貝拉（Bera）令牌發射對“ VC硬幣”的辯論

Berachain上週推出了Bera代幣的推出，重新激發了關於“ VC硬幣”或具有早期風險投資家進行大量分配的代幣的辯論。

Original article: Yogita Khatri , The Block

原始文章：Yogita Khatri，街區

Compiled by: Yuliya, PANews

彙編：Yuliya，Panews

The launch of the BERA token last week by Berachain has reignited the discussion surrounding “VC coins,” or tokens that are allocated in large portions to early-stage venture capitalists. Critics have raised concerns regarding the percentage of BERA’s token supply that is controlled by investors and insiders, and how this distribution will impact its price in the long run. Similar concerns have been voiced with other venture-backed projects, including Aptos, Sei Network, and Starknet. The cryptocurrency community is debating whether these token distribution structures contribute to long-term growth or simply benefit early investors.

上週，Berachain的Bera Token推出，重新激發了有關“ VC硬幣”或大部分分配給早期風險投資家的討論。批評者提出了人們對由投資者和內部人員控制的貝拉（Bera）代幣供應百分比的擔憂，以及從長遠來看，這種分配將如何影響其價格。其他由風險投資支持的項目（包括Aptos，SEI Network和Starknet）也提出了類似的擔憂。加密貨幣社區正在辯論這些令牌分配結構是有助於長期增長還是僅僅使早期投資者受益。

BERA evokes strong reactions

貝拉喚起了強烈的反應

Several industry investors have shared their insights on why these projects continue to be met with controversy. Rob Hadick, general partner at Dragonfly, stated that the level of criticism such projects face “is always directly related to whether the airdrop recipients and early users have made a profit.” He highlighted that the performance of the BERA token failed to meet the expectations of many traders, thus stirring negative sentiment. "If the token performed better, the sentiment on Twitter might be completely different."

一些行業投資者分享了他們的見解，了解為什麼這些項目繼續受到爭議。 Dragonfly的普通合夥人Rob Hadick表示，此類項目面臨的批評水平“總是與Airdrop接收者和早期用戶是否賺錢直接相關。”他強調，貝拉（Bera）代幣的表現未能滿足許多​​交易者的期望，從而激發了負面情緒。 “如果代幣的表現更好，Twitter上的情感可能會完全不同。”

Presently, as multiple VC-backed tokens have underperformed, market concerns about how they are distributed have become more evident. Many traders point to the low float (or small circulating supply) and high fully diluted valuation (FDV) of these tokens as key issues. Zaheer Ebtikar, founder and chief investment officer of crypto hedge fund Split Capital, stated that high levels of venture capital funds have driven up valuations, resulting in large FDVs, as funds are required to deploy limited partners' funds. However, he anticipates that as VC financing slows down, the size of financing will decrease, bids for early-stage projects will lower, and methods of valuing will be re-evaluated.

目前，由於多個由VC支持的代幣表現不佳，因此市場對分發方式的擔憂變得更加明顯。許多交易者指出，這些代幣的浮雕（或較小的循環供應）和高稀釋的估值（FDV）是關鍵問題。加密對沖基金Split Capital的創始人兼首席投資官Zaheer Ebtikar表示，高水平的風險投資基金驅動了估值，導致了大量FDV，因為需要資金來部署有限合夥人的資金。但是，他預計隨著風險投資融資的減慢，融資規模將減少，早期項目的出價將下降，並且將重新評估估價方法。

Hadick expressed a contrasting view on the controversy surrounding FDV. He believes that FDV is not the optimal way to assess the valuation of crypto projects because future issuance is not guaranteed and any additional supply may dilute the market value. He also noted that many liquidity providers and foundations receive incentives after unlocking tokens, but once these incentives expire, they may not continue to hold tokens, amplifying potential selling pressure.

哈迪克對FDV的爭議表達了對比的觀點。他認為，FDV不是評估加密項目估值的最佳方式，因為無法保證未來的發行，並且任何額外的供應都可能稀釋市場價值。他還指出，許多流動性提供者和基金會在解鎖代幣後都會獲得激勵措施，但是一旦這些激勵措施到期，它們可能不會繼續持有令牌，從而增加了潛在的銷售壓力。

During the discussion, Ed Roman, co-founder and managing partner of Hack VC (an investor in Berachain), added that FDV is actually determined by the market and not the project, which means that the team cannot control the FDV — but they do control the supply of tokens when they are issued. He highlighted that Berachain has a 21% circulation, which is significantly higher compared to other blockchain projects such as Starkware (7.28%) and Sui (5%).

在討論期間，Hack VC（Berachain的投資者）的聯合創始人兼執行合夥人Ed Roman補充說，FDV實際上是由市場而不是項目決定的，這意味著團隊無法控制FDV，但他們確實可以控制FDV發行時，控制代幣的供應。他強調說，貝拉辛的流通量為21％，與其他區塊鏈項目（例如Starkware（7.28％）和SUI（5％）相比，這一流通量顯著高。

Still, Roman acknowledged that Web3 projects have room to improve when it comes to handling long-term incentives. He mentioned that many Web2 companies offer new stock awards after employee vesting periods to keep employees engaged. In a similar vein, he believes that crypto projects can introduce token-based incentives to "have a better chance of creating lasting value."

儘管如此，羅曼仍然承認，在處理長期激勵措施方面，Web3項目仍有改進的空間。他提到，許多Web2公司在員工歸屬期後提供新的股票獎勵，以保持員工參與。他認為，加密項目可以引入基於令牌的激勵措施，以“有更大的機會創造持久價值”。

Project development should align with the core community

項目開發應與核心社區保持一致

The HYPE token of non-VC coin project Hyperliquid has seen a 140% increase since its launch in November and has garnered widespread praise. However, Hadick stated that this model is difficult to replicate. Hyperliquid's success can be attributed to "highly differentiated products and a devoted community," while also investing millions of dollars in independent development funds — these are not easily replicated by most projects.

自11月推出以來，非VC硬幣項目超流動性的炒作象徵增長了140％，並獲得了廣泛的稱讚。但是，哈迪克說，這個模型很難復制。 Hyperliquid的成功可以歸因於“高度差異化的產品和一個忠實的社區”，同時還投資了數百萬美元的獨立開發基金 - 大多數項目都不容易複製這些資金。

Hyperliquid allocated 31% of its total supply to users, increasing the circulating supply through airdrops. Boris Revsin, general partner and managing director of Tribe Capital, pointed out that this high circulating supply is not feasible for all projects because they need to retain treasury funds for continued ecosystem development. He highlighted that even Ethereum, which is widely regarded as the fairest Layer 1 project, allocates 10% of the supply to the team and foundation, and another 40% for ecosystem growth and early miners.

高流動性將其總供應總額的31％分配給了用戶，從而增加了通過空投的循環供應。 Tribe Capital的普通合夥人兼董事總經理Boris Revsin指出，對於所有項目，這種高流通的供應都不是可行的，因為他們需要保留財政資金以進行持續的生態系統開發。他強調，即使被廣泛認為是最公平的第1層項目的以太坊也將10％的供應量分配給了團隊和基金會，再向生態系統增長和早期礦工分配了40％。

Hadick stated that projects should prioritize the long-term healthy development of the protocol, aligning with the core community and avoiding excessive focus on "gamification" or transactions that only attract speculative capital in the short term after going live. He highlighted that such transactions cannot bring real value to the protocol and will only lead to short-term fluctuations in tokens rather than long-term growth.

哈迪克表示，項目應優先考慮協議的長期健康發展，與核心社區保持一致，並避免過度專注於“遊戲化”或僅在上線後短期內吸引投機資本的交易。他強調，這種交易不能為協議帶來實際價值，並且只會導致令牌短期波動而不是長期增長。

While some VC-backed tokens fizzle out after the initial hype, others are able to sustain value in the long run. Investors believe that the difference often boils down to fundamentals, real applications and market demand.

儘管有些人在最初的炒作之後，有些人帶來的代幣會消失，但從長遠來看，有些人能夠維持價值。投資者認為，差異通常歸結為基本面，實際應用和市場需求。

Roman emphasized that the early ecosystem of a blockchain project should reflect its real appeal as it launches. As for valuation, the market ultimately determines its height because investors are factoring in future expectations. "The market is a voting machine in the short term and a weighing machine in the long term. If the team is strong enough, they are likely

羅馬強調，區塊鏈項目的早期生態系統應反映其發射時的真正吸引力。至於估值，市場最終決定其高度，因為投資者在未來的期望中考慮了。 “市場在短期內是一台投票機，從長遠來看是一台稱重機。如果團隊足夠強大，他們很可能是