福布斯“僵尸区块链”：炒作还是现实？

《福布斯》列出了 20 个尽管实用性极低但估值仍达数十亿美元的“僵尸区块链”，其中包括 ADA、XRP 和 LTC 等知名品牌。这些区块链的开发者活动和收费较低，表明它们的估值与实际网络使用情况之间存在脱节。然而，对网络交易价值（NVT）等关键指标的分析表明，一些僵尸区块链可能并不像看起来那样处于休眠状态，这可能表明其估值被低估或未来增长的潜力。

Forbes' "Zombie Blockchains": Misnomer or Accurate Assessment?

福布斯“僵尸区块链”：用词不当还是准确评估？

In a recent report, Forbes has classified 20 blockchain networks as "zombies," citing their billions of dollars in valuations despite their perceived low utility. While the term "zombie blockchain" is intriguing, a closer examination reveals a more nuanced picture, challenging the validity of Forbes' categorization.

在最近的一份报告中，《福布斯》将 20 个区块链网络列为“僵尸”，理由是尽管它们被认为效用较低，但估值却高达数十亿美元。虽然“僵尸区块链”这个术语很有趣，但仔细研究会发现更微妙的情况，挑战了福布斯分类的有效性。

Defining Zombie Blockchains

定义僵尸区块链

Forbes describes zombie blockchains as those characterized by "low utility, high trading." Essentially, these networks have valuations in the billions of dollars but limited real-world applications or usage. According to Forbes, the following blockchains fall under this category:

福布斯将僵尸区块链描述为“低效用、高交易”的区块链。从本质上讲，这些网络的估值高达数十亿美元，但实际应用或使用有限。据《福布斯》报道，以下区块链属于此类：

• XRP (XRP)
• Cardano (ADA)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Internet Computer (ICP)
• Ethereum Classic (ETC)
• Stellar (XLM)
• Stacks (STX)
• Kaspa (KAS)
• Fantom (FTM)
• Monero (XMR)
• Arweave (AR)
• Algorand (ALGO)
• Flow (FLOW)
• MultiversX (EGLD)
• Bitcoin SV (BSV)
• Mina (MINA)
• Tezos (XTZ)
• Theta (THETA)
• EOS (EOS)

Metrics in Question

XRP (XRP)卡尔达诺 (ADA)比特币现金 (BCH)莱特币 (LTC)互联网计算机 (ICP)以太坊经典 (ETC)Stellar (XLM)Stacks (STX)Kaspa (KAS)Fantom (FTM)Monero (XMR)Arweave (AR )Algorand (ALGO)Flow (FLOW)MultiversX (EGLD)Bitcoin SV (BSV)Mina (MINA)Tezos (XTZ)Theta (THETA)EOS (EOS)有问题的指标

Forbes primarily relies on metrics such as the number of developers, fee collection, and active addresses to determine the "low utility" of these networks. However, a deeper analysis reveals a more complex story.

福布斯主要依靠开发者数量、费用收取和活跃地址等指标来确定这些网络的“低效用”。然而，更深入的分析揭示了一个更复杂的故事。

Cardano: A Case in Point

卡尔达诺：一个典型的例子

Cardano, one of the blockchains labeled as a zombie, has been criticized for its declining active addresses and low fee collection. However, a closer examination reveals that Cardano has a robust community of developers, with over 150 weekly active core developers, which is higher than many other Layer 1 blockchains.

卡尔达诺是被贴上僵尸标签的区块链之一，因其活跃地址下降和收费低而受到批评。然而，仔细检查后发现，卡尔达诺拥有强大的开发者社区，每周活跃的核心开发者超过 150 名，这一数字高于许多其他第 1 层区块链。

Furthermore, Cardano's Adjusted Network Value to Transactions (NVT) ratio, a measure of network value relative to transaction volume, is significantly lower than that of Ethereum Classic (ETC), another blockchain on the zombie list. This suggests that Cardano's valuation is relatively undervalued compared to its transaction activity.

此外，卡尔达诺的调整后网络价值与交易量（NVT）比率（衡量网络价值相对于交易量的指标）明显低于僵尸名单上的另一个区块链以太坊经典（ETC）。这表明卡尔达诺的估值与其交易活动相比相对被低估。

Pump and Dump Allegations

拉高和抛售指控

Forbes also points to the presence of large holders and pump-and-dump schemes as contributing factors to the "zombie" status of these cryptocurrencies. While it is true that some large holders may engage in such activities, it is important to note that these allegations have not been substantiated with concrete evidence.

福布斯还指出，大量持有者和拉高抛售计划的存在是导致这些加密货币“僵尸”状态的因素。虽然一些大股东确实可能参与此类活动，但值得注意的是，这些指控尚未得到具体证据证实。

Assessing the Zombie List

评估僵尸名单

A critical examination of the Forbes list reveals that several of the included blockchains have been operating for extended periods, with established communities and significant usage. For instance, Litecoin and Bitcoin Cash have been around for years and continue to have active user bases. XRP, despite regulatory challenges, remains a widely used asset for cross-border payments and remittances.

对福布斯榜单的严格审查显示，其中的几个区块链已经运行了很长时间，拥有成熟的社区和大量使用。例如，莱特币和比特币现金已经存在多年，并且仍然拥有活跃的用户群。尽管面临监管挑战，XRP 仍然是跨境支付和汇款广泛使用的资产。

Moreover, the NVT ratio, which Forbes does not consider, provides a more balanced view of network valuations. By comparing the network value to transaction volume, the NVT ratio helps identify potential overvaluations. According to Messari data, the Adjusted NVTs of several blockchains on the zombie list, including ADA, KASPA, and ICP, are relatively low, suggesting that they are not significantly overvalued.

此外，《福布斯》不考虑的 NVT 比率提供了对网络估值更加平衡的看法。通过将网络价值与交易量进行比较，NVT 比率有助于识别潜在的高估。根据 Messari 数据，僵尸名单上的几个区块链（包括 ADA、KASPA、ICP）调整后的 NVT 都相对较低，表明它们并未被严重高估。

Conclusion

结论

While the concept of "zombie blockchains" may be attention-grabbing, a thorough analysis of the Forbes list and the underlying metrics reveals a more nuanced picture. Several of the included networks have demonstrated notable development activity, established communities, and growing transaction volumes.

虽然“僵尸区块链”的概念可能很引人注目，但对福布斯排行榜和基本指标的彻底分析揭示了更微妙的情况。其中几个网络已展现出显着的开发活动、已建立的社区以及不断增长的交易量。

The NVT ratio, which Forbes overlooks, provides a more comprehensive assessment of network valuations, suggesting that some of the so-called "zombies" may be undervalued rather than overvalued.

福布斯忽视的NVT比率提供了对网络估值更全面的评估，表明一些所谓的“僵尸”可能被低估而不是被高估。

It is crucial to approach such classifications with a critical eye and consider a broader range of factors beyond the limited metrics used by Forbes. The blockchain industry is constantly evolving, and dismissing networks as "zombies" based on a snapshot in time may hinder our understanding of their potential and long-term value.

至关重要的是，要以批判的眼光对待此类分类，并考虑福布斯使用的有限指标之外的更广泛的因素。区块链行业在不断发展，基于时间快照将网络视为“僵尸”可能会阻碍我们对其潜力和长期价值的理解。