Polkadot：從以太坊殺手到幽靈鏈？加密衰落現象

Polkadot正在褪色嗎？對Polkadot從炒作的“以太坊殺手”到潛在的“幽靈連鎖店”的旅程進行了分析，研究了其挑戰和未來。

Polkadot: From Ethereum Killer to Ghost Chain? The Crypto Fading Phenomenon

Polkadot：從以太坊殺手到幽靈鏈？加密衰落現象

Once hailed as a revolutionary 'Ethereum killer,' Polkadot is now facing tough questions about its future. Did it fade into a 'ghost chain'? Let's dive into the story of Polkadot, exploring its rise, stumbles, and current state in the ever-evolving crypto landscape.

波爾卡多（Polkadot）曾經被譽為革命性的“以太坊殺手”，現在就面臨著關於其未來的棘手問題。它淡入了“幽靈鏈”嗎？讓我們深入了解Polkadot的故事，探索它在不斷發展的加密景觀中的上升，跌跌撞撞和現狀。

The Rise and Promise of Polkadot

波爾卡多的崛起和承諾

Polkadot emerged with massive hype and financial backing, raising substantial funds in its early stages. Its parachain model promised shared security and scalability, positioning it as a major contender in the Web3 infrastructure space. The launch of its mainnet and parachains generated significant buzz, with DOT reaching a peak of $55 and a market cap of $50 billion. But was this growth sustainable?

波爾卡多（Polkadot）大量炒作和財務支持，在早期階段籌集了大量資金。它的Parachain模型承諾共享安全性和可擴展性，將其定位為Web3基礎架構空間中的主要競爭者。它的主網和滑石機的推出引起了巨大的嗡嗡聲，DOT達到了55美元的高峰，市值為500億美元。但是這種增長是可持續的嗎？

Technical Hurdles and Developer Drain

技術障礙和開發人員流失

One of Polkadot's major challenges was its complexity for developers. Unlike the more accessible Ethereum Virtual Machine (EVM) chains, Polkadot relied on Substrate and Rust, creating a steeper learning curve. This technical friction led to developer attrition, as many shifted their focus to more user-friendly platforms. The dual existence of Polkadot and Kusama also caused confusion, further deterring both users and developers.

Polkadot的主要挑戰之一是它對開發人員的複雜性。與更容易接近的以太坊虛擬機（EVM）鏈不同，Polkadot依靠底物和生鏽，從而產生了更陡峭的學習曲線。這種技術摩擦導致了開發人員的流失，因為許多人將重點轉移到了更友好的平台上。 Polkadot和Kusama的雙重存在也引起了混亂，進一步阻止了用戶和開發人員。

The Parachain Auction Paradox

巴拉契因拍賣悖論

The parachain auction model, designed to foster network growth, ironically became a hindrance. Locking up DOT tokens for two years limited liquidity and stifled project momentum. While innovative in concept, this model proved unsustainable, contributing to Polkadot's struggles.

具有諷刺意味的是，旨在促進網絡增長的Parachain拍賣模型成為一種障礙。將DOT令牌鎖定兩年有限的流動性和窒息的項目動力。儘管概念創新，但這種模型被證明是不可持續的，這導致了Polkadot的掙扎。

Declining Usage and Governance Issues

使用和治理問題下降

User activity and developer participation steadily declined between 2021 and 2025. Daily active users dwindled, and developer numbers nearly halved. Governance, once a promising feature, became dominated by whales, with treasury expenditures yielding little return. This erosion of community trust further exacerbated Polkadot's challenges.

用戶活動和開發人員的參與在2021年至2025年之間穩步下降。日常活躍用戶減少，開發人員數量幾乎減半。治理曾經是一個有希望的特徵，被鯨魚所佔據主導地位，財政支出幾乎沒有回報。社區信任的這種侵蝕進一步加劇了波爾卡多的挑戰。

Polkadot 2.0: Too Little, Too Late?

Polkadot 2.0：太少，太晚了？

Despite the rollout of Polkadot 2.0 with improvements like async backing and agile coretime, these advancements may have arrived too late. The market had moved on, and DOT's value plummeted. While Polkadot boasts reliable components like XCM and shared security, the lack of users and a compelling narrative has rendered the network functionally obsolete in its current form.

儘管Polkadot 2.0的推出以及諸如異步支持和敏捷Coretime之類的改進，但這些進步可能已經太晚了。市場已經繼續前進，DOT的價值暴跌。儘管Polkadot擁有諸如XCM和共享安全性之類的可靠組件，但缺乏用戶和引人注目的敘述使網絡以其當前形式在功能上過時。

A Glimmer of Hope?

一線希望？

Despite the current challenges, some analysts believe Polkadot still has potential. Its unique parachain architecture, designed for seamless interoperability, could become crucial as Web3 matures. A strong developer base and innovations like Governance 2.0 offer a glimmer of hope. Perhaps Polkadot is not a ghost chain, but an undervalued gem waiting for its moment to shine.

儘管面臨挑戰，但一些分析師認為Polkadot仍然具有潛力。隨著Web3的成熟，其獨特的Parachain架構旨在無縫互操作性。強大的開發者基礎和治理2.0等創新提供了一線希望。也許Polkadot不是鬼連鎖店，而是被低估的寶石等待它的時刻發光。

The Bigger Picture: Crypto Fading and the Hunt for Undervalued Gems

更大的圖片：加密貨幣褪色和追捕被低估的寶石

Polkadot's story is a reminder that in the crypto world, hype doesn't always translate to long-term success. Smart investors are always on the lookout for undervalued projects with real utility and mature ecosystems. While others chase what's already mooned, savvy investors are watching the quiet contenders, like Toncoin and Avalanche, that might just outperform.

Polkadot的故事提醒您，在加密貨幣世界中，炒作並不總是轉化為長期成功。聰明的投資者總是在尋找具有真正實用性和成熟生態系統的被低估項目。當其他人追逐已經被月亮的東西時，精明的投資者正在觀看像托幣和雪崩這樣的安靜競爭者，這可能會勝過。

Final Thoughts

最後的想法

Is Polkadot truly a ghost chain, or is it simply undervalued and misunderstood? Only time will tell. But one thing is certain: the crypto landscape is full of surprises, and the next big thing might just be hiding in plain sight. Keep your eyes peeled, and remember to do your research before diving in! Who knows, you might just find the next crypto unicorn. Happy hunting!

Polkadot是真正的鬼連鎖店，還是僅僅被低估和誤解了？只有時間會證明。但是可以肯定的是：加密景觀充滿了驚喜，下一件大事可能只是藏在樸素的視線中。睜大眼睛，記住在潛水之前進行研究！誰知道，您可能只是找到下一個加密獨角獸。狩獵快樂！