Polkadot：从以太坊杀手到幽灵链？加密衰落现象

Polkadot正在褪色吗？对Polkadot从炒作的“以太坊杀手”到潜在的“幽灵连锁店”的旅程进行了分析，研究了其挑战和未来。

Polkadot: From Ethereum Killer to Ghost Chain? The Crypto Fading Phenomenon

Polkadot：从以太坊杀手到幽灵链？加密衰落现象

Once hailed as a revolutionary 'Ethereum killer,' Polkadot is now facing tough questions about its future. Did it fade into a 'ghost chain'? Let's dive into the story of Polkadot, exploring its rise, stumbles, and current state in the ever-evolving crypto landscape.

波尔卡多（Polkadot）曾经被誉为革命性的“以太坊杀手”，现在就面临着关于其未来的棘手问题。它淡入了“幽灵链”吗？让我们深入了解Polkadot的故事，探索它在不断发展的加密景观中的上升，跌跌撞撞和现状。

The Rise and Promise of Polkadot

波尔卡多的崛起和承诺

Polkadot emerged with massive hype and financial backing, raising substantial funds in its early stages. Its parachain model promised shared security and scalability, positioning it as a major contender in the Web3 infrastructure space. The launch of its mainnet and parachains generated significant buzz, with DOT reaching a peak of $55 and a market cap of $50 billion. But was this growth sustainable?

波尔卡多（Polkadot）大量炒作和财务支持，在早期阶段筹集了大量资金。它的Parachain模型承诺共享安全性和可扩展性，将其定位为Web3基础架构空间中的主要竞争者。它的主网和滑石机的推出引起了巨大的嗡嗡声，DOT达到了55美元的高峰，市值为500亿美元。但是这种增长是可持续的吗？

Technical Hurdles and Developer Drain

技术障碍和开发人员流失

One of Polkadot's major challenges was its complexity for developers. Unlike the more accessible Ethereum Virtual Machine (EVM) chains, Polkadot relied on Substrate and Rust, creating a steeper learning curve. This technical friction led to developer attrition, as many shifted their focus to more user-friendly platforms. The dual existence of Polkadot and Kusama also caused confusion, further deterring both users and developers.

Polkadot的主要挑战之一是它对开发人员的复杂性。与更容易接近的以太坊虚拟机（EVM）链不同，Polkadot依靠底物和生锈，从而产生了更陡峭的学习曲线。这种技术摩擦导致了开发人员的流失，因为许多人将重点转移到了更友好的平台上。 Polkadot和Kusama的双重存在也引起了混乱，进一步阻止了用户和开发人员。

The Parachain Auction Paradox

巴拉契因拍卖悖论

The parachain auction model, designed to foster network growth, ironically became a hindrance. Locking up DOT tokens for two years limited liquidity and stifled project momentum. While innovative in concept, this model proved unsustainable, contributing to Polkadot's struggles.

具有讽刺意味的是，旨在促进网络增长的Parachain拍卖模型成为一种障碍。将DOT令牌锁定两年有限的流动性和窒息的项目动力。尽管概念创新，但这种模型被证明是不可持续的，这导致了Polkadot的挣扎。

Declining Usage and Governance Issues

使用和治理问题下降

User activity and developer participation steadily declined between 2021 and 2025. Daily active users dwindled, and developer numbers nearly halved. Governance, once a promising feature, became dominated by whales, with treasury expenditures yielding little return. This erosion of community trust further exacerbated Polkadot's challenges.

用户活动和开发人员的参与在2021年至2025年之间稳步下降。日常活跃用户减少，开发人员数量几乎减半。治理曾经是一个有希望的特征，被鲸鱼所占据主导地位，财政支出几乎没有回报。社区信任的这种侵蚀进一步加剧了波尔卡多的挑战。

Polkadot 2.0: Too Little, Too Late?

Polkadot 2.0：太少，太晚了？

Despite the rollout of Polkadot 2.0 with improvements like async backing and agile coretime, these advancements may have arrived too late. The market had moved on, and DOT's value plummeted. While Polkadot boasts reliable components like XCM and shared security, the lack of users and a compelling narrative has rendered the network functionally obsolete in its current form.

尽管Polkadot 2.0的推出以及诸如异步支持和敏捷Coretime之类的改进，但这些进步可能已经太晚了。市场已经继续前进，DOT的价值暴跌。尽管Polkadot拥有诸如XCM和共享安全性之类的可靠组件，但缺乏用户和引人注目的叙述使网络以其当前形式在功能上过时。

A Glimmer of Hope?

一线希望？

Despite the current challenges, some analysts believe Polkadot still has potential. Its unique parachain architecture, designed for seamless interoperability, could become crucial as Web3 matures. A strong developer base and innovations like Governance 2.0 offer a glimmer of hope. Perhaps Polkadot is not a ghost chain, but an undervalued gem waiting for its moment to shine.

尽管面临挑战，但一些分析师认为Polkadot仍然具有潜力。随着Web3的成熟，其独特的Parachain架构旨在无缝互操作性。强大的开发者基础和治理2.0等创新提供了一线希望。也许Polkadot不是鬼连锁店，而是被低估的宝石等待它的时刻发光。

The Bigger Picture: Crypto Fading and the Hunt for Undervalued Gems

更大的图片：加密货币褪色和追捕被低估的宝石

Polkadot's story is a reminder that in the crypto world, hype doesn't always translate to long-term success. Smart investors are always on the lookout for undervalued projects with real utility and mature ecosystems. While others chase what's already mooned, savvy investors are watching the quiet contenders, like Toncoin and Avalanche, that might just outperform.

Polkadot的故事提醒您，在加密货币世界中，炒作并不总是转化为长期成功。聪明的投资者总是在寻找具有真正实用性和成熟生态系统的被低估项目。当其他人追逐已经被月亮的东西时，精明的投资者正在观看像托币和雪崩这样的安静竞争者，这可能会胜过。

Final Thoughts

最后的想法

Is Polkadot truly a ghost chain, or is it simply undervalued and misunderstood? Only time will tell. But one thing is certain: the crypto landscape is full of surprises, and the next big thing might just be hiding in plain sight. Keep your eyes peeled, and remember to do your research before diving in! Who knows, you might just find the next crypto unicorn. Happy hunting!

Polkadot是真正的鬼连锁店，还是仅仅被低估和误解了？只有时间会证明。但是可以肯定的是：加密景观充满了惊喜，下一件大事可能只是藏在朴素的视线中。睁大眼睛，记住在潜水之前进行研究！谁知道，您可能只是找到下一个加密独角兽。狩猎快乐！