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區塊鏈風險基金創始人卡維塔·古普塔(Kavita Gupta) 在最近的一篇專欄文章中對當前加密貨幣市場的可持續性提出了擔憂,認為該市場是由風險資本支出而非真正的用戶興趣推動的「人為繁榮」所推動的。
Kavita Gupta, founder of a blockchain venture fund, recently penned an op-ed expressing concerns about the present crypto market, suggesting that it’s being sustained by an “artificial boom” driven by venture capital spending rather than genuine user interest.
區塊鏈風險基金創始人卡維塔·古普塔(Kavita Gupta) 最近撰寫了一篇專欄文章,表達了對當前加密貨幣市場的擔憂,表明加密貨幣市場是由風險資本支出而非真正的用戶興趣驅動的「人為繁榮」來維持的。
Attending the Token2049 conference in Singapore, Gupta observed a pattern of excessive spending by crypto projects, with lavish parties, high-end DJs, and extravagant marketing events.
在參加新加坡 Token2049 會議時,Gupta 觀察到了加密貨幣項目過度支出的模式,包括奢華的派對、高端 DJ 和奢華的營銷活動。
In her Fortune article, Gupta wrote that, unlike the last bull cycle in 2021, when retail investors and actual capital flow drove interest, the current cycle seems primarily propped up by VC money.
古普塔在她的《財富》文章中寫道,與 2021 年上一次牛市週期不同,當時散戶投資者和實際資本流動推動了興趣,當前的周期似乎主要由風險投資資金支撐。
“The money is coming from VCs, who are pumping funding into new layer-1 and layer-2 blockchains that have yet to even launch a testnet but are still raising at billion-plus dollar valuations,” Gupta wrote.
古普塔寫道:「這些資金來自創投公司,他們正在向新的第一層和第二層區塊鏈注入資金,這些區塊鏈甚至還沒有啟動測試網,但估值仍在以十億美元以上的水準籌集資金。
According to Gupta, the money is being spent on marketing and events rather than building a sustainable product or community.
古普塔表示,這些錢都花在了行銷和活動上,而不是建立可持續的產品或社群。
“And clearly, a large portion of that funding is going to so-called “marketing expenses,” which are really just giant parties,” Gupta wrote.
古普塔寫道:“顯然,大部分資金都用於所謂的‘營銷費用’,這些費用實際上只是大型聚會。”
For those unfamiliar with crypto, layer-1 and layer-2 refer to different ways blockchain projects handle transactions. Layer-1 blockchains are the base networks, like Bitcoin (BTC) or Ethereum (ETH), while layer-2 solutions build on top of these to improve speed and reduce costs.
對於不熟悉加密貨幣的人來說,第一層和第二層指的是區塊鏈專案處理交易的不同方式。第 1 層區塊鏈是基礎網絡,例如比特幣 (BTC) 或以太坊 (ETH),而第 2 層解決方案則建立在這些網路之上,以提高速度並降低成本。
Gupta’s concern is that VCs are investing heavily in projects that have yet to prove their value or utility.
古普塔擔心的是,創投公司正在大量投資於尚未證明其價值或效用的項目。
Token valuations
代幣估值
Gupta also warned about the impact of these practices on token valuations. Most crypto projects raise funds by issuing tokens, which represent a share in their ecosystem.
古普塔也警告這些做法對代幣估值的影響。大多數加密項目透過發行代幣籌集資金,代幣代表其生態系統中的份額。
However, when projects prioritize hype and parties over genuine use cases, it leads to inflated valuations that can’t be sustained. This can result in sharp declines in token prices, as seen with recent high-profile projects like Wormhole and Celestia (TIA).
然而,當專案優先考慮炒作和聚會而不是真正的用例時,就會導致無法持續的估值過高。這可能會導致代幣價格大幅下跌,正如最近備受矚目的項目,如 Wormhole 和 Celestia (TIA) 所示。
Gupta is an investor and entrepreneur in the blockchain and crypto space. She co-founded and served as the managing partner of ConsenSys Ventures, a $50 million blockchain venture fund.
Gupta 是區塊鏈和加密領域的投資者和企業家。她共同創立了價值 5000 萬美元的區塊鏈風險基金 ConsenSys Ventures,並擔任管理合夥人。
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