LayerZero 代币 ZRO 空投后逆势跑赢 ETH 和 BTC

自6月20日LayerZero备受期待的空投以来，已经过去了19天，ZRO代币的表现让很多人感到意外。

LayerZero’s ZRO token has surprised many with its performance since the airdrop on June 20. Despite an initial sell-off, which saw the token drop from highs of $4.57 to lows of $2.48, ZRO has shown remarkable resilience and growth, especially compared to other recent launches.

自 6 月 20 日空投以来，LayerZero 的 ZRO 代币的表现令许多人感到惊讶。尽管最初遭到抛售，代币从 4.57 美元的高点跌至 2.48 美元的低点，但 ZRO 仍表现出了显着的弹性和增长，特别是与其他近期的代币相比。发射。

After a sharp sell-off immediately following the airdrop, which is to be expected, ZRO has climbed steadily since, now trading at $3.93, up 40% from Friday. Not only has ZRO recovered, but it has outperformed both ETH and BTC in the same period.

空投后立即出现大幅抛售（这是意料之中的），ZRO 此后稳步攀升，目前交易价格为 3.93 美元，较上周五上涨 40%。 ZRO不仅恢复了，而且同期表现还超过了ETH和BTC。

While there’s no clear reason why the token has outperformed, one factor could be its Unrealized Gains to Circulating Market Cap Ratio. This concept was highlighted by Delphi Labs’ founder Jose Macedo on a recent episode of Unchained.

虽然该代币表现优异的原因尚无明确，但其中一个因素可能是其未实现收益与流通市值之比。 Delphi Labs 的创始人 Jose Macedo 在最近的 Unchained 节目中强调了这一概念。

Macedo discussed the importance of evaluating tokens based on unrealized gains, which represent the profits that have not yet been realized by early investors or the team. A lower ratio of unrealized gains to market cap indicates that less of the token’s value is tied up in unrealized profits, which can reduce selling pressure when tokens unlock.

Macedo 讨论了根据未实现收益评估代币的重要性，未实现收益代表早期投资者或团队尚未实现的利润。未实现收益与市值的比率较低表明代币价值中与未实现利润相关的较少，这可以减少代币解锁时的抛售压力。

LayerZero’s latest investment round brought the company’s valuation to $3 billion, while ZRO’s fully diluted valuation (FDV) sits at $3.9 billion. Token investors have an unrealized gain of $900 million, calculated by taking ZRO’s FDV against the company’s latest valuation. Meanwhile, the team, with a 25.5% allocation, holds a $765 million unrealized gain.

LayerZero 的最新一轮投资使该公司估值达到 30 亿美元，而 ZRO 的完全摊薄估值 (FDV) 为 39 亿美元。根据 ZRO 的 FDV 与公司最新估值计算得出，代币投资者的未实现收益为 9 亿美元。与此同时，该团队拥有 25.5% 的分配权，持有 7.65 亿美元的未实现收益。

Based on the total unrealized gains amount of $1.66 billion compared to its market cap of $431 million, ZRO has an unrealized gains ratio of approximately 3.85.

根据未实现收益总额 16.6 亿美元与其市值 4.31 亿美元相比，ZRO 的未实现收益比率约为 3.85。

Delphi Labs’ Macedo pointed out that many tokens trade at a ratio of 4 to 8, meaning there is four to eight times the project’s circulating market cap in unrealized gains. This can lead to significant sell-offs as tokens unlock, putting downward pressure on the price. In contrast, ZRO’s ratio of 3.85 suggests a healthier balance, potentially contributing to its recent price stability and growth.

Delphi Labs的Macedo指出，许多代币的交易比例为4比8，这意味着未实现收益是该项目流通市值的四到八倍。随着代币解锁，这可能会导致大幅抛售，从而给价格带来下行压力。相比之下，ZRO 的比率为 3.85，表明更健康的平衡，可能有助于其近期的价格稳定和增长。

Finally, LayerZero’s anti-Sybil measures, which included mandatory donations to the Protocol Guild and offered a self-report option for Sybil attackers, could have also contributed to the positive reception and robust performance of the ZRO token.

最后，LayerZero 的反 Sybil 措施（包括向协议行会强制捐款并为 Sybil 攻击者提供自我报告选项）也可能有助于 ZRO 代币的积极接受和强劲表现。