空投积分结束：新代币推出的下一步是什么？

每一次牛市都会带来新的代币发行方式，了解这些趋势可能是最有利可图的策略。

The bull market brings new token issuance methods, and understanding these trends can be the most profitable strategy.

牛市带来了新的代币发行方式，了解这些趋势可能是最有利可图的策略。

This cycle saw points airdrops, with projects like Jito and Jupiter leading the way.

这一周期出现了积分空投，其中 Jito 和 Jupiter 等项目处于领先地位。

But as speculators actively acquire points, their returns from airdrops don't match their costs, leading to a rapid decline in ROI.

但随着投机者积极获取积分，他们的空投回报与成本不匹配，导致投资回报率迅速下降。

The points mechanism is just one evolution in our search for the best token issuance methods in the market.

积分机制只是我们寻找市场上最佳代币发行方法的一种演变。

From Litecoin BTC forks that required running PoW machines, to ICOs, and then to DeFi liquidity mining, these patterns are quite clear: with each cycle, token issuance becomes easier, and valuations continue to rise.

从需要运行 PoW 机器的莱特币 BTC 分叉，到 ICO，再到 DeFi 流动性挖矿，这些模式非常清晰：每一个周期，代币发行变得更加容易，估值不断上升。

The launch of high FDV tokens leaves little room for new buyers, marking the decline of the points mechanism.

高FDV代币的推出给新买家留下的空间所剩无几，标志着积分机制的衰落。

Now, I believe the market is self-adjusting.

现在，我相信市场正在自我调整。

Due to a lack of interest from new buyers, the valuations of low liquidity tokens have decreased, but new tokens are still being launched as they were in 2023—raising funds for old mechanisms and designing TGEs.

由于新买家缺乏兴趣，低流动性代币的估值有所下降，但新代币仍在像 2023 年一样推出——为旧机制筹集资金并设计 TGE。

The terms of locking limit their growth potential. TGEs that do not adapt to new mechanisms are unlikely to perform well.

锁定条款限制了它们的增长潜力。不适应新机制的 TGE 不太可能表现良好。

The slower the adaptation of new token issuance, the longer the frenzy for Meme coins will last. Meme coins are the opposite of VC tokens, as they have no real utility, no revenue, and no future products.

新代币发行的适应速度越慢，Meme 币的狂热持续的时间就越长。 Meme 币与 VC 代币相反，因为它们没有实际效用，没有收入，也没有未来产品。

Aside from Meme coins, a significant change is that the market is returning to the period before the points mechanism emerged: protocols like Eigenlayer are shifting towards "programmatic incentives," indicating a return to liquidity mining.

除了Meme币之外，一个重大变化是市场正在回到积分机制出现之前的时期：像Eigenlayer这样的协议正在转向“程序化激励”，这表明流动性挖矿的回归。

We are also seeing the rise of so-called private-public sales: on platforms like @echodotxyz and @legiondotcc, you can participate in and invest in deals involving VC participation.

我们还看到所谓的私人公开销售的兴起：在@echodotxyz和@legiondotcc等平台上，您可以参与并投资涉及风险投资的交易。

This means lower valuations and lock-up periods, similar to the ICO era, but participating in these deals also requires some social resources:

这意味着较低的估值和锁定期，类似于 ICO 时代，但参与这些交易也需要一些社会资源：

However, due to the limited number of participants, these methods cannot solve all token issuance issues.

但由于参与者数量有限，这些方法并不能解决所有代币发行问题。

@CoinList "solved" this problem by randomizing access to ICO allocations. Interestingly, Coinlist launched this many years ago, so we have come full circle!

@CoinList 通过随机化 ICO 分配的访问“解决”了这个问题。有趣的是，Coinlist 在很多年前就推出了这个功能，所以我们又回到了原点！

However, I believe that merit-based access is superior, as it incentivizes you to build your on-chain or off-chain reputation.

然而，我相信基于绩效的访问是优越的，因为它会激励您建立链上或链下声誉。

Therefore, make sure to actively share your favorite projects on social media, as this could lead to token allocations for you. Eigenlayer and Avail are just two examples of the growth of the yap-to-earn model.

因此，请确保在社交媒体上积极分享您最喜欢的项目，因为这可能会为您带来代币分配。 Eigenlayer 和 Avail 只是“即赚即赚”模式发展的两个例子。

Another potentially rising trend is the "Patron Sales" launched by @infinex_app. Infinex combines the points system with merit-based ICOs, requiring you to earn points to participate in the ICO.

另一个潜在的上升趋势是@infinex_app 推出的“Patron Sales”。 Infinex 将积分系统与基于绩效的 ICO 相结合，要求您赚取积分才能参与 ICO。

For the first time in recent years, participating in token sales has become increasingly difficult, marking a shift away from liquidity mining, fair distribution, and points mechanisms.

近年来，参与代币销售首次变得越来越困难，标志着流动性挖矿、公平分配和积分机制的转变。

It seems we have finally realized that simply distributing free tokens does not truly build a community!

看来我们终于意识到，简单地分发免费代币并不能真正建立一个社区！

However, other trends are more open to everyone. Runes on Bitcoin can be issued simply by paying transaction fees, and even with (optional) pre-mining features, they maintain transparency.

然而，其他趋势对每个人都更加开放。比特币上的符文只需支付交易费即可发行，即使具有（可选）预挖掘功能，它们也能保持透明度。

They address the lack of transparency in VC rounds, pre-sales, low liquidity tokens, and Meme coin issuance.

它们解决了风险投资轮次、预售、低流动性代币和 Meme 代币发行方面缺乏透明度的问题。

Runes may offer the fairest token issuance model. You only need to pay Bitcoin transaction fees, and the slower speed of Bitcoin prevents over-issuance and wallet centralization, which is different from other blockchains.

Runes可能会提供最公平的代币发行模式。你只需要支付比特币交易费用，比特币较慢的速度防止了超发和钱包中心化，这是与其他区块链不同的。

One example is the GIZMO•IMAGINARY•KITTEN token, which was minted for free and is now trading at 26 times its initial listing price on exchanges.

GIZMO•IMAGINARY•KITTEN 代币就是一个例子，该代币是免费铸造的，目前在交易所的交易价格是其初始上市价格的 26 倍。

Clearly, Runes lack smart contract capabilities, preventing them from becoming tokens with real utility, but more and more BTC L2s can add these features.

显然，符文缺乏智能合约功能，导致它们无法成为具有实际用途的代币，但越来越多的 BTC L2 可以添加这些功能。

We are also experimenting with other minting models:

我们还在尝试其他铸造模型：

Active validation services: AVS supported by re-staking protocols enhance the utility of tokens (e.g., rsENA x Symbiotic and re-staked MKR), although most AVS tokens are currently issued as VC tokens. Hopefully, they will innovate in token issuance soon.

主动验证服务：尽管大多数 AVS 代币目前都是作为 VC 代币发行，但重新抵押协议支持的 AVS 增强了代币的实用性（例如 rsENA x Symbiotic 和重新抵押的 MKR）。希望他们很快就能在代币发行方面进行创新。

More models are emerging, which is a good sign!

更多型号正在涌现，这是一个好兆头！

Our goal is to identify and participate in these new token issuance activities. Try all of these and see which one can make you money relative to the effort you put in.

我们的目标是识别并参与这些新的代币发行活动。尝试所有这些，看看相对于您投入的努力，哪一种可以为您赚钱。

One of these models (perhaps one I haven't mentioned here, that has yet to emerge) will become the new hot trend, and when it does, it could be a good time to invest.

其中一种模式（也许我在这里没有提到，尚未出现）将成为新的热门趋势，当它出现时，可能是投资的好时机。