自從特朗普以來，“名人硬幣”市場已經完全“退化”

實際上，自特朗普以來，名人硬幣的含義已經完全“惡化”。我們只需要澄清兩個事實：

Haotian:

After Trump, the meaning of celebrity coins has completely "deteriorated". We only need to clarify two facts:

在特朗普之後，名人硬幣的含義完全“惡化”。我們只需要澄清兩個事實：

1) The Crypto market expects that celebrities outside the crypto circle will issue coins to bring in incremental funds and users. There are problems with the expectation: the reason why Trump's coin issuance attracted attention is not only the PVP culture in the circle itself, but also mainly due to the market's optimism about a series of future crypto policies of Trump's crypto-friendly government.

1）加密貨幣市場預計，加密貨幣圈以外的名人​​將發行硬幣來吸引增量資金和用戶。期望存在問題：特朗普的硬幣發行引起關注的原因不僅是圈子本身的PVP文化，而且主要是由於市場對特朗普對加密貨幣友好政府的一系列未來加密政策的樂觀態度。

However, it turns out that issuing MEME coins and implementing encryption policies are two different things. The president cannot be responsible for the price of the currency, let alone introduce real-world credibility endorsement for the price of the currency.

但是，事實證明，發行模因硬幣和實施加密策略是兩件事。總統不能對貨幣的價格負責，更不用說以貨幣的價格引入現實世界的信譽。

We can only regard $TRUMP as a super MEME with a unique "angle", while other presidents of small countries and celebrities only regard the cryptocurrency circle as a "cash machine". At least for now, all those who expect the celebrity coin issuance effect to break the circle are just wishful thinking. If they are cheated, they can only blame themselves for their bad luck.

我們只能將$ trump視為具有獨特“角度”的超級模因，而小國和名人的其他總統只將加密貨幣圈視為“現金機”。至少目前，所有期望名人硬幣發行效果打破圈子的人只是一廂情願。如果他們被騙了，他們只能為自己的厄運而責備自己。

2) Crypto’s PVP opportunities are gradually decreasing, and Crypto must return to the main line of PVE technical narrative: MEME coin is a community-oriented cultural attribution coin. Compared with the imbalanced wealth distribution problem of VC coins, MEME coin has become the center of attention in this round of bull market. However, a crypto world with only MEME coins is doomed to be empty. The market needs to use MEME as a variable to regain the main line of technical narrative that Crypto relies on.

2）加密PVP的機會正在逐漸減少，加密貨幣必須返回PVE技術敘事的主線：Meme Coin是面向社區的文化歸因硬幣。與VC硬幣的財富分配問題不平衡相比，Meme Coin已成為這一輪牛市的關注中心。但是，只有模因硬幣的加密世界注定要空虛。市場需要使用MEME作為一個變量，以重新獲得加密貨幣所依賴的技術敘事的主要線路。

The DeFi Summer of 2021 sounded the clarion call for decentralized finance, opening up financial application scenarios for crypto assets such as lending, mining, yield machine pools, staking, and re-staking. Although there is also a serious bubble, it has been proven to be effective in terms of institutional adoption, business models such as protocol cash flow, and the feasibility of RWA breaking the circle, at least in the implementation of pure financial scenarios.

2021年的Defi Summer響起了分散融資的Clarion呼籲，為加密資產（例如貸款，採礦，產量機池，堆放和重新制定）開闢了財務應用方案。儘管也有一個嚴重的泡沫，但事實證明，它在機構採用，協議現金流等業務模型以及RWA破壞圈子的可行性方面有效，至少在實施純財務場景中。

In 2025-2026, the AI + Crypto narrative boom, with AI Agent Summer as the main line, is still a pure "asset issuance" bubble, but AI Agent also has many requirements for "deep application scenarios, product user experience, and true value of technical concepts". For example: AI Agent autonomous decision-making transactions, multi-agent collaborative portfolio management, Agent matching of upstream data and computing power markets, Agent game NPCs, Agent intelligent human replacement, etc.

在2025 - 2026年，以AI代理為主線的AI +加密敘事繁榮仍然是一個純粹的“資產發行”泡沫，但是AI代理商也對“深度應用程序，產品用戶體驗和TRUE”有許多要求技術概念的價值”。例如：AI代理自主決策交易，多代理協作投資組合管理，上游數據的代理匹配和計算電源市場，代理遊戲NPC，代理商智能人類替代品等。

Putting aside short-term hype, the future of AI + Crypto is an industry theme that can truly realize the transition from virtual to real, driven by AI Agent applications, and truly achieve a complete cycle from the implementation of segmented application scenarios, technical concept verification, and final commercial implementation.

拋開短期炒作，AI +加密的未來是一個行業主題，它可以真正實現由AI代理的應用程序驅動的從虛擬到真實的過渡，並通過實施分段應用程序方案，技術概念真正實現了一個完整的周期驗證和最終商業實施。

Compared with pure gaming PVP, ordinary people can only find opportunities if they lock on to this main line of PVE evolution.

與純遊戲PVP相比，普通百姓只有在鎖定PVE進化的這一主線時才能找到機會。