超过100万个加密代币在第1季度2025年消失了，因为炒作超过物质

加密货币景观继续以惊人的速度增长，但在表面下方是一个惊人的趋势：绝大多数新令牌的消失几乎消失了，几乎消失了。

In the dynamic realm of cryptocurrencies, change is a constant companion. However, even amidst rapid evolution, certain trends emerge with striking clarity. One such phenomenon is the rapid creation and subsequent disappearance of crypto tokens.

在加密货币的动态领域中，变化是一个恒定的伴侣。但是，即使在快速发展的过程中，某些趋势也以惊人的清晰度出现。一种这种现象是加密代币的快速产生和随后的消失。

While the crypto landscape has grown at breakneck speed in recent times, a deeper analysis reveals that a vast majority of new tokens are vanishing almost as quickly as they appear.

虽然最近的加密景观近期已经以惊人的速度发展，但更深入的分析表明，绝大多数新令牌的消失几乎与出现一样快。

In the first quarter of 2025 alone, 1.8 million tokens were effectively abandoned, according to new research from CoinGecko. That figure represents nearly one-quarter of all tokens ever launched since 2021, also marking an all-time high in project failures within a single quarter.

根据Coingecko的新研究，仅在2025年的第一季度，就有180万个令牌就被放弃了。这个数字代表了自2021年以来一直推出的所有代币中近四分之一，这也标志着一个季度内的项目失败的历史最高。

Since 2021, CoinGecko’s token analytics platform, GeckoTerminal, has been tracking around 7 million cryptocurrencies. More than half of them—roughly 3.7 million—have already ceased to exist, leaving them as statistical ghosts in blockchain history. The data underscores the volatility and short lifespan of most crypto ventures, particularly in the altcoin sector, where hype often outpaces substance.

自2021年以来，Coingecko的令牌分析平台Geckoterminal一直在追踪约700万个加密货币。其中有一半以上的人已经不复存在，使它们成为区块链历史上的统计鬼魂。数据强调了大多数加密货币的波动性和寿命短，尤其是在Altcoin行业中，炒作经常超过物质。

CoinGecko analyst Shaun Paul Lee attributes much of the recent surge in token failures to the emergence of platforms like Pump.fun. A simplified tool that allows users to create tokens with just a few clicks, Pump.fun was launched in early 2024 and quickly fueled an unprecedented wave of memecoin and low-effort token creation.

Coingecko分析师Shaun Paul Lee将令牌失败的大部分激增归因于Pump.Fun等平台的出现。一种简化的工具，允许用户只需单击几下创建令牌，即pump.fun于2024年初推出，并迅速助长了前所未有的Memecoin和低饮食令牌创建的浪潮。

Launched by a group of Web3 developers based in Southeast Asia, Pump.fun democratized access to tokenization but also lowered the bar to the point where sustainability and long-term value were frequently overlooked.

泵由一群位于东南亚的Web3开发人员发起，泵将其民主化获得令牌化，但也将杠铃降低到经常忽略可持续性和长期价值的地步。

The results were dramatic: over 3 million new tokens were created in 2024 alone, making it the most active year for token launches on record. But volume doesn’t equal viability. Lee notes that Pump.fun has a failure rate nearing 98%, suggesting the overwhelming majority of tokens created on the platform were either scams, abandoned experiments, or forgotten marketing stunts.

结果是戏剧性的：仅2024年就创建了超过300万个新令牌，这使得它是记录记录的令牌发布最活跃的一年。但是音量并不等于生存能力。 Lee指出，Pump.Fun的失败率接近98％，这表明在平台上创建的绝大多数令牌是骗局，放弃的实验或被遗忘的营销特技。

The trend highlights a growing divide in the crypto ecosystem. On one side are serious projects building infrastructure, utility, or financial tools; on the other are quick-launch tokens often seen as derivatives of popular memecoins, many of which never survive beyond a few days or weeks.

这种趋势强调了加密生态系统中越来越多的鸿沟。一方面是建立基础设施，公用事业或财务工具的严肃项目；另一方面是快速发出的令牌，通常被视为流行的模因的衍生物，其中许多人从未在几天或几周内生存。

As the market matures and regulation looms in key regions, the pressure is building for developers and platforms alike to prioritize quality over quantity.

随着关键区域的市场成熟和监管的临近，为开发人员和平台建立了压力，以优先考虑质量而不是数量。

While the token explosion illustrates how accessible blockchain development has become, it also raises serious questions about investor protection, project transparency, and the long-term credibility of crypto markets.

尽管令牌爆炸说明了可访问的区块链开发的发展，但它还引发了有关投资者保护，项目透明度和加密市场的长期信誉的严重问题。

With over a million projects gone in just three months, many are beginning to ask whether the industry’s open-door innovation model needs a rethink as the lines between legitimate projects and short-lived scams continue to blur.

随着超过三个月的一百万个项目的消失，许多人开始询问该行业的开放式创新模式是否需要重新考虑，因为合法项目和短暂的骗局之间的界限继续变得模糊。