LayerZero 代幣 ZRO 空投後逆勢跑贏 ETH 和 BTC

自6月20日LayerZero備受期待的空投以來，已經過了19天，ZRO代幣的表現讓許多人感到意外。

LayerZero’s ZRO token has surprised many with its performance since the airdrop on June 20. Despite an initial sell-off, which saw the token drop from highs of $4.57 to lows of $2.48, ZRO has shown remarkable resilience and growth, especially compared to other recent launches.

自6 月20 日空投以來，LayerZero 的ZRO 代幣的表現令許多人感到驚訝。著的彈性和成長，特別是與其他近期的代幣相比。

After a sharp sell-off immediately following the airdrop, which is to be expected, ZRO has climbed steadily since, now trading at $3.93, up 40% from Friday. Not only has ZRO recovered, but it has outperformed both ETH and BTC in the same period.

空投後立即出現大幅拋售（這是意料之中的），ZRO 此後穩步攀升，目前交易價格為 3.93 美元，較上週五上漲 40%。 ZRO不僅恢復了，而且同期表現還超過了ETH和BTC。

While there’s no clear reason why the token has outperformed, one factor could be its Unrealized Gains to Circulating Market Cap Ratio. This concept was highlighted by Delphi Labs’ founder Jose Macedo on a recent episode of Unchained.

雖然該代幣表現優異的原因尚無明確，但其中一個因素可能是其未實現收益與流通市值之比。 Delphi Labs 的創辦人 Jose Macedo 在最近的 Unchained 節目中強調了這個概念。

Macedo discussed the importance of evaluating tokens based on unrealized gains, which represent the profits that have not yet been realized by early investors or the team. A lower ratio of unrealized gains to market cap indicates that less of the token’s value is tied up in unrealized profits, which can reduce selling pressure when tokens unlock.

Macedo 討論了根據未實現收益評估代幣的重要性，未實現收益代表早期投資者或團隊尚未實現的利潤。未實現收益與市值的比率較低表明代幣價值中與未實現利潤相關的較少，這可以減少代幣解鎖時的拋售壓力。

LayerZero’s latest investment round brought the company’s valuation to $3 billion, while ZRO’s fully diluted valuation (FDV) sits at $3.9 billion. Token investors have an unrealized gain of $900 million, calculated by taking ZRO’s FDV against the company’s latest valuation. Meanwhile, the team, with a 25.5% allocation, holds a $765 million unrealized gain.

LayerZero 的最新一輪投資使該公司估值達到 30 億美元，而 ZRO 的完全稀釋估值 (FDV) 為 39 億美元。根據 ZRO 的 FDV 與公司最新估值計算得出，代幣投資者的未實現收益為 9 億美元。同時，該團隊擁有 25.5% 的分配權，持有 7.65 億美元的未實現收益。

Based on the total unrealized gains amount of $1.66 billion compared to its market cap of $431 million, ZRO has an unrealized gains ratio of approximately 3.85.

根據未實現收益總額 16.6 億美元與其市值 4.31 億美元相比，ZRO 的未實現收益比率約為 3.85。

Delphi Labs’ Macedo pointed out that many tokens trade at a ratio of 4 to 8, meaning there is four to eight times the project’s circulating market cap in unrealized gains. This can lead to significant sell-offs as tokens unlock, putting downward pressure on the price. In contrast, ZRO’s ratio of 3.85 suggests a healthier balance, potentially contributing to its recent price stability and growth.

Delphi Labs的Macedo指出，許多代幣的交易比例為4比8，這意味著未實現收益是該專案流通市值的四到八倍。隨著代幣解鎖，這可能會導致大幅拋售，從而給價格帶來下行壓力。相比之下，ZRO 的比率為 3.85，表明更健康的平衡，可能有助於其近期的價格穩定和成長。

Finally, LayerZero’s anti-Sybil measures, which included mandatory donations to the Protocol Guild and offered a self-report option for Sybil attackers, could have also contributed to the positive reception and robust performance of the ZRO token.

最後，LayerZero 的反 Sybil 措施（包括向協議行會強制捐款並為 Sybil 攻擊者提供自我報告選項）也可能有助於 ZRO 代幣的積極接受和強勁表現。