如何让 VC 代币再次令人兴奋

去年 Web3 不可否认的现实之一是模因币的大幅增长。这导致了 memecoin 和 VC 代币（由风险资本支持的公司的代币）之间明显的二分法。

The past year in Web3 has been undeniably defined by the massive surge in memecoins. This has led to a clear dichotomy between memecoins and VC tokens – the tokens of companies backed by venture capital.

不可否认，过去的一年 Web3 的特点是模因币的大幅增长。这导致了 memecoin 和 VC 代币（由风险资本支持的公司的代币）之间明显的二分法。

While I disagree with the notion that memecoins have killed VC tokens in the long run, it’s evident that the market for many VC tokens is currently stagnating. How did we get here, and what do we need to do to make VC tokens exciting again?

虽然我不同意 memecoins 从长远来看已经杀死了 VC 代币的观点，但很明显，许多 VC 代币的市场目前处于停滞状态。我们是如何走到这一步的？我们需要做什么才能让 VC 代币再次令人兴奋？

Even more importantly, what could a savvy founder who’s willing to go against the grain do in order to revitalize the VC token market, especially as we’ve started to see memecoins fatigue?

更重要的是，一个愿意违背常规的精明创始人可以做些什么来重振风险投资代币市场，特别是当我们开始看到模因币疲倦时？

To answer that, we need to go all the way back to what would be considered the root of the problem to begin with that brought us to this point.

为了回答这个问题，我们需要回到问题的根源，让我们走到这一步。

The problem lies in the intersection of venture-funded Web3 companies and centralized exchanges. For founders and venture capitalists to profit, a successful token launch is essential.

问题在于风险投资的 Web3 公司和中心化交易所的交叉点。对于创始人和风险投资家来说，要想获利，成功的代币发行至关重要。

Centralized exchanges can be categorized into unofficial tiers based on their volume and liquidity. The goal is to get your token listed on the exchanges with the highest volume and liquidity, as this increases trading activity and improves market positioning. But what does it take to achieve this?

中心化交易所可以根据其交易量和流动性分为非官方等级。目标是让您的代币在交易量和流动性最高的交易所上市，因为这会增加交易活动并改善市场定位。但要实现这一目标需要什么？

It’s a complex process, but I’ll simplify it.

这是一个复杂的过程，但我会简化它。

As you’d imagine, the top centralized exchanges are quite selective. Each has different criteria, but one key factor they value is high valuations.

正如你所想象的那样，顶级的中心化交易所是非常有选择性的。每个人都有不同的标准，但他们看重的一个关键因素是高估值。

High valuations indicate that a founder successfully raised substantial funds, making their token launch seem more promising. The specific valuation that matters is the Fully Diluted Valuation (FDV).

高估值表明创始人成功筹集了大量资金，使他们的代币发行看起来更有前途。重要的具体估值是完全稀释估值（FDV）。

This is calculated by multiplying the token price by the total supply, estimating the token’s market cap once all tokens are in circulation. If a company achieved a high FDV, it was seen as exciting and worthy of listing on exchanges with better volume and liquidity.

这是通过将代币价格乘以总供应量来计算的，在所有代币流通后估算代币的市值。如果一家公司实现了较高的 FDV，那么它就会被认为是令人兴奋的，并且值得在交易量和流动性更好的交易所上市。

Although other factors were considered, this was a crucial one.

尽管考虑了其他因素，但这是一个至关重要的因素。

While this strategy was successful in the past, venture capitalists, especially those with excess funds, found a way to game the system by helping more companies raise at high valuations.

虽然这一策略在过去很成功，但风险投资家，尤其是那些拥有过剩资金的风险投资家，找到了一种通过帮助更多公司以高估值筹集资金来玩弄系统的方法。

It worked for a while, and a few people made significant profits, but it also tainted the market. Now, it seems that every company is raising tens or hundreds of millions, often at billion-dollar-plus valuations.

这种做法奏效了一段时间，少数人获得了可观的利润，但也玷污了市场。现在，似乎每家公司都在筹集数千万或数亿美元的资金，估值往往超过十亿美元。

This strategy worked for a while, but it had a major downside: it artificially inflated pre-market token values. The practice limited the upside potential for retail investors with only a few hundred dollars to trade.

这种策略在一段时间内发挥了作用，但它有一个重大缺点：它人为地抬高了上市前的代币价值。这种做法限制了只有几百美元可交易的散户投资者的上涨潜力。

Without sufficient upside, the risk wasn’t worth it, especially for short-term traders seeking quick profits. This gap in the market is where memecoins stepped in to replace VC tokens.

如果没有足够的上涨空间，那么冒险就不值得，特别是对于寻求快速利润的短期交易者而言。这个市场空白正是 memecoin 介入并取代 VC 代币的地方。

In contrast, memecoins have thrived by offering the potential for massive returns, attracting the very investors that VC tokens have lost. These tokens promise potentially massive returns in short periods, something VC tokens haven’t been able to match.

相比之下，模因币通过提供巨额回报的潜力而蓬勃发展，吸引了风险投资代币失去的投资者。这些代币有望在短期内带来巨大的回报，这是风险投资代币无法比拟的。

However, the problem with memecoins is that they lack intrinsic value beyond the meme. As a result, they tend to have shorter lifespans before eventually spiraling into worthlessness.

然而，模因币的问题在于它们缺乏模因之外的内在价值。因此，它们的寿命往往会缩短，最终变得毫无价值。

To revitalize VC tokens, we need to rethink the current approach. This means shifting away from inflated valuations and adopting a model that attracts retail investors.

为了重振 VC 代币，我们需要重新思考当前的做法。这意味着摆脱估值过高的局面，采用吸引散户投资者的模式。

It will require brave founders willing to challenge the conventional wisdom of the past few years. Eventually, a founder will succeed in making retail investors money, sparking a new trend that others will follow.

这需要勇敢的创始人愿意挑战过去几年的传统智慧。最终，创始人将成功为散户投资者赚钱，引发其他人效仿的新趋势。

But what does that look like?

但这是什么样子的呢？

Currently, Web3 founders are encouraged to raise more money than necessary to achieve artificially high FDVs. However, a savvy founder can generate hype while raising only the needed funds.

目前，Web3 创始人被鼓励筹集超出必要的资金，以实现人为的高 FDV。然而，精明的创始人可以在只筹集所需资金的同时引发炒作。

This approach keeps valuations lower, making the token more accessible to retail investors and offering greater upside potential.

这种方法可以降低估值，使散户投资者更容易获得该代币，并提供更大的上涨潜力。

Admittedly, this strategy requires nuance, such as explaining to retail investors why your token is priced lower than competitors. There will also be other aspects to communicate to the broader Web3 ecosystem.

诚然，这一策略需要细微差别，例如向散户投资者解释为什么您的代币价格低于竞争对手。还将有其他方面与更广泛的 Web3 生态系统进行沟通。

However, once retail investors realize you’ve left value on the table for them, your VC token could see a surge similar to memecoins this year. Given the rarity of original thinking in Web3, others will likely follow suit.

然而，一旦散户投资者意识到你为他们留下了价值，你的 VC 代币今年可能会出现类似于 memecoin 的飙升。鉴于 Web3 中原创思想的稀缺性，其他人可能会效仿。

You might wonder how this founder can get their tokens listed on the right exchanges without an artificially high FDV.

您可能想知道这位创始人如何才能在不人为提高 FDV 的情况下让他们的代币在正确的交易所上市。

Centralized exchanges have grown frustrated with the gamification created by venture capitalists and are now pushing back against unnecessarily high FDVs.

中心化交易所对风险投资家创造的游戏化感到越来越沮丧，现在正在抵制不必要的高 FDV。

Exchanges are shifting their focus because their business model relies on users buying and selling tokens. If users don’t see potential upside in a token, they won’t trade it, which means the exchange won’t profit.

交易所正在转移注意力，因为他们的商业模式依赖于用户买卖代币。如果用户看不到代币的潜在优势，他们就不会进行交易，这意味着交易所不会盈利。

Therefore, exchanges are now waiting for projects that offer realistic valuations and genuine value for investors.

因此，交易所现在正在等待为投资者提供现实估值和真正价值的项目。

In summary, the stagnation of VC tokens amid the rise of memecoins highlights the need for a shift in funding strategies. Moving away from inflated valuations and embracing approaches that engage

总而言之，风投代币在模因币崛起过程中的停滞凸显了融资策略转变的必要性。摆脱过高的估值，采用吸引人的方法