由於傑羅姆·鮑威爾的言論嚇壞了風險資產，卡爾達諾（ADA）、波卡（DOT）和索拉納（SOL）下跌

今天，加密貨幣行業的整體表現相當慘淡，隨著進入下午晚些時候的交易，大多數主要加密貨幣都出現了大幅下跌。

Cryptocurrency prices declined sharply on Monday evening as comments from Federal Reserve Chairman Jerome Powell led to a sell-off in riskier assets. Among the three tokens that investors may be watching closely today are Cardano (CRYPTO:ADA), Polkadot (CRYPTO:DOT), and Solana (CRYPTO:SOL), which declined 5.9%, 5.8%, and 2.5%, respectively, over the past 24 hours.

由於聯準會主席鮑威爾的言論導致風險資產遭到拋售，加密貨幣價格週一晚間大幅下跌。投資者今天可能密切關注的三種代幣包括Cardano (CRYPTO:ADA)、Polkadot (CRYPTO:DOT) 和Solana (CRYPTO:SOL)，它們在2019 年上半年分別下跌了5.9%、5.8% 和2.5% 。

Previously, Solana was down more than 3% on the day, but has since recovered some of its earlier losses.

此前，Solana 當天下跌超過 3%，但此後已收復部分早前跌幅。

What Happened: A great deal of selling pressure seen among risk assets such as cryptos today can be ascribed to comments from Powell, who indicted the rate of interest rate cuts moving into the end of the year could be slower than the market has been pricing in.

發生了什麼事：今天加密貨幣等風險資產出現的巨大拋售壓力可以歸因於鮑威爾的言論，他指出進入年底的降息速度可能慢於市場預期。

These comments led to a sharp sell-off among certain risk assets that are more difficult to value, with higher expected growth and cash flows over the long term.

這些言論導致某些更難以估值、長期預期成長和現金流量更高的風險資產遭到大幅拋售。

However, the three tokens in question — Cardano, Polkadot, and Solana — each have one unique catalyst investors appear to be focusing on in a big way today. Here's what that is, and why investors should care.

然而，這三種代幣——Cardano、Polkadot 和 Solana——各自都有一個獨特的催化劑，投資者今天似乎正在大力關注。這就是它的意義，以及為什麼投資者應該關心。

Big Token Unlocks Could Create Supply/Demand Imbalances:

大額代幣解鎖可能會造成供需失衡：

Like stocks, which can see the number of shares increase via a number of factors over time, dilution can exist in the crypto sector as well via similar means.

就像股票一樣，隨著時間的推移，股票數量可以透過多種因素增加，稀釋也可以透過類似的方式存在於加密貨幣領域。

Aside from initial coin offerings (similar to initial public offerings in the stock market), in which a certain number of tokens are set aside to be publicly traded up front, token unlocks are commonplace in the crypto sector.

除了首次代幣發行（類似股票市場的首次公開募股）（其中預留一定數量的代幣預先公開交易）之外，代幣解鎖在加密貨幣領域也很常見。

These token unlocks essentially add additional tokens into the ecosystem as a way to compensate early investors or the community behind a given project.

這些代幣解鎖本質上是在生態系統中添加額外的代幣，作為補償早期投資者或特定項目背後的社群的一種方式。

As it happens, Cardano, Polkadot, and Solana each have upcoming token unlocks the market appears to be pricing in right now.

碰巧的是，Cardano、Polkadot 和 Solana 都即將推出代幣解鎖，市場目前似乎已經定價。

In the case of Cardano, an upcoming token unlock of more than 37 million tokens is expected to hit the market over the next couple of weeks (around 0.1% of total supply).

就卡爾達諾而言，即將解鎖的超過 3,700 萬枚代幣預計將在未來幾週內投放市場（約佔總供應量的 0.1%）。

Solana will see a token unlock of more than 524 million tokens (0.11% of total supply), and Polkadot's token unlocks will amount to around 0.2% of total supply.

Solana 的代幣解鎖量將超過 5.24 億個（佔總供應量的 0.11%），Polkadot 的代幣解鎖量將佔總供應量的 0.2% 左右。

While these numbers may seem small in the grand scheme of things, and they most likely are, it's also true that there needs to be a buyer of these newly issued tokens on the market, should those who receive these tokens look to sell.

雖然這些數字在宏偉的計劃中可能看起來很小，而且很可能確實如此，但如果那些收到這些代幣的人想要出售的話，市場上確實需要有這些新發行的代幣的買家。

Added liquidity in the market can be a good thing over the long term, but it's also true that some valuation discount may be applied on the basis of these projects' market capitalizations being spread out across more tokens.

從長遠來看，市場流動性的增加可能是一件好事，但基於這些項目的市值分佈在更多代幣上，可能會出現一些估值折扣，這也是事實。

What Will These Unlocks Mean For These Three Projects?

這些解鎖對這三個項目意味著什麼？

Today's declines more than account for the relatively small number of newly issued tokens coming onto the market for these specific projects.

今天的下跌不僅僅是這些特定項目進入市場的新發行代幣數量相對較少的原因。

However, concerns around demand for Cardano, Polkadot, and Solana in the face of additional unlocks on the horizon could lead some investors to take a more measured approach to these projects over the near term.

然而，面對即將到來的額外解鎖，對 Cardano、Polkadot 和 Solana 需求的擔憂可能會導致一些投資者在短期內對這些項目採取更加謹慎的態度。

As is the case with many such near-term headwinds, I do think many investors will view these unlocks as just that (short-lived headwinds that will be quickly priced in).

與許多此類近期逆風的情況一樣，我確實認為許多投資者會將這些解鎖視為這樣（短暫的逆風很快就會被定價）。

But I also think that any disruptions to supply and demand for high-profile DeFi projects such as these three could lead to greater distortions in their value, particularly if investors sour on projects that are overly inflationary, favoring more stable projects with diminishing mining rewards or even deflationary supply.

但我也認為，這三個備受矚目的DeFi 專案的供需中斷可能會導致其價值出現更大的扭曲，特別是如果投資者對通膨過度的專案感到不滿，轉而青睞挖礦獎勵遞減的更穩定的項目，或甚至通貨緊縮供應。