數量危機：硬幣太多，價值太少

自Nakamoto Satoshi Nakamoto於2009年推出比特幣（BTC）以來，加密貨幣行業就不斷發展。誕生比特幣的革命創新也為無數的山寨幣鋪平了道路。

The crypto industry has evolved significantly since Satoshi Nakamoto introduced Bitcoin (BTC) in 2009. This revolutionary innovation also paved the way for countless altcoins. While Bitcoin has retained its dominance and uniqueness over the years, the growing number of altcoins has changed how investors view the crypto market.

自2009年Satoshi Nakamoto推出比特幣（BTC）以來，加密貨幣行業已經顯著發展。這項革命性的創新也為無數的Altcoins鋪平了道路。儘管比特幣多年來一直保持其優勢和獨特性，但越來越多的山寨幣改變了投資者對加密貨幣市場的看法。

There was a time when altcoins felt like the next big thing. During the 2017-2018 ICO boom, developers focused on utility, and the total number of tracked altcoins hovered around 3,000. Today, data from CoinMarketCap reveals a staggering figure: over 13 million altcoins now exist.

曾經有一段時間，Altcoins感覺就像下一件大事。在2017 - 2018年ICO繁榮時期，開發人員專注於公用事業，而追踪的山寨幣的總數徘徊在3,000左右。如今，CoinMarketCap的數據顯示了一個驚人的數字：現在已經存在超過1300萬個山寨幣。

With that, established projects, like Solana (SOL), have become the go-to blockchains for memecoins, because creating a memecoin is now as simple as posting a meme. Projects once drove crypto adoption through white papers and tech promises, but now, in a crowded market, attention is the scarcest resource.

因此，諸如Solana（Sol）之類的已建立項目已成為Memecoins的首選區塊鏈，因為創建Memecoin現在就像發布模因一樣簡單。項目曾經通過白皮書和技術承諾推動了加密貨幣的採用，但是現在，在擁擠的市場中，關注是最稀缺的資源。

The quantity crisis: Too many coins, too little value

數量危機：硬幣太多，價值太少

While the official altcoin count is 13.24 million, the actual figure likely exceeds 36 million. In theory, such explosive growth could signal a thriving ecosystem if these tokens delivered real value. Yet, most of the assets in circulation are born out of the lingering memecoin mania.

雖然官方的Altcoin數量為1,324萬，但實際數字可能超過3600萬。從理論上講，這種爆炸性的增長可能表明，如果這些代幣提供了真正的價值，則可以表明生態系統。然而，流通中的大多數資產源於揮之不去的成員狂熱。

As part of the industry’s evolutionary trend, there has been a shift from a core dev focus to building new products. Today, protocols have solutions for users to launch their tokens with just a few clicks, resulting in a new wave of largely unvetted assets.

作為行業進化趨勢的一部分，從核心開發人員的重點轉變為構建新產品。如今，協議已經為用戶提供了解決方案，只需單擊幾下即可啟動其令牌，從而導致了一波不受歡迎的資產。

The crypto industry remains plagued by an old problem—oversaturation. Countless creators treat token launches as get-rich-quick schemes. Most tokens gain relevance based on short-lived hype and lose it shortly after launch.

加密行業仍然受到舊問題的困擾 - 過飽和。無數的創作者將令牌啟動視為富裕的方案。大多數代幣基於短暫的炒作獲得相關性，並在發布後不久就會失去它。

Previous altcoin eras have driven technological breakthroughs, with altcoins, like Ethereum (ETH), ushering in a new generation of composable layer-1 solutions with functional smart contracts. This enabled developers to build the foundational applications that gave rise to decentralized finance and non-fungible tokens.

以前的Altcoin時代已經驅動了技術突破，替代幣（例如Ethereum（ETH）），以功能性智能合約的方式迎來了新一代的可綜合1層解決方案。這使開發人員能夠構建產生分散的金融和無牙代幣的基礎應用程序。

Historically, tokens from innovative projects delivered value. This is no longer the case, as too many speculative assets have overshadowed true builders in the industry today.

從歷史上看，創新項目的代幣具有價值。事實並非如此，因為太多的投機資產掩蓋了當今行業中的真正建築商。

Narrative control, memes takeover

敘事控制，模因接管

The cryptocurrency ecosystem has many layers of stakeholders that keep the industry functional today. In its formative years, venture capital firms played a crucial role by selectively funding projects with strong product-market fit.

加密貨幣生態系統具有許多利益相關者，這些層次保持了當今行業的功能。在其成長的年份中，風險投資公司通過有選擇性的產品市場貼合性資助項目發揮了至關重要的作用。

In the early days of altcoins, VC endorsement served as the gold standard for project credibility, with retail investors closely following these market movers.

在Altcoins的早期，VC認可是項目信譽的黃金標準，零售投資者緊隨這些市場推動者。

Today, the crypto industry is undergoing a major shift—away from purely technical development and toward influencer-driven marketing and community-led growth. Now, projects often skip traditional VC funding and go straight to communities via DAOs and viral Telegram or Discord groups.

如今，加密貨幣行業正在經歷重大轉變，這是從純技術發展和影響者驅動的營銷和社區主導的增長方面的轉變。現在，項目經常跳過傳統的風險投資，並通過Daos和病毒電報或Discord群體直接進入社區。

There’s no denying that this trend creates a major concern for the industry, as altcoins hold a distinct position in web3. This year, as much as $70 billion is set to be unlocked from vested altcoins, further diluting the market valuation. In contrast, Bitcoin ETF inflows have reached just $40 billion, a classic case of massive supply and weak demand.

不可否認的是，由於Altcoins在Web3中的地位獨特，因此這一趨勢對該行業產生了主要關注。今年，多達700億美元將從既得山寨幣中解鎖，從而進一步稀釋了市場估值。相比之下，比特幣ETF流入僅達到400億美元，這是一個大量供應和需求疲軟的經典案例。

Since most technical advancements target mainstream crypto users, it becomes challenging for altcoins with strong fundamentals to compete against memecoins offering instant gains. One may argue that unless meme coins stop consistently outperforming utility-driven altcoins, the market’s true valuation will be dominated by unsustainable assets with fleeting lifespans.

由於大多數技術進步目標都是主流加密用戶，因此對於具有強大基礎知識的山寨幣與提供即時收益的成員競爭變得具有挑戰性。有人可能會爭辯說，除非模因硬幣停止持續超過公用事業驅動的山寨幣，否則市場的真正估值將由不可持續的資產占主導地位。

With influencers—with their engaged audiences—cutting through the noise faster than any code commit, it’s easy to dismiss this as a distraction, a sign that crypto has lost its way. But what if the opposite is true? What if the hype isn’t replacing development—it’s funding it by bringing liquidity, users, and attention?

由於有影響力的人（與他們參與的觀眾）相比，通過噪音比任何代碼提交的噪音都更快，因此很容易將其視為分散注意力，這是加密貨幣迷失方向的信號。但是，如果恰恰相反，該怎麼辦？如果炒作不取代開發，該怎麼辦，它通過引起流動性，用戶和關注來資助它怎麼辦？

Influencers will claim the market soon

有影響力的人很快就會要求市場

Indeed, any enduring innovation must be built on strong fundamentals, and crypto is no exception. Despite the observable trend of altcoin dominance, the ETH/BTC ratio signals a shift worthy of note.

確實，任何持久的創新都必須基於強大的基本面，而加密也不例外。儘管AltCoin優勢的可觀察到的趨勢，但ETH/BTC比率標誌著值得注意的轉變。

This ratio is a multi-year low, indicating low confidence in altcoins compared to Bitcoin. This signals a broader retreat from risk assets and a return to fundamentals. As altcoins gradually lose relevance, the entire ecosystem—including builders and investors—needs to adapt strategies accordingly.

該比率為多年低，表明與比特幣相比，對山寨幣的信心較低。這標誌著風險資產的更廣泛的撤退和基本面的回報。隨著Altcoins逐漸失去相關性，包括建築商和投資者在內的整個生態系統都需要相應地調整策略。

As key drivers of crypto’s evolution, altcoins will ultimately see a focus shift to projects with sustainable revenue models and engaged communities.

作為加密貨幣進化的主要驅動力，Altcoins最終將重點轉移到具有可持續收入模型和訂婚社區的項目。

Attention is becoming as important as the tech itself. Projects can’t just build in a vacuum anymore—if they want to last, they need to figure out how to connect with people and grow real followings around what they are doing to keep them invested, both literally and emotionally.

注意與技術本身一樣重要。項目不再僅僅建立真空 - 如果他們想持續下去，他們需要弄清楚如何與人建立聯繫，並圍繞著他們所做的事情進行真實的追隨者，以使他們在字面上和情感上進行投資。

Builders who leverage this transition—shifting dominance from traditional VCs and exchanges to those who shape narratives and mobilize supporters—effectively, will find themselves operating in a

利用這種過渡的建築商（從傳統的風險投資和交流到塑造敘事和動員支持者的人）的主導地位，有效地會發現自己在一個