FDV：加密领域最具争议的指标又回来了。这是您需要了解的内容

完全稀释价值（FDV）是加密货币领域最具争议的话题之一。但它到底是什么？为什么币安的评论会引起加密社区的震动？

The ‘fully-diluted value’ of tokens has become a contentious topic once more. Here's what FDV is, and why Binance’s commentary on the matter set crypto community abuzz.

代币的“完全稀释价值”再次成为一个有争议的话题。这就是 FDV 是什么，以及为什么币安对此事的评论引起了加密社区的热议。

Fully-diluted value, or FDV, is a measure of a cryptocurrency’s market capitalization if all of its tokens were in circulation. It is often used to compare the relative valuations of different cryptocurrencies, as market capitalization can be distorted by the varying circulating supplies of different tokens.

完全稀释价值（FDV）是一种衡量加密货币市值（如果所有代币都在流通）的指标。它通常用于比较不同加密货币的相对估值，因为不同代币的流通供应量可能会扭曲市值。

For example, Bitcoin has a fully-diluted value of around $1.3 trillion, even though its market capitalization is currently only around $700 billion. This is because there are still around 2.3 million Bitcoin that have not yet been mined and entered circulation.

例如，比特币的完全稀释价值约为 1.3 万亿美元，尽管其市值目前仅为 7000 亿美元左右。这是因为仍有约 230 万枚比特币尚未被开采并进入流通。

Binance’s commentary on FDV focused on the increasing number of tokens that are being launched with a limited circulating supply and sky-high fully-diluted valuations. According to Binance Research, the total FDV of tokens launched in the first two months of 2024 is already approaching the total FDV of all tokens launched in 2023.

币安对 FDV 的评论主要集中在越来越多的代币上，这些代币的流通量有限且完全摊薄估值极高。根据币安研究院的数据，2024 年前两个月发行的代币的 FDV 总额已经接近 2023 年发行的所有代币的 FDV 总额。

This trend has sparked concerns among some crypto enthusiasts, who argue that the eventual release of all of these tokens will put downward pressure on their price. It could also make the price of the tokens more sensitive to large or frequent trades.

这一趋势引发了一些加密货币爱好者的担忧，他们认为所有这些代币的最终发行将对其价格带来下行压力。它还可能使代币的价格对大规模或频繁的交易更加敏感。

However, others have defended the high FDV of newly-launched tokens, arguing that it is a natural consequence of crypto’s strong rally earlier this year. They also point out that most new tokens listed on Binance have lost value since their listing date.

然而，其他人则为新推出的代币的高 FDV 辩护，认为这是今年早些时候加密货币强劲反弹的自然结果。他们还指出，币安上列出的大多数新代币自上市之日起已经失去了价值。

In his essay, Cobie argues that the increasing private-market participation in new token launches is leading to a situation where retail investors are unable to profit from future growth in the price of the tokens. He also claims that a greater share of tokens’ price discovery is now taking place in private markets.

Cobie 在他的文章中认为，私人市场对新代币发行的参与不断增加，导致散户投资者无法从代币价格的未来增长中获利。他还声称，代币​​价格发现的更大份额现在发生在私人市场。

This trend is evident in the diminishing returns on newly-launched tokens over the past several years. According to Cobie, it is now "impossible" to be early to new token launches.

这种趋势在过去几年新推出的代币回报递减中表现得很明显。 Cobie 表示，现在“不可能”提早推出新代币。

As a form of protest, Cobie suggests that retail investors should opt out and avoid participating in new token launches.

作为抗议的一种形式，科比建议散户投资者应该选择退出并避免参与新的代币发行。