分析师 Miles Deutscher 表示，如何识别熊市中潜在的加密项目

分析师 Miles Deutscher 最近透露，散户投资者对高估值和空投执行不佳的新代币发行失去信心，导致更倾向于购买公开市场流动性更好的代币。

Retail investors are losing faith in new token launches with high valuations. They are showing a preference for buying tokens with better public market liquidity, according to recent findings by Deutsche Bank analyst Miles Deutscher.

散户投资者对高估值的新代币发行失去信心。根据德意志银行分析师 Miles Deutscher 最近的调查结果，他们表现出购买公开市场流动性更好的代币的偏好。

The analyst also noted that recent projects have had lower valuations in the public market compared to their private market valuations. This suggests that the era of easy VC wins might be coming to an end, as per the analyst.

该分析师还指出，与私人市场估值相比，近期项目在公开市场的估值较低。这位分析师表示，这表明风险投资轻松获胜的时代可能即将结束。

In these times, how can one identify potential projects? The analyst answers and says that one can look for projects with a well-defined narrative and leadership in their sectors, such as real-world assets (RWA), artificial intelligence (AI), or gaming. A strong narrative is essential for market positioning.

在这个时代，如何识别潜在的项目？分析师回答说，人们可以寻找在各自领域具有明确叙述和领导地位的项目，例如现实世界资产 (RWA)、人工智能 (AI) 或游戏。强有力的叙述对于市场定位至关重要。

Projects should have a clear differentiator. This could mean innovative technology, unique features, or significant improvements over existing products. Avoid investing in redundant projects, such as the tenth Layer Two launching in a month, unless they offer substantial advancements.

项目应该具有明显的差异化优势。这可能意味着创新技术、独特功能或对现有产品的重大改进。避免投资冗余项目，例如一个月内启动的第十个第二层项目，除非它们提供了实质性的进步。

Look for tokens that offer additional utility beyond governance, such as buybacks, burns, and enticing staking rewards. These mechanisms can reduce circulating supply and enhance price appreciation, which in turn fosters community building.

寻找除了治理之外还能提供额外效用的代币，例如回购、销毁和诱人的质押奖励。这些机制可以减少流通供应并提高价格升值，从而促进社区建设。

A strong, engaged community often follows price appreciation. Community building can also be driven by valuing community input, embracing crypto culture, and being memeable rather than overly corporate.

一个强大的、积极参与的社区往往伴随着价格的上涨。社区建设还可以通过重视社区投入、拥抱加密文化、具有可记忆性而不是过于企业化来推动。

He advised people to prefer tokens with low inflation. This can mean a high percentage of the token supply is already circulating, or the inflation rate is low during your trade window. Low inflation helps maintain price stability. For instance, tokens like Ono, with a very low float and minimal short-term inflation, have shown strong performance.

他建议人们选择低通胀的代币。这可能意味着高比例的代币供应已经在流通，或者在您的交易窗口期间通货膨胀率较低。低通胀有助于维持物价稳定。例如，像 Ono 这样的代币，其流通量非常低，短期通胀也很小，但表现强劲。

Ondo is cited as a successful example due to its extremely low circulating supply and minimal inflation, which has contributed to its recent price surge. He suggests that other projects might adopt a similar model, avoiding large initial airdrops to control supply pressure.

Ondo 因其极低的流通供应量和极低的通货膨胀而被认为是一个成功的例子，这促成了其最近的价格飙升。他建议其他项目可能会采用类似的模式，避免大量的初始空投来控制供应压力。