为什么羊驼金融失败？

2025年5月26日，羊驼金融（Alpaca Finance）是一项著名的分散融资（DEFI）协议，以其BNB链上的杠杆产量农业而闻名，宣布决定减少运营。

DeFi protocol Alpaca Finance, known for leveraged yield farming on BNB Chain, is shutting down after four years. The protocol announced the closure on May 26, stating that it had made the decision to "safeguard our community and ensure a graceful and secure wind-down."

Defi协议羊驼金融，以BNB链上的杠杆产量耕种而闻名，在四年后关闭。该协议于5月26日宣布关闭，并指出它已决定“保护我们的社区并确保优雅而安全的风力”。

The team explained that the protocol had been facing financial difficulties due to consistent losses, macroeconomic challenges, and a competitive DeFi landscape.

该小组解释说，该协议由于持续的损失，宏观经济挑战和竞争性偏见而面临财务困难。

Alpaca Finance's closure will impact users who had invested in the protocol's token or participated in its programs, as well as the broader DeFi ecosystem, which is losing a familiar platform for leveraged yield farming.

羊驼金融的关闭将影响投资于该协议令牌或参与其计划的用户以及更广泛的Defi生态系统，该系统正在失去一个熟悉的杠杆产量养殖平台。

Why Did Alpaca Finance Fail?

为什么羊驼金融失败？

Alpaca Finance's closure was announced after "extensive internal deliberation" and considering possible paths forward.

羊驼金融的关闭是在“广泛的内部审议”之后宣布的，并考虑了可能的道路。

The protocol's blog post elaborated on the reasons for shutdown, mentioning that the team had evaluated several options but ultimately decided to wind down Alpaca Finance in a manner that prioritizes safeguarding the community and ensuring a graceful and secure wind-down.

该协议的博客文章详细阐述了关闭的原因，提到该团队已经评估了几种选择，但最终决定以优先考虑保护社区并确保优雅而安全的防风的方式来减少羊驼般的融资。

The protocol's statement explained the difficulties it faced in recent months, including consistent financial losses, which are a common challenge for DeFi protocols in an increasingly competitive landscape, especially in the current macroeconomic climate.

该协议的声明解释了近几个月来遇到的困难，包括一致的财务损失，这对于竞争日益激烈的格局中的Defi协议来说是一个普遍的挑战，尤其是在当前的宏观经济气候中。

Alpaca Finance's struggles were also evident in the plummeting Total Value Locked (TVL) on DefiLlama. While the protocol enjoyed a peak TVL of over $900 million in early 2022, this figure had dropped to $54.6 million by May 2025, showcasing a loss of user trust and engagement as yield farmers moved to more stable or innovative platforms.

羊驼金融的挣扎在Defillama上的总价值（TVL）中也很明显。尽管该协议在2022年初享有超过9亿美元的高峰电视，但到2025年5月，这一数字已降至5460万美元，展示了用户信任和参与度的损失，因为产量农民搬到了更稳定或更稳定或创新的平台。

Furthermore, Binance's delisting of the ALPACA token in May 2025 dealt a "major blow" to the project, rendering it unable to attract new users or pursue new initiatives, effectively stunting its growth.

此外，Binance在2025年5月对羊驼令牌的推荐造成了对该项目的“重大打击”，使其无法吸引新用户或追求新计划，从而有效地阻止了其增长。

The team also noted in their announcement that the protocol struggled to adapt to evolving market conditions, such as the rise of newer, more efficient DeFi platforms that offered better yields with lower risks.

该团队在宣布的消息中还指出，该协议努力适应不断发展的市场状况，例如更新，更高效的Defi平台的崛起，这些平台提供了更好的产量，风险较低。

Internal challenges played a role as well. Despite being a fair-launch project with no pre-sale or pre-mine, Alpaca Finance failed to maintain a sustainable tokenomics model.

内部挑战也发挥了作用。尽管是一个没有预售或预售的公平启动项目，但羊驼金融未能维持可持续的代币学模型。

The combination of a collapsing token price, low trading volume, and dwindling TVL became a double-edged sword that ultimately brought down the project.

倒塌的代价价格，低交易量和减少TVL的结合成为一把双刃剑，最终降低了该项目。

The Pump-and-Dump Drama: A Calculated Exit Strategy?

泵送戏剧：计算出的退出策略？

Before its closure, Alpaca Finance was a subject of interest due to its token's dramatic price surge.

在关闭之前，羊驼金融是由于代币的巨大价格涨幅而引起了人们的关注。

The ALPACA token shot up by 700% following Binance's delisting announcement in April 2025, reaching a notable high before its eventual crash. This pump was largely driven by a short squeeze, where traders who had bet against the token were forced to buy back at higher prices, further fueling the rally.

在2025年4月Binance的宣布宣布之后，羊驼的代币猛增了700％，在最终坠毁之前达到了显着的高点。该泵在很大程度上是由短暂的挤压驱动的，在那儿，对代币押注的交易者被迫以更高的价格回购，进一步加剧了集会。

However, this massive pump raised red flags. The price surge occurred despite a lack of fundamental developments, with the project canceling token issuance and burning some tokens to reduce the circulating supply, an artificial attempt to "squeeze" the price upward. As a user sarcastically remarked, "What’s the point of burning tokens if you’re just going to shut down?"

但是，这种巨大的泵增加了红旗。尽管缺乏基本的发展，但价格飙升仍发生了，该项目取消了令牌发行并燃烧一些令牌以减少循环供应，这是人为地“挤出”价格上涨的人为尝试。正如用户讽刺的那样，“如果您要关闭，燃烧令牌有什么意义？”

This sentiment reflects a broader suspicion: the pump may have been orchestrated to allow insiders or large holders to dump their tokens at a profit before the shutdown.

这种情绪反映出更广泛的怀疑：该泵可能已经精心策划，以允许内部人或大型持有人在关闭之前以利润倾倒其令牌。

This hypothesis was confirmed by the subsequent 30% price drop to $0.112 within 24 hours of the closure announcement, with a market cap of $17 million. At its all-time high (ATH) of $8.78, ALPACA's current price represents a staggering 99% decline, leaving retail investors feeling betrayed.

随后的30％的价格在关闭公告后的24小时内降至0.112美元，市值为1700万美元，证实了这一假设。羊驼目前的价格在其历史最高的8.78美元（ATH）上，代表着惊人的99％下降，使散户投资者感到被背叛。

The pump-and-dump pattern suggests a lack of long-term vision. The absence of a clear roadmap post-pump indicates that the price surge was likely a calculated move to maximize profits before exiting, rather than a genuine effort to revive the project.

泵送模式表明缺乏长期视力。缺乏明确的路线图后泵表表明，价格上涨可能是在退出之前最大化利润的计算措施，而不是真正的努力来恢复项目。

This behavior has sparked discussions about the ethics of such actions in DeFi, with users labeling the team "scammers, criminals."

这种行为引发了关于Defi中此类行动的道德的讨论，用户将团队标记为“骗子，罪犯”。

This incident has put other DeFi tokens under scrutiny. Projects like Beefy Finance (BIFI), which also operates in the yield farming space on BNB Chain, may face similar risks if they cannot adapt to market shifts. Similarly, smaller DeFi tokens that Binance extends the Monitoring Tag to may follow ALPACA's trajectory if they fail to innovate or maintain user trust.

该事件使其他Defi令牌受到审查。诸如BNB连锁店的产量耕种领域也运营的Beefy Finance（BIFI）之类的项目，如果无法适应市场变化，则可能面临类似的风险。同样，如果Binance将监视标签扩展到较小的Defi令牌，则如果无法创新或维护用户信任，则可能会遵循羊驼的轨迹。