如何讓 VC 代幣再次令人興奮

去年 Web3 不可否認的現實之一是迷因幣的大幅成長。這導致了 memecoin 和 VC 代幣（由風險資本支持的公司的代幣）之間明顯的二分法。

The past year in Web3 has been undeniably defined by the massive surge in memecoins. This has led to a clear dichotomy between memecoins and VC tokens – the tokens of companies backed by venture capital.

不可否認，過去的一年 Web3 的特點是模因幣的大幅增長。這導致了 memecoin 和 VC 代幣（由風險資本支持的公司的代幣）之間明顯的二分法。

While I disagree with the notion that memecoins have killed VC tokens in the long run, it’s evident that the market for many VC tokens is currently stagnating. How did we get here, and what do we need to do to make VC tokens exciting again?

雖然我不同意 memecoins 從長遠來看已經殺死了 VC 代幣的觀點，但很明顯，許多 VC 代幣的市場目前處於停滯狀態。我們是如何走到這一步的？

Even more importantly, what could a savvy founder who’s willing to go against the grain do in order to revitalize the VC token market, especially as we’ve started to see memecoins fatigue?

更重要的是，一個願意違背常規的精明創始人可以做些什麼來重振創投代幣市場，特別是當我們開始看到迷因幣疲倦時？

To answer that, we need to go all the way back to what would be considered the root of the problem to begin with that brought us to this point.

為了回答這個問題，我們需要回到問題的根源，讓我們走到這一步。

The problem lies in the intersection of venture-funded Web3 companies and centralized exchanges. For founders and venture capitalists to profit, a successful token launch is essential.

問題在於創投的 Web3 公司和中心化交易所的交叉點。對於創辦人和創投家來說，要獲利，成功的代幣發行至關重要。

Centralized exchanges can be categorized into unofficial tiers based on their volume and liquidity. The goal is to get your token listed on the exchanges with the highest volume and liquidity, as this increases trading activity and improves market positioning. But what does it take to achieve this?

中心化交易所可以根據其交易量和流動性分為非官方等級。目標是讓您的代幣在交易量和流動性最高的交易所上市，因為這會增加交易活動並改善市場定位。但要實現這個目標需要什麼？

It’s a complex process, but I’ll simplify it.

這是一個複雜的過程，但我會簡化它。

As you’d imagine, the top centralized exchanges are quite selective. Each has different criteria, but one key factor they value is high valuations.

正如你所想像的那樣，頂級的中心化交易所是非常有選擇性的。每個人都有不同的標準，但他們重視的關鍵因素是高估值。

High valuations indicate that a founder successfully raised substantial funds, making their token launch seem more promising. The specific valuation that matters is the Fully Diluted Valuation (FDV).

高估值表明創始人成功籌集了大量資金，使他們的代幣發行看起來更有前途。重要的具體估值是完全稀釋估值（FDV）。

This is calculated by multiplying the token price by the total supply, estimating the token’s market cap once all tokens are in circulation. If a company achieved a high FDV, it was seen as exciting and worthy of listing on exchanges with better volume and liquidity.

這是透過將代幣價格乘以總供應量來計算的，在所有代幣流通後估算代幣的市值。如果一家公司實現了較高的 FDV，那麼它就會被認為是令人興奮的，並且值得在交易量和流動性更好的交易所上市。

Although other factors were considered, this was a crucial one.

儘管考慮了其他因素，但這是一個至關重要的因素。

While this strategy was successful in the past, venture capitalists, especially those with excess funds, found a way to game the system by helping more companies raise at high valuations.

雖然這項策略在過去很成功，但創投家，尤其是那些擁有過剩資金的創投家，找到了一種透過幫助更多公司以高估值籌集資金來玩弄系統的方法。

It worked for a while, and a few people made significant profits, but it also tainted the market. Now, it seems that every company is raising tens or hundreds of millions, often at billion-dollar-plus valuations.

這種做法奏效了一段時間，少數人獲得了可觀的利潤，但也玷污了市場。現在，似乎每家公司都在籌集數千萬或數億美元的資金，估值往往超過十億美元。

This strategy worked for a while, but it had a major downside: it artificially inflated pre-market token values. The practice limited the upside potential for retail investors with only a few hundred dollars to trade.

這種策略在一段時間內發揮了作用，但它有一個重大缺點：它人為地抬高了上市前的代幣價值。這種做法限制了只有幾百美元可交易的散戶投資者的上漲潛力。

Without sufficient upside, the risk wasn’t worth it, especially for short-term traders seeking quick profits. This gap in the market is where memecoins stepped in to replace VC tokens.

如果沒有足夠的上漲空間，那麼冒險就不值得，特別是對於尋求快速利潤的短期交易者。這個市場空白正是 memecoin 介入取代 VC 代幣的地方。

In contrast, memecoins have thrived by offering the potential for massive returns, attracting the very investors that VC tokens have lost. These tokens promise potentially massive returns in short periods, something VC tokens haven’t been able to match.

相比之下，模因幣透過提供巨額回報的潛力而蓬勃發展，吸引了創投代幣失去的投資者。這些代幣預計在短期內帶來巨大的回報，這是創投代幣無法比擬的。

However, the problem with memecoins is that they lack intrinsic value beyond the meme. As a result, they tend to have shorter lifespans before eventually spiraling into worthlessness.

然而，模因幣的問題在於它們缺乏模因之外的內在價值。因此，它們的壽命往往會縮短，最終變得毫無價值。

To revitalize VC tokens, we need to rethink the current approach. This means shifting away from inflated valuations and adopting a model that attracts retail investors.

為了重振 VC 代幣，我們需要重新思考目前的做法。這意味著擺脫估值過高的局面，採用吸引散戶的模式。

It will require brave founders willing to challenge the conventional wisdom of the past few years. Eventually, a founder will succeed in making retail investors money, sparking a new trend that others will follow.

這需要勇敢的創辦人願意挑戰過去幾年的傳統智慧。最終，創辦人將成功為散戶賺錢，引發其他人效仿的新趨勢。

But what does that look like?

但這是什麼樣子的呢？

Currently, Web3 founders are encouraged to raise more money than necessary to achieve artificially high FDVs. However, a savvy founder can generate hype while raising only the needed funds.

目前，Web3 創辦人被鼓勵籌集超出必要的資金，以實現人為的高 FDV。然而，精明的創始人可以在只籌集所需資金的同時引發炒作。

This approach keeps valuations lower, making the token more accessible to retail investors and offering greater upside potential.

這種方法可以降低估值，使散戶投資者更容易獲得該代幣，並提供更大的上漲潛力。

Admittedly, this strategy requires nuance, such as explaining to retail investors why your token is priced lower than competitors. There will also be other aspects to communicate to the broader Web3 ecosystem.

誠然，這項策略需要細微差別，例如向散戶投資者解釋為什麼您的代幣價格低於競爭對手。還將有其他方面與更廣泛的 Web3 生態系統進行溝通。

However, once retail investors realize you’ve left value on the table for them, your VC token could see a surge similar to memecoins this year. Given the rarity of original thinking in Web3, others will likely follow suit.

然而，一旦散戶意識到你為他們留下了價值，你的 VC 代幣今年可能會出現類似 memecoin 的飆升。鑑於 Web3 中原創思想的稀缺性，其他人可能會效仿。

You might wonder how this founder can get their tokens listed on the right exchanges without an artificially high FDV.

您可能想知道這位創始人如何在不人為提高 FDV 的情況下讓他們的代幣在正確的交易所上市。

Centralized exchanges have grown frustrated with the gamification created by venture capitalists and are now pushing back against unnecessarily high FDVs.

中心化交易所對創投家創造的遊戲化感到越來越沮喪，現在正在抵制不必要的高 FDV。

Exchanges are shifting their focus because their business model relies on users buying and selling tokens. If users don’t see potential upside in a token, they won’t trade it, which means the exchange won’t profit.

交易所正在轉移注意力，因為他們的商業模式依賴用戶買賣代幣。如果用戶看不到代幣的潛在優勢，他們就不會進行交易，這意味著交易所不會獲利。

Therefore, exchanges are now waiting for projects that offer realistic valuations and genuine value for investors.

因此，交易所現在正在等待為投資者提供現實估值和真正價值的項目。

In summary, the stagnation of VC tokens amid the rise of memecoins highlights the need for a shift in funding strategies. Moving away from inflated valuations and embracing approaches that engage

總而言之，創投代幣在迷因幣崛起過程中的停滯凸顯了融資策略轉變的必要性。擺脫過高的估值，採用吸引人的方法