当前的资本市场结构未能为投资者提供广泛的基础

根据Solana基金会的非首席营销官Akshay BD的说法。在加速2025会议上的小组讨论中，阿克沙伊认为区块链技术可以帮助解决这些缺点

Non-chief marketing officer at the Solana Foundation Akshay BD argued that the current structure of capital markets isn't serving a broad base of investors, especially as

Solana基金会Akshay BD的非主持营销官员认为，当前资本市场的结构不是为投资者提供广泛的基础，尤其是

Optimism towards a 60-40 portfolio isn't working in a long time and younger investors are struggling to keep up with older generations who managed to purchase property early and benefitted from rising asset prices, while also having time in the market on their side.

对60-40投资组合的乐观情绪很长一段时间都没有工作，年轻的投资者正在努力跟上那些设法尽早购买房地产并从上涨的资产价格中受益的年长一代，同时也有时间在市场上。

"You have low bond yields, you have asset price bubbles, and people don't really know how the traditional asset allocation model works anymore. The 60-40 portfolio hasn't delivered consistent returns in a long time, and there's a growing sense of uncertainty among investors. Investment managers are reporting that clients are feeling more anxious and burnt out, especially the younger generation who feel like they're starting the game later and have less time to recover if things go wrong.

“您的债券收益率低，资产价格泡沫，人们真的不知道传统的资产分配模型如何工作。60-40个投资组合在很长一段时间内没有带来一致的回报，投资者之间的不确定性越来越不确定性。投资经理之间的不确定性越来越多。投资经理人在越来越焦虑，尤其是年轻的一代人觉得自己更加沮丧，他们会觉得自己更加沮丧，如果他们觉得自己更加不错，那么他们就恢复过来了。

"And a lot of this tension is due to a widening gap between the income earned through wages and wealth accumulated through asset ownership. Retail investors are largely locked out of private markets, which are typically accessible only to accredited investors, a dynamic that may be contributing to overheated public markets.

“而且这种紧张局势大部分是由于通过资产所有权积累的工资和财富收入的收入之间的差距扩大。散户投资者在很大程度上被锁定在私人市场之外，通常仅适用于认可的投资者，这种动态可能会导致过热的公众市场。

"This tension will only escalate with the rapid advancement of artificial intelligence, which could further deepen existing economic divides. So the question is, which way do we go? Is it ... universal basic income, where we're essentially creating a welfare economy to support those unable to keep jobs or own assets? Or is it what we propose, universal basic ownership, where everybody with a mobile phone can own assets?"

“这种张力只会随着人工智能的快速发展而升级，这可以进一步加深现有的经济鸿沟。因此，问题是，我们走哪条路？这是……普遍的基本收入，我们本质上是在这里创造一种无法保留工作或自己的资产的人，或者我们提出了什么，我们提出了什么，我们提出了什么，我们提出了什么，每个人都可以拥有一部移动手机的地方？”

In the Solana ecosystem, the "Non-Chief Marketing Officer" (nCMO) is a role within the Solana Foundation that focuses on supporting the Solana community's marketing efforts. It seems that Akshay is focused on highlighting the potential of blockchain technology to help address these shortcomings, saying that Solana could "make everyone an investor or a dreamer over time."

在Solana生态系统中，“非首席营销官”（NCMO）是Solana基金会中的角色，致力于支持Solana社区的营销工作。似乎Akshay专注于强调区块链技术的潜力来帮助解决这些缺点，称Solana可以“随着时间的流逝，使每个人都成为投资者或梦想家”。

This would involve crypto infrastructure facilitating broader asset ownership, allowing individuals to invest in anything they wish, from energy companies to local coffee shops, through tokenization.

这将涉及加密基础设施促进更广泛的资产所有权，使个人能够投资于他们希望的任何东西，从能源公司到当地咖啡店，直接通过令牌化。

"We can create a world where people can invest in anything they care about, whether it's a solar energy company or a coffee shop down the street. Imagine scanning a QR code on a coffee cup to invest in the local roastery or a restaurant that serves amazing food. This isn't science fiction; we have the technology to do this today.

“我们可以创建一个世界，无论是太阳能公司还是街上的咖啡店，人们都可以投资于他们关心的任何东西。想象一下在咖啡杯上扫描QR码以投资于当地的烘焙店或提供令人惊叹的食物的餐厅。这不是科幻小说；我们有技术可以做到这一点。

"We're not limited to investing in large, publicly traded companies. We can invest in anything we choose, and we can do so in small increments that fit our own budgets. This opens up possibilities that weren't available before. People can become owners of the companies and organizations that they use and support daily."

“我们不仅限于投资于大型公开交易的公司。我们可以对我们选择的任何东西进行投资，而且我们可以以较小的增量来适合自己的预算。这打开了以前没有的可能性。人们可以成为他们每天使用和支持的公司和组织的所有者。”

According to Akshay, this could help combat the overheating of certain markets, a lofty goal that some sectors of crypto, like RWA tokenization, aim to facilitate. Akshay noted that some entrepreneurs had tried this before, but the available technology didn't support this view.

根据Akshay的说法，这可能有助于与某些市场过热的斗争，这是一个崇高的目标，即Crypto（例如RWA令牌化）的目标是促进。阿克沙伊（Akshay）指出，一些企业家以前曾尝试过，但是可用的技术不支持这种观点。

"People have tried to do this before, but the technology wasn't there yet. They envisioned a world of modularity and fluidity, but they couldn't quite achieve it. But now, with the dawn of Web3, we can finally realize these ambitions. It starts with the game, and very quickly becomes interesting, but it's also economically efficient.

“人们以前曾尝试过这样做，但是这项技术还不存在。他们设想了一个模块化和流动性的世界，但是他们无法完全实现。但是现在，随着Web3的黎明，我们终于可以意识到这些野心。它始于游戏，很快就变得有趣了，但是它也很有效。

"What it gives you is the ability for you to financialise all the productive assets in an economy, so you can have anybody who participates in that economy be an owner of that economy. It’s efficient in terms of capital allocation because capital flows to the best opportunities, and it creates a more engaged and invested society, where people feel a sense of belonging and contribution."

“它给您的是您能够使经济中的所有生产资产财务能力，因此您可以让任何参与该经济的人成为这种经济的所有者。它在资本分配方面是有效的，因为资本流向了最佳机会，并且会创造一个更具参与和投资的社会，在人们的情况下，人们会感到遗产和贡献。”

According to data from market analytics firm Multpl, the S&P 500's price-to-earnings (P/E) ratio has consistently remained above 19.6 since December 2018, higher than the index's historical average P/E ratio of around 16.1 and suggesting that investors have been willing to pay a premium for earnings in recent years.

根据市场分析公司Multpl的数据，S＆P 500的收入（P/E）比率一直保持在2018年12月以来的19.6以上，高于该指数的历史平均P/E比率约为16.1左右，并表明投资者近年来愿意为收益支付溢价。

Zooming out, the S&P 500's average valuation has been gradually rising for decades, driven by factors such as low interest rates, growing corporate gains, and investor optimism about technology. However, high valuations have also coincided with periods of market corrections, like the dot-com crash and the 2008 financial crisis after the collapse of the subprime mortgage market.

缩小，标准普尔500指数的平均估值数十年来逐渐上升，这是由于低利率，不断增长的公司收益和对技术的乐观态度等因素所驱动的。但是，高估值也与市场纠正时期相吻合，例如次级抵押贷款市场崩溃后的互联网崩溃和2008年的金融危机。