XRP可能被高估了 - 但仍然具有长期潜力

数字资产公司ARCA的首席投资官Jeff Dorman提供了一个评估加密资产的真实价值的框架，认为该空间中的价值远不仅仅是价格变动或炒作。

Jeff Dorman, Chief Investment Officer at digital asset firm Arca, has offered a framework for evaluating the true worth of crypto assets, arguing that value in the space is far more nuanced than just price movements or hype.

数字资产公司ARCA首席投资官Jeff Dorman提供了一个框架来评估加密资产的真实价值，认为该空间中的价值远不仅仅是价格变动或炒作。

According to Dorman, crypto assets derive value from three main sources: financial, utility, and social. Financial value, he explained in a recent post, refers to revenue generation or token-based cash flows. Utility value, on the other hand, reflects how useful the token is within its network or platform. Social value, meanwhile, is based on community backing and user loyalty.

根据Dorman的说法，加密资产从三个主要来源获得价值：金融，公用事业和社会。他在最近的一篇文章中解释说，财务价值是指创收或基于令牌的现金流量。另一方面，公用事业价值反映了令牌在其网络或平台中的有用程度。同时，社会价值基于社区支持和用户忠诚度。

According to Dorman, the best crypto projects should ideally combine all three value types, though even one or two can still be meaningful. However, he warned that social value alone—while powerful—isn’t enough without a path toward monetization or broader real-world utility.

根据Dorman的说法，最好的加密项目应该理想地结合所有三种价值类型，尽管即使一两个仍然有意义。但是，他警告说，如果没有通往货币化或更广泛的现实世界实用性的道路，仅靠社会价值就不够。

To illustrate his point, Dorman used XRP as a case study. He argued that the token, with a market cap of around $131 billion, is "hugely overvalued" considering its lack of strong financial or utility fundamentals.

为了说明他的观点，Dorman使用XRP作为案例研究。他认为，考虑到其缺乏强大的金融或公用事业基本面，该代币的市值约为1,310亿美元。

Dorman noted that XRP’s value today comes largely from its long-standing brand and loyal community, adding, "It’s not worthless—I just can’t define its worth. It’s like a very expensive call option on what it could be."

Dorman指出，XRP今天的价值很大程度上来自其长期以来的品牌和忠实的社区，并补充说：“这并不毫无价值 - 我不能定义其价值。这就像是一个非常昂贵的通话选项。”

He also compared XRP to GameStop, suggesting both assets have been driven primarily by community enthusiasm. But he noted that momentum, if directed effectively, can eventually translate into tangible value—citing GameStop’s ability to raise capital and purchase Bitcoin as an example.

他还将XRP与GameStop进行了比较，这表明这两种资产主要是由社区热情驱动的。但是他指出，如果有效地指示这种势头，最终可以转化为有形的价值，这是GameStop筹集资金和购买比特币的能力。