XRP可能被高估了 - 但仍然具有長期潛力

數字資產公司ARCA的首席投資官Jeff Dorman提供了一個評估加密資產的真實價值的框架，認為該空間中的價值遠不僅僅是價格變動或炒作。

Jeff Dorman, Chief Investment Officer at digital asset firm Arca, has offered a framework for evaluating the true worth of crypto assets, arguing that value in the space is far more nuanced than just price movements or hype.

數字資產公司ARCA首席投資官Jeff Dorman提供了一個框架來評估加密資產的真實價值，認為該空間中的價值遠不僅僅是價格變動或炒作。

According to Dorman, crypto assets derive value from three main sources: financial, utility, and social. Financial value, he explained in a recent post, refers to revenue generation or token-based cash flows. Utility value, on the other hand, reflects how useful the token is within its network or platform. Social value, meanwhile, is based on community backing and user loyalty.

根據Dorman的說法，加密資產從三個主要來源獲得價值：金融，公用事業和社會。他在最近的一篇文章中解釋說，財務價值是指創收或基於令牌的現金流量。另一方面，公用事業價值反映了令牌在其網絡或平台中的有用程度。同時，社會價值基於社區支持和用戶忠誠度。

According to Dorman, the best crypto projects should ideally combine all three value types, though even one or two can still be meaningful. However, he warned that social value alone—while powerful—isn’t enough without a path toward monetization or broader real-world utility.

根據Dorman的說法，最好的加密項目應該理想地結合所有三種價值類型，儘管即使一兩個仍然有意義。但是，他警告說，如果沒有通往貨幣化或更廣泛的現實世界實用性的道路，僅靠社會價值就不夠。

To illustrate his point, Dorman used XRP as a case study. He argued that the token, with a market cap of around $131 billion, is "hugely overvalued" considering its lack of strong financial or utility fundamentals.

為了說明他的觀點，Dorman使用XRP作為案例研究。他認為，考慮到其缺乏強大的金融或公用事業基本面，該代幣的市值約為1,310億美元。

Dorman noted that XRP’s value today comes largely from its long-standing brand and loyal community, adding, "It’s not worthless—I just can’t define its worth. It’s like a very expensive call option on what it could be."

Dorman指出，XRP今天的價值很大程度上來自其長期以來的品牌和忠實的社區，並補充說：“這並不毫無價值 - 我不能定義其價值。這就像是一個非常昂貴的通話選項。”

He also compared XRP to GameStop, suggesting both assets have been driven primarily by community enthusiasm. But he noted that momentum, if directed effectively, can eventually translate into tangible value—citing GameStop’s ability to raise capital and purchase Bitcoin as an example.

他還將XRP與GameStop進行了比較，這表明這兩種資產主要是由社區熱情驅動的。但是他指出，如果有效地指示這種勢頭，最終可以轉化為有形的價值，這是GameStop籌集資金和購買比特幣的能力。