由于杰罗姆·鲍威尔的言论吓坏了风险资产，卡尔达诺（ADA）、波卡（DOT）和索拉纳（SOL）下跌

今天，加密货币行业的整体表现相当惨淡，随着进入下午晚些时候的交易，大多数主要加密货币都出现了大幅下跌。

Cryptocurrency prices declined sharply on Monday evening as comments from Federal Reserve Chairman Jerome Powell led to a sell-off in riskier assets. Among the three tokens that investors may be watching closely today are Cardano (CRYPTO:ADA), Polkadot (CRYPTO:DOT), and Solana (CRYPTO:SOL), which declined 5.9%, 5.8%, and 2.5%, respectively, over the past 24 hours.

由于美联储主席杰罗姆·鲍威尔的言论导致风险资产遭到抛售，加密货币价格周一晚间大幅下跌。投资者今天可能密切关注的三种代币包括 Cardano (CRYPTO:ADA)、Polkadot (CRYPTO:DOT) 和 Solana (CRYPTO:SOL)，它们在 2019 年上半年分别下跌了 5.9%、5.8% 和 2.5%。过去 24 小时。

Previously, Solana was down more than 3% on the day, but has since recovered some of its earlier losses.

此前，Solana 当日下跌超过 3%，但此后已收复部分早前跌幅。

What Happened: A great deal of selling pressure seen among risk assets such as cryptos today can be ascribed to comments from Powell, who indicted the rate of interest rate cuts moving into the end of the year could be slower than the market has been pricing in.

发生了什么：今天加密货币等风险资产出现的巨大抛售压力可以归因于鲍威尔的言论，他指出进入年底的降息速度可能慢于市场预期。

These comments led to a sharp sell-off among certain risk assets that are more difficult to value, with higher expected growth and cash flows over the long term.

这些言论导致某些更难以估值、长期预期增长和现金流更高的风险资产遭到大幅抛售。

However, the three tokens in question — Cardano, Polkadot, and Solana — each have one unique catalyst investors appear to be focusing on in a big way today. Here's what that is, and why investors should care.

然而，这三种代币——Cardano、Polkadot 和 Solana——各自都有一个独特的催化剂，投资者今天似乎正在大力关注。这就是它的含义，以及为什么投资者应该关心。

Big Token Unlocks Could Create Supply/Demand Imbalances:

大额代币解锁可能会造成供需失衡：

Like stocks, which can see the number of shares increase via a number of factors over time, dilution can exist in the crypto sector as well via similar means.

就像股票一样，随着时间的推移，股票数量可以通过多种因素增加，稀释也可以通过类似的方式存在于加密货币领域。

Aside from initial coin offerings (similar to initial public offerings in the stock market), in which a certain number of tokens are set aside to be publicly traded up front, token unlocks are commonplace in the crypto sector.

除了首次代币发行（类似于股票市场的首次公开募股）（其中预留一定数量的代币预先公开交易）之外，代币解锁在加密货币领域也很常见。

These token unlocks essentially add additional tokens into the ecosystem as a way to compensate early investors or the community behind a given project.

这些代币解锁本质上是在生态系统中添加额外的代币，作为补偿早期投资者或特定项目背后的社区的一种方式。

As it happens, Cardano, Polkadot, and Solana each have upcoming token unlocks the market appears to be pricing in right now.

碰巧的是，Cardano、Polkadot 和 Solana 都即将推出代币解锁，市场目前似乎已经定价。

In the case of Cardano, an upcoming token unlock of more than 37 million tokens is expected to hit the market over the next couple of weeks (around 0.1% of total supply).

就卡尔达诺而言，即将解锁的超过 3700 万枚代币预计将在未来几周内投放市场（约占总供应量的 0.1%）。

Solana will see a token unlock of more than 524 million tokens (0.11% of total supply), and Polkadot's token unlocks will amount to around 0.2% of total supply.

Solana 的代币解锁量将超过 5.24 亿个（占总供应量的 0.11%），Polkadot 的代币解锁量将占总供应量的 0.2% 左右。

While these numbers may seem small in the grand scheme of things, and they most likely are, it's also true that there needs to be a buyer of these newly issued tokens on the market, should those who receive these tokens look to sell.

虽然这些数字在宏伟的计划中可能看起来很小，而且很可能确实如此，但如果那些收到这些代币的人想要出售的话，市场上确实需要有这些新发行的代币的买家。

Added liquidity in the market can be a good thing over the long term, but it's also true that some valuation discount may be applied on the basis of these projects' market capitalizations being spread out across more tokens.

从长远来看，市场流动性的增加可能是一件好事，但基于这些项目的市值分布在更多代币上，可能会出现一些估值折扣，这也是事实。

What Will These Unlocks Mean For These Three Projects?

这些解锁对这三个项目意味着什么？

Today's declines more than account for the relatively small number of newly issued tokens coming onto the market for these specific projects.

今天的下跌不仅仅是这些特定项目进入市场的新发行代币数量相对较少的原因。

However, concerns around demand for Cardano, Polkadot, and Solana in the face of additional unlocks on the horizon could lead some investors to take a more measured approach to these projects over the near term.

然而，面对即将到来的额外解锁，对 Cardano、Polkadot 和 Solana 需求的担忧可能会导致一些投资者在短期内对这些项目采取更加谨慎的态度。

As is the case with many such near-term headwinds, I do think many investors will view these unlocks as just that (short-lived headwinds that will be quickly priced in).

与许多此类近期逆风的情况一样，我确实认为许多投资者会将这些解锁视为这样（短暂的逆风将很快被定价）。

But I also think that any disruptions to supply and demand for high-profile DeFi projects such as these three could lead to greater distortions in their value, particularly if investors sour on projects that are overly inflationary, favoring more stable projects with diminishing mining rewards or even deflationary supply.

但我也认为，这三个备受瞩目的 DeFi 项目的供需中断可能会导致其价值出现更大的扭曲，特别是如果投资者对通胀过度的项目感到不满，转而青睐挖矿奖励递减的更稳定的项目，或者甚至通缩供应。