is leading to a situation where retail investors are unable to profit from future growth in the price of the tokens. He also claims that a greater share of tokens’ price discovery is now taking place in private markets.

Cobie 在他的文章中認為，私人市場對新代幣發行的參與不斷增加，導致散戶無法從代幣價格的未來成長中獲利。他還聲稱，代幣價格發現的更大份額現在發生在私人市場。

This trend is evident in the diminishing returns on newly-launched tokens over the past several years. According to Cobie, it is now "impossible" to be early to new token launches.

這種趨勢在過去幾年新推出的代幣報酬遞減中表現得很明顯。 Cobie 表示，現在「不可能」提早推出新代幣。

As a form of protest, Cobie suggests that retail investors should opt out and avoid participating in new token launches.

作為抗議的一種形式，Kobe建議散戶應該選擇退出並避免參與新的代幣發行。