社區驅動與機構山寨幣：了解其獨特的動態

山寨幣市場展示了社區驅動的代幣和機構支持的項目之間的動態相互作用，每個項目都有獨特的特徵和軌跡。

The altcoin market is a diverse landscape, with tokens ranging from community-driven projects to those backed by major institutions. Each type of altcoin has distinct characteristics and trajectories, and understanding their dynamics is crucial for stakeholders navigating the crypto market.

山寨幣市場是一個多元化的格局，代幣範圍從社區驅動的項目到主要機構支持的項目。每種類型的山寨幣都有獨特的特徵和軌跡，了解它們的動態對於利害關係人駕馭加密市場至關重要。

Community-driven tokens, such as Dogecoin, embody the spirit of decentralization, emerging from grassroots initiatives rather than corporate boardrooms. Launched in 2013 as a satirical take on cryptocurrencies, Dogecoin has evolved into a significant digital asset. At the time of writing, DOGE’s market capitalization stands at approximately $67 billion, reflecting its widespread adoption and strong community support.

社區驅動的代幣，例如狗狗幣，體現了去中心化的精神，源自草根倡議而不是公司董事會。狗狗幣於 2013 年推出，作為對加密貨幣的諷刺，現已發展成為重要的數位資產。截至撰寫本文時，DOGE 的市值約為 670 億美元，反映出其廣泛採用和強大的社區支持。

In 2024, Dogecoin’s price experienced a substantial increase, surging by 376% and reaching a peak of approximately $0.43. This growth is symbolic of the influence of community engagement and high-profile endorsements on its valuation. Despite lacking significant technological breakthroughs, Dogecoin has repeatedly attracted a global audience through its simplicity and shared identity.

2024年，狗狗幣的價格經歷了大幅上漲，飆升376%，達到約0.43美元的高峰。這種成長象徵著社區參與和高調認可對其估值的影響。儘管缺乏重大的技術突破，狗狗幣憑藉其簡單性和共享身分多次吸引了全球受眾。

However, community-driven tokens also face noteworthy challenges. Juan Pellicer, Senior Research Analyst at IntoTheBlock, highlights their vulnerabilities during bear markets.

然而，社群驅動的代幣也面臨值得注意的挑戰。 IntoTheBlock 的高級研究分析師 Juan Pellicer 強調了它們在熊市期間的脆弱性。

“Community-driven tokens often rely on volunteer efforts, which can wane as market enthusiasm diminishes,” he said in an interview with BeInCrypto.

他在接受 BeInCrypto 採訪時表示：“社區驅動的代幣通常依賴志願者的努力，而隨著市場熱情的減弱，志願者的努力可能會減弱。”

Without structured funding or dedicated development teams, many projects may struggle to sustain operations during hard times. Yet their decentralized nature can reduce risks. Equitable token distribution often mitigates market volatility caused by large-scale sell-offs, unlike some institutional tokens that liquidate reserves to survive.

如果沒有結構化資金或專門的開發團隊，許多專案可能難以在困難時期維持營運。然而，它們的去中心化性質可以降低風險。與一些為了生存而清算儲備的機構代幣不同，公平的代幣分配通常可以減輕大規模拋售引起的市場波動。

Scalability is another concern for community-driven tokens. Grassroots momentum can drive prominence, but sustained growth often requires professionalization, which risks alienating decentralization advocates.

可擴展性是社群驅動代幣的另一個問題。草根動力可以推動知名度，但持續成長往往需要專業化，這可能會疏遠權力下放的倡導者。

Institutionally backed tokens, on the other hand, have the advantage of resources and partnerships, which provide greater operational resilience. For example, ZKsync is a Layer-2 scaling solution for Ethereum that aims to enhance blockchain scalability and performance. With structured funding and stability, these projects can keep going and navigate compliance with more ease.

另一方面，機構支持的代幣具有資源和合作夥伴關係的優勢，可以提供更大的營運彈性。例如，ZKsync是以太坊的第2層擴展解決方案，旨在增強區塊鏈的可擴展性和效能。憑藉結構化資金和穩定性，這些項目可以繼續進行並更輕鬆地實現合規性。

“Institutionally backed tokens are generally better prepared to meet regulatory demands and maintain operations through economic turbulence,” Peciller added.

Peciller 補充道：“機構支持的代幣通常能夠更好地滿足監管要求並在經濟動盪期間維持運營。”

As of December 2024, ZKsync’s native token has a market capitalization of approximately $817 million and a trading price near $0.22.

截至2024年12月，ZKsync原生代幣市值約8.17億美元，交易價格接近0.22美元。

Despite their advantages, institutional tokens face criticism for centralization by association. Many crypto enthusiasts view centralized control as contradicting decentralization principles. Critics argue that consolidating power within a few entities undermines trust and autonomy, which are fundamental to blockchain ideals.

儘管有其優勢，機構代幣仍面臨協會中心化的批評。許多加密貨幣愛好者認為中心化控制與去中心化原則相矛盾。批評者認為，在少數實體內部鞏固權力會破壞信任和自治，而信任和自治是區塊鏈理想的基礎。

However, institutional tokens also offer valuable lessons for community-driven projects. Their focus on sustainable funding models can act as a blueprint for grassroots initiatives to secure long-term operational viability. Community-driven tokens could adopt their mechanisms for revenue generation.

然而，機構代幣也為社區驅動的項目提供了寶貴的經驗教訓。他們對永續融資模式的關注可以作為基層舉措的藍圖，以確保長期營運的可行性。社群驅動的代幣可以採用其創收機制。

The resilience of altcoins in bear markets is largely determined by their operational structures.

山寨幣在熊市中的彈性很大程度上取決於其營運結構。

“Institutional-backed tokens generally perform better in bear markets. They benefit from stronger liquidity, solid financial backing, and clearer regulatory compliance, which help them weather downtrends more effectively. Community-driven tokens, on the other hand, tend to be more volatile and are often more vulnerable when market sentiment shifts,” Christoph Tunkl, CEO of Welf, told BeInCrypto in an interview.

「機構支持的代幣通常在熊市中表現更好。它們受益於更強勁的流動性、堅實的財務支持和更明確的監管合規性，這有助於它們更有效地抵禦下行趨勢。另一方面，社區驅動的代幣往往波動性更大，當市場情緒發生變化時往往更容易受到影響。

In 2022, crypto influencer Joe Roberts shared his perspective on identifying a token’s strong community presence. According to Roberts, growth speed, the longevity of community sentiment, and analysis of social media metrics are key indicators.

2022 年，加密貨幣影響者 Joe Roberts 分享了他對識別代幣強大社區影響力的看法。羅伯茲認為，成長速度、社區情緒的持久性以及社群媒體指標的分析是關鍵指標。

“Regarding cryptocurrencies, community strength is a crucial factor in determining the likelihood of a project’s success. This statement is exemplified by Dogecoin and Shiba INU, where the community supporting those coins is way more relevant than what their team is accomplishing and the project itself,” Roberts wrote in a blog post.

「對於加密貨幣而言，社群實力是決定專案成功可能性的關鍵因素。狗狗幣和柴犬幣就是這種說法的例證，支持這些幣的社區比他們的團隊所取得的成就和項目本身更重要，」羅伯茨在部落格文章中寫道。

Another factor that may heavily influence altcoins’ trajectories is regulation. Institutionally backed tokens align more closely with regulatory frameworks, which could give them an edge in an era of tightening oversight.

另一個可能嚴重影響山寨幣發展軌跡的因素是監管。機構支持的代幣與監管框架更加緊密地結合，這可能使它們在監管加強的時代具有優勢。

Community-driven tokens often lack formal structures, which makes compliance somewhat of a challenge, but they find more popularity with users. Without adaptation, many decentralized projects may meet existential risks under stricter regulatory conditions.

社群驅動的代幣通常缺乏正式的結構，這使得合規性成為一個挑戰，但它們更受用戶歡迎。如果不適應，許多去中心化計畫可能會在更嚴格的監管條件下面臨生存風險。

According to industry advocates, the future of altcoins will likely be a nuanced landscape. Early crypto projects thrived on community-driven initiatives but encountered difficulties with sustainability. Exceptions like Dogecoin and Shiba Inu remain relevant due to strong communities.

根據行業倡導者的說法，山寨幣的未來可能會是一個微妙的局面。早期的加密項目在社區驅動的倡議下蓬勃發展，但在可持續性方面遇到了困難。由於強大的社區，狗狗幣和柴犬等例外仍然具有相關性。

Is A Hybrid Path The Future Of Altcoins?

混合路徑是山寨幣的未來嗎？

The divide between grassroots and institutional models need not remain absolute. A hybrid approach could redefine the altcoin space, harmonizing the strengths of both.

草根模式和製度模式之間的鴻溝不必保持絕對。混合方法可以重新定義山寨幣空間，協調兩者的優勢。

Community-driven tokens might incorporate sustainable funding mechanisms while preserving decentralization. Similarly, institutional projects could adopt community engagement strategies to enhance loyalty and adoption.

社區驅動的代幣可能會納入可持續的融資機制，同時保持去中心化。同樣，機構計畫可以採用社區參與策略來提高忠誠度和採用率。

“The market will likely become more regulated, and institutional players will have a bigger role. But community-driven projects will still be important for innovation and experimentation.

「市場可能會變得更加監管，機構參與者將發揮更大的作用。但社區驅動的計畫對於創新和實驗仍然很重要。