Swissborg，加密省山幣和循環預測：騎行世代財富浪潮

探索瑞士堡的Borg代幣，Altcoin季節的預測以及加密市場中世代相傳的潛力。 Defi是最好的投資行業嗎？

The crypto market is buzzing with predictions of a multi-year bull run, and SwissBorg's Alex Fazel is among the most vocal proponents. He believes we're entering a phase that could generate "generational wealth," particularly in altcoins. Let's dive into the key insights around SwissBorg, altcoin season, and what to expect in this cycle.

加密市場對多年牛市的預測嗡嗡作響，而瑞士的亞歷克斯·法茲爾（Alex Fazel）是最支持的支持者之一。他認為，我們正在進入一個可以產生“世代財富”的階段，尤其是在Altcoins中。讓我們深入了解瑞士堡，替代賽季節以及在這個週期中的期望。

The 2025-2026 Crypto Altcoin Cycle: A Historic Opportunity?

2025-2026加密奶油級別循環：一個歷史性的機會？

Fazel frames this period as a unique convergence of a strengthening business cycle, easing monetary policy, and tech booms in crypto/Web3 and AI. This echoes the post-dot-com recovery, suggesting substantial growth potential.

Fazel將這一時期視為加強商業周期，輕鬆貨幣政策以及Crypto/Web3和AI中的技術繁榮的獨特融合。這回應了點後恢復，表明了巨大的增長潛力。

His thesis revolves around a familiar market rotation: Bitcoin leads, followed by Ethereum and large-cap coins, and then a broader surge into mid- and small-caps as Bitcoin dominance declines. He emphasizes that we haven't yet reached the euphoric stage, which he considers a statistically common feature of bull cycles.

他的論文圍繞著熟悉的市場輪換：比特幣領先，其次是以太坊和大型硬幣，然後隨著比特幣優勢的下降，更廣泛地向中型和小型股湧入。他強調，我們尚未達到欣快的舞台，他認為這是牛週期統計上常見的特徵。

Measuring the Cycle: Beyond Time, Look at Market Cap

測量週期：超越時間，查看市值

Instead of focusing solely on time, Fazel suggests gauging cycle magnitude by total crypto market capitalization. He references previous cycles (45x from 2014-2017 and 27x into 2021) to infer a potential 2x-3x increase from the last cycle's $3 trillion peak, implying a $6-$9 trillion total capitalization. Reaching this level, along with the presence of market-wide euphoria, would signal a potential exit point.

Fazel並非僅專注於時間，而是建議通過總加密市值來測量週期幅度。他提到了以前的周期（2014-2017和27倍至2021年），以推斷出與上一個週期3萬億美元峰值的潛在2倍 - 3倍，這意味著總資本化了6至9萬億美元。達到這一水平，以及整個市場的欣快感，將表明潛在的出口點。

DeFi Dominance and the Power of Buybacks

Defi優勢和回購的力量

Fazel's team identified tokens that outperformed Bitcoin over a sustained period (September 2024 to September 2025), revealing DeFi and exchange-related assets as leaders. Virtuals (AI-agent), Hyperliquid's HYPE, Sui (with its DeepBook DEX), Curve, Ethena Labs, SwissBorg's BORG, and Raydium stood out. His conclusion? "DeFi is the best sector to invest in," with exchange tokens consistently showing resilience due to their clear utility in speculation and fee generation.

Fazel的團隊確定，代幣在持續的時期（2024年9月至2025年9月）勝過比特幣，揭示了與DEFI和與Exchange相關的資產作為領導者。 Virtuals（Ai-Agent），超流動性的炒作，SUI（及其深書DEX），Curve，Ethena Labs，Swissborg的Borg和Raydium脫穎而出。他的結論？ “ Defi是最佳投資的部門”，由於其在投機和收費產生的清晰效用，交換令牌始終表現出彈性。

He highlights a positive correlation between top token performers and sustained buyback programs, drawing parallels to the equity market. However, he cautions that buybacks can be negated by excessive token emissions. It is important to understand the relationship between buybacks and emissions.

他強調了頂級表演者與持續的回購計劃之間的正相關關係，這與股票市場相似。但是，他警告說，回購可以通過過多的令牌排放而否定。了解回購和排放之間的關係很重要。

The Four Quadrants of Token "Pumpamentals"

令牌的“泵浦”的四個像限

Fazel proposes a framework for evaluating tokens: clear utility, loyalty via locking mechanisms, strong and sustainable buybacks, and token burns to reduce supply. He argues that Layer-1s often lack the full set of these attributes, relying on inflationary issuance. Exchange tokens and some DeFi assets, particularly those with fee-linked buybacks, can potentially check all the boxes.

Fazel提出了一個評估令牌的框架：清晰的效用，鎖定機制的忠誠度，強大而可持續的回購以及令牌燃燒以減少供應。他認為，第1層通常缺乏這些屬性的完整集，依靠通貨膨脹發行。交換代幣和一些Defi資產，尤其是那些有收費回購的資產，可能會檢查所有盒子。

SwissBorg's Strategy: BORG Token and Community Focus

瑞士堡的策略：博格令牌和社區重點

SwissBorg, with over 300 employees and $2.4 billion in assets under management, has adopted a 50% revenue-to-buyback policy for its BORG token. The company strategically delisted from centralized exchanges to control supply and concentrate liquidity within its app.

瑞士堡擁有300多名員工和24億美元的管理資產，已為其Borg代幣採用了50％的收入對購買政策。該公司從策略性地從集中式交流中脫穎而出，以控制其應用程序中的供應並集中流動性。

Risk Management and the Altcoin Landscape

風險管理和Altcoin景觀

Fazel emphasizes risk management, urging investors to think probabilistically and be willing to sell underperforming tokens. He dismisses dilution fears caused by the sheer number of new tokens, noting that very few achieve meaningful size.

Fazel強調風險管理，敦促投資者概率地思考，並願意出售表現不佳的代幣。他駁斥了由於新的代幣數量而引起的稀釋恐懼，並指出很少有人實現有意義的規模。

Ethereum's Potential Surge and Altcoin Considerations

以太坊的潛在激增和Altcoin考慮

While altcoins present opportunity, Ethereum's potential surge toward $6,800 could signal broader capital flows into the crypto market. It's important to consider both the established players and emerging projects.

儘管Altcoins存在機會，但以太坊的潛在激增向6,800美元來說可能會表明更廣泛的資本流入加密貨幣市場。重要的是要考慮已建立的參與者和新興項目。

Final Thoughts

最後的想法

The potential for a significant altcoin season is definitely exciting, and Alex Fazel's insights offer a valuable framework for navigating the market. Keep an eye on DeFi, assess those "pumpamentals," and always manage your risk. Who knows, maybe we'll all be sipping champagne on our yachts in 2026, courtesy of some well-chosen altcoins. Cheers to that!

巨大的Altcoin季節的潛力絕對令人興奮，Alex Fazel的見解為導航市場提供了寶貴的框架。密切關注Defi，評估這些“泵送”，並始終管理您的風險。誰知道，也許我們所有人在2026年都在我們的遊艇上品嚐香檳，這是由一些精心挑選的山寨幣提供的。歡呼！