加密货币，区块链和未来：导航后启动景观

探索加密货币的不断发展的作用，区块链的扩散以及决定其在加密未来中长期生存能力的关键因素。

Crypto TGEs, Blockchains, and the Future: Navigating the Post-Launch Landscape

加密货币，区块链和未来：导航后启动景观

The crypto landscape is buzzing with token generation events (TGEs) and a growing number of blockchains. But are these launches setting the stage for lasting innovation, or are they just exit ramps for founders? Let's dive into the current trends and future outlook.

加密景观随着象征性的一代活动（TGE）和越来越多的区块链而嗡嗡作响。但是，这些发射是为持久创新奠定了基础，还是只是为创始人退出坡道？让我们深入了解当前的趋势和未来的前景。

The Rise of 'Orphan Chains' and Founder Departures

“孤儿连锁店”和创始人出发的崛起

A worrying trend has emerged: founders leaving their projects soon after TGEs. Instances like Jason Zhao's departure from Story Protocol and Mo Shaikh's resignation from Aptos have sparked debate about the true intentions behind these token launches. Is the goal long-term growth, or simply a quick payday?

出现了令人担忧的趋势：创始人在TGES之后不久离开了项目。诸如杰森·赵（Jason Zhao）脱离故事协议和莫·谢赫（Mo Shaikh）辞职之类的实例引发了有关这些代币发射背后的真正意图的辩论。目标是长期增长，还是仅仅是快速发薪日？

Brian Huang, co-founder of Glider, points out that a token launch should be the *start* of a project, not the end. Sterling Campbell from Blockchain Capital suggests reasons for departure can include fatigue or the realization that product-market fit isn't there. Vesting schedules, intended to stagger insider sales, haven't entirely quelled concerns, especially when a founder exits a multimillion-dollar project soon after launch.

Glider的联合创始人Brian Huang指出，令牌发布应该是项目的“开始”，而不是目的。区块链资本的斯特林·坎贝尔（Sterling Campbell）提出出发的原因可能包括疲劳或意识到产品市场拟合度不存在。归属时间表，旨在交错内幕的销售，并没有完全平息问题，尤其是当创始人在发布后不久就退出了数百万美元的项目时。

Too Many Blockchains? A Question of Utility

区块链太多？实用程序的问题

The sheer volume of TGEs raises the question: do we really need more blockchains? Annabelle Huang of Altius Labs suggests that while general-purpose chains might be oversaturated, there's still room for networks built for specific use cases. Projects like Hyperliquid, which gained traction by building a derivatives exchange *before* launching its own chain, exemplify this approach.

巨大的TGE提出了一个问题：我们真的需要更多的区块链吗？ Altius Labs的Annabelle Huang建议，尽管通用连锁店可能过饱和，但仍有用于特定用例的网络空间。诸如Hyperliquid之类的项目通过在 *推出自己的链条之前通过建立衍生品交换来获得吸引力，并体现了这种方法。

The Venture Capital Conundrum

风险资本难题

It's less clear why venture capital continues to flow into new chains, especially as performance levels become increasingly similar. Networks with established distribution might hold more appeal, while corporate-led chains from companies like Stripe and Robinhood could accelerate mainstream adoption – though potentially diluting the ethos of permissionless networks.

目前尚不清楚为什么风险资本继续流入新的连锁店，尤其是随着绩效水平越来越相似。具有既定分销的网络可能会更具吸引力，而诸如Stripe和Robinhood等公司的公司主导的连锁店可能会加速主流采用，尽管有可能稀释无许可网络的精神。

TGEs and Vesting: A Balancing Act

TGES和归属：平衡行为

Vesting terms are public, and investors should be aware of the risks. However, the sheer volume of tokens scheduled to unlock by 2030 ($155 billion, according to a Binance Research report) creates a constant uphill battle for genuine supporters. The pressure from token unlocks risks adding persistent selling pressure to the market.

归属条款是公开的，投资者应意识到风险。但是，原定于2030年解锁的庞大的代币（根据Binance Research报告，1550亿美元）为真正的支持者造成了一场不断的艰苦的战斗。代币的压力释放了风险，增加了持续的销售压力。

PayPal Expands its Stablecoin Reach

PayPal扩大其稳定范围

PayPal's stablecoin, PYUSD, is making moves to increase its availability across different blockchains. Integrating with LayerZero, PYUSD will be available on eight additional blockchains, including Tron, Avalanche, and Sei. The creation of PYUSD0 provides a permissionless version of the token on these networks, fully fungible and interoperable with native PYUSD.

PayPal的Stablecoin Pyusd正在采取行动，以增加不同区块链的供应性。与layerzero集成，Pyusd将提供八个其他区块链，包括Tron，Avalanche和SEI。 PYUSD0的创建提供了这些网络上的代币的无许可版本，该网络与本机Pyusd完全易于访问且可互操作。

The Future: Usage Beyond the Launch

未来：超越发布的用法

Ultimately, the success of a blockchain hinges on its ability to demonstrate durable usage beyond the initial hype. Unless projects can prove their long-term value, the cycle of inflated valuations, early exits, and fading blockchains is likely to persist. The industry needs to shift its focus from TGEs as mere fundraising mechanisms to TGEs as the foundation for thriving, useful ecosystems.

最终，区块链的成功取决于其在最初炒作以外表现出耐用用法的能力。除非项目能够证明其长期价值，否则估值，提前退出和褪色区块链的周期可能会持续存在。该行业需要将其重点从TGES转变为仅仅是筹款机制，以作为蓬勃发展，有用的生态系统的基础。

So, what's the takeaway? The future of crypto lies not just in launching new chains, but in building lasting value and utility. It's time to move beyond the quick wins and focus on creating projects that truly matter. Now, if you'll excuse me, I'm off to ponder the mysteries of blockchain over a strong cup of coffee. Cheers!

那么，收获是什么？加密的未来不仅在于推出新的连锁店，还在于建立持久的价值和实用性。现在是时候超越快速胜利并专注于创建真正重要的项目了。现在，如果您能原谅我，我要考虑一下大块咖啡上的区块链的奥秘。干杯!