每個令牌平均流動性從2021年的180萬美元下降到2025年3月的5,500美元

根據研究公司分散的最新報告，該下降說明了現在超過4000萬個資產的代幣發行如何稀釋了可用資本

The average stablecoin liquidity per token dropped from $1.8 million in 2021 to just $5,500 in March 2025, a 99.7% decline, forcing protocols to demonstrate sound reasons for investors to hold.

每個令牌的平均流動性從2021年的180萬美元下降到2025年3月的5,500美元，下降了99.7％，迫使協議證明了投資者持有的合理原因。

The drop, which is part of a broader trend in the crypto market, has been driven by a number of factors, including the influx of new tokens and the lack of corresponding demand, according to a report by research firm Decentralised.

根據研究公司分散的一份報告，該下降是加密貨幣市場中更廣泛趨勢的一部分，這是由許多因素驅動的，包括新令牌的湧入和缺乏相應的需求。

The report, which was published on 18 April, found that the number of tokens has been outpacing the expansion of capital pools, resulting in lower liquidity, weaker communities and diminished engagement.

該報告於4月18日發布，發現令牌的數量已經超過了資本池的擴張，導致流動性較低，社區較弱和參與度減少。

“Without durable revenue sources, user interest frequently dissipates following short-term incentives such as airdrops. Without sustainable economic structures, attention has become a liability rather than an asset,” the report said.

報告說：“如果沒有持久的收入來源，用戶利益經常在短期激勵措施（例如空投）之後消散。如果沒有可持續的經濟結構，人們的注意力已成為一種責任，而不是資產。”

The researchers used stablecoin liquidity as a proxy for capital availability. They highlighted that the stagnation of new capital inflows amid surging token counts has left many crypto projects undercapitalized.

研究人員使用Stablecoin流動性作為資本可用性的代理。他們強調，由於代幣數量飆升，新資本流入的停滯使許多加密項目還沒有資本化。

With fewer resources per token, the traditional 2021-era playbook — launching a community through Discord servers and airdrop campaigns — no longer produces lasting engagement.

傳統的2021年時代劇本（通過Discord服務器和氣盤廣告系列啟動社區）的資源減少，不再產生持久的參與。

Instead, projects must now demonstrate product-market fit and sustained demand through revenue generation.

取而代之的是，項目現在必須通過創收來證明產品市場貼合和持續的需求。

“Revenue functions as a financial metric and as a mechanism for signaling relevance and economic utility. Protocols that generate and retain cash flows are better positioned to justify token valuations, establish governance legitimacy, and maintain user participation,” the report said.

報告說：“收入是一種財務指標，也是信號相關性和經濟公用事業的機制。產生和保留現金流量的協議可以更好地確定令牌估值，建立治理合法性並維持用戶參與的合理性。”

The researchers distinguished between mature platforms like Ethereum (ETH), which rely on ecosystem depth and native incentives, and newer protocols that must earn their place through consistent performance and transparent operations.

研究人員區分了依靠生態系統深度和本地激勵措施等成熟平台（ETH）等成熟平台，以及必須通過一致的性能和透明操作來贏得其位置的新方案。

Capital needs and strategies vary widely

資本需求和策略差異很大

The report outlined four maturity stages for crypto projects: Explorers, Climbers, Titans and Seasonals. Each category represents a different relationship to capital formation, risk tolerance and value distribution.

該報告概述了加密項目的四個成熟階段：探險家，登山者，泰坦和季節性。每個類別都代表與資本形成，風險承受能力和價值分配的不同關係。

Explorers are early-stage protocols operating with centralized governance and volatile, incentive-driven revenue. While some, such as Synthetix and Balancer, show short-term spikes in usage, their primary goal remains survival rather than profitability.

探險家是具有集中治理和動力驅動驅動的收入的早期階段協議。雖然有些（例如Synthetix和Balancer）在使用中顯示出短期的尖峰，但其主要目標仍然是生存而不是盈利能力。

Climbers, with annual revenue between $10 million and $50 million, begin transitioning from emissions-based growth to user retention and ecosystem governance. These projects must navigate strategic decisions around growth versus distribution while preserving momentum.

登山者的年收入在1000萬美元至5000萬美元之間，開始從基於排放的增長到用戶保留和生態系統治理過渡。這些項目必須在保持勢頭的同時圍繞增長與分配進行戰略決策。

Titans — such as Aave, Uniswap and Hyperliquid — generate consistent revenue, have decentralized governance structures and operate with strong network effects. Their focus is category dominance, not diversification.

泰坦（例如AAVE，UNISWAP和超流動）產生一致的收入，具有分散的治理結構並具有強大的網絡效應。他們的重點是類別的主導地位，而不是多元化。

Due to the Titans’ established treasuries and operational discipline, they can afford to conduct token buybacks or other value-return programs.

由於泰坦隊已建立的國庫和運營紀律，他們有能力進行代幣回購或其他回收計劃。

Seasonals, by contrast, are short-lived phenomena driven by hype cycles and social momentum. Projects like FriendTech and PumpFun experience brief periods of high activity but struggle to maintain user interest or revenue consistency over the long-term.

相比之下，季節性是由炒作週期和社會勢頭驅動的短暫現象。諸如Friendech和Pumpfun之類的項目經歷了短暫的高活動期，但長期以來一直在努力保持用戶的興趣或收入一致性。

While some may evolve, most remain speculative plays without enduring infrastructure relevance.

儘管有些人可能進化，但大多數仍在投機性戲劇而沒有持久基礎設施相關性。

Revenue distribution models: buybacks vs dividends

收入分配模型：回購與股息

Drawing parallels with public equity markets, the report noted that younger firms typically reinvest earnings while mature firms return capital via dividends or buybacks.

該報告指出，與公共股票市場相似，年輕公司通常會重新投資收益，而成熟的公司通過股息或回購返回資本。

In crypto, this distinction is similarly tied to protocol maturity. Titans are well-positioned to implement buybacks or structured distributions, while Explorers and Climbers are advised to focus on reinvestment until securing operational fundamentals.

在加密中，這種區別與方案成熟度類似。泰坦（Titans）具有很好的位置，可以實施回購或結構化分佈，而探險家和登山者則被建議專注於再投資，直到確保運營基本面為止。

Buybacks are a flexible distribution tool that is particularly suited for projects with volatile revenue or seasonal demand patterns.

回購是一種靈活的分銷工具，特別適合具有波動收入或季節性需求模式的項目。

However, poorly executed buybacks can benefit short-term traders over long-term holders. Effective buyback programs require strong treasury reserves, valuation discipline and transparent execution.

但是，執行不善的回購可以使短期交易者比長期持有人受益。有效的回購計劃需要強大的財政部儲備，估值紀律和透明執行。

Without these, distribution can erode trust and misallocate capital.

沒有這些，分銷就會侵蝕信任和分配資本。

The trend also reflects broader shifts in traditional markets. In 2024, buybacks accounted for roughly 60% of corporate profit distribution, outpacing dividends.

趨勢還反映了傳統市場的更廣泛轉變。 2024年，回購約占公司利潤分佈的60％，超過了股息。

This approach allows firms to modulate capital return according to market conditions, but governance risks remain if the incentives driving buyback decisions are misaligned.

這種方法允許公司根據市場條件調節資本回報，但是如果驅動回購決定的激勵措施不對，則保留治理風險。

Investor relations are key

投資者關係是關鍵

The report also identified investor relations (IR) as a critical but underdeveloped function across crypto projects.

該報告還將投資者關係（IR）確定為跨加密項目的關鍵但欠發達的功能。

Despite public claims of transparency, most teams release financial data selectively.

儘管公眾聲稱透明度，但大多數團隊還是有選擇地發布財務數據。

To build durable trust with token holders and institutional participants, a more institutional approach, including quarterly reporting, real-time dashboards and clear token distribution disclosures, is needed.

為了通過代幣持有人和機構參與者建立持久的信任，需要採取更具機構的方法，包括季度報告，實時儀表板和清晰的代幣分髮披露。

Leading projects are beginning to implement these standards. Aave’s ‘Buy and Distribute’ program, backed by a $95 million treasury, allocates $1 million weekly for structured buybacks.

領先的項目開始實施這些標準。 Aave的“買入和分銷”計劃，由耗資9500萬美元的財政部支持，每週分配100萬美元用於結構化回購。

Hyperliquid dedicates 54% of revenue to buybacks and 46% to LP incentives, using revenue alone without external venture funding. Jupiter introduced the Litterbox Trust as a non-custodial mechanism to manage $9.7 million in JUP for future distributions only after reaching financial sustainability.

Hyperliquid將收入的54％獻給回購，而46％的收入僅使用外部風險資金的收入，而將46％的收入用於LP激勵措施。木星將垃圾箱信託基金作為一種非監測機制引入，僅在達到財務可持續性後才能管理970萬美元的JUP。

These examples demonstrate

這些例子證明了