加密殭屍曝光：給投資者敲響警鐘

福布斯公佈了 20 個「加密貨幣十億美元殭屍」名單，這些都是估值高但實用性有限的 Layer 1 (L1) 代幣。其中最突出的是 Ripple (XRP)、Ethereum Classic (ETC)、Tezos (XTZ)、Algorand (ALGO) 和 Cardano (ADA)。 《富比士》以 XRP 背後的公司 Ripple Labs 為例，聲稱儘管 XRP 交易量活躍，但其效用仍然主要是投機性的，缺乏有意義的採用。

Cryptocurrency Market's Hidden Zombies: A Wake-Up Call for Investors

加密貨幣市場隱藏的殭屍：給投資者敲響了警鐘

A Controversial Exposé Unveils the Shadowy World of "Crypto Zombies"

備受爭議的曝光揭開了「加密殭屍」的黑暗世界

In a groundbreaking report published by Forbes, the cryptocurrency industry has been shaken to its core by the revelation of a chilling reality: the prevalence of "crypto billion-dollar zombies," a class of Layer 1 (L1) tokens characterized by inflated valuations and a startling lack of utility beyond speculative trading. These crypto projects, once hailed as game-changers, are now being called into question, raising concerns about the true value underpinning the industry's market capitalization.

在《富比士》發布的一份開創性報告中，加密貨幣行業因一個令人不寒而慄的現實而受到了徹底的動搖：「加密貨幣十億美元殭屍」的盛行，這是一類以估值膨脹為特徵的第一層(L1) 代幣，除了投機交易之外，其效用驚人地缺乏。這些加密貨幣項目曾經被譽為遊戲規則改變者，但現在卻受到質疑，引發了人們對該行業市值支撐的真實價值的擔憂。

Ripple's XRP: A Speculative Giant with Limited Substance

Ripple的XRP：實質有限的投機巨頭

Ripple Labs, the company behind XRP, has been identified as a prime example of a crypto zombie. Despite XRP's substantial trading volume, Forbes asserts that its primary function remains speculative, lacking any meaningful real-world applications. This revelation has cast a shadow over XRP's legitimacy, prompting investors to reconsider its true worth.

XRP 背後的公司 Ripple Labs 被認為是加密貨幣殭屍的典型例子。儘管 XRP 的交易量很大，但《富比士》聲稱其主要功能仍然是投機性的，缺乏任何有意義的現實應用。這一消息給 XRP 的合法性蒙上了陰影，促使投資者重新考慮其真正價值。

Ethereum Classic: A Relic of the Past, Struggling to Keep Up

以太坊經典：過去的遺跡，努力跟上

Ethereum Classic (ETC), once considered the original Ethereum chain, has also fallen under Forbes' critical gaze. While ETC boasts a market value of $4.6 billion, its fee generation in 2023 was a paltry $41,000, raising serious doubts about its viability as a functional blockchain. This stark contrast between valuation and usage has raised red flags, suggesting that ETC's market capitalization may be artificially inflated.

曾經被認為是以太坊原始鏈的以太坊經典（ETC）也受到了福布斯的批評。雖然 ETC 擁有 46 億美元的市值，但其 2023 年的費用僅為 41,000 美元，這引發了人們對其作為功能性區塊鏈的可行性的嚴重懷疑。估值和使用量之間的鮮明對比引發了危險信號，表明 ETC 的市值可能被人為誇大。

Tezos: An ICO darling that has failed to live up to its promise

Tezos：ICO 寵兒，卻未能兌現其承諾

Tezos (XTZ) emerged as a darling of the cryptocurrency world in 2017, raising an impressive $230 million through an initial coin offering (ICO). However, subsequent years have seen a sharp decline in its fortunes. Tezos' fee earnings have been meager, raising questions about its actual adoption and utility. This once-promising project has now joined the ranks of crypto zombies, its market capitalization a mere fraction of its former glory.

Tezos (XTZ) 於 2017 年成為加密貨幣世界的寵兒，透過首次代幣發行 (ICO) 籌集了令人印象深刻的 2.3 億美元。然而，隨後幾年，其財富急劇下滑。 Tezos 的費用收入微薄，引發了人們對其實際採用和效用的質疑。這個曾經前途無量的項目現在已經加入了加密殭屍的行列，其市值只是其昔日輝煌的一小部分。

Algorand: An "Ethereum Killer" that has fallen short

Algorand：一個未能達標的“以太坊殺手”

Algorand (ALGO) entered the cryptocurrency market with much fanfare, touted as an "Ethereum killer" due to its impressive transaction processing capabilities. Yet, despite a market capitalization of $2 billion and a treasury holding of $500 million, Algorand's blockchain transaction fees throughout 2023 amounted to a mere $63,000. This stark discrepancy between valuation and actual usage has raised serious doubts about Algorand's true value and its ability to compete with established blockchains like Ethereum.

Algorand（ALGO）大張旗鼓地進入加密貨幣市場，因其令人印象深刻的交易處理能力而被譽為「以太坊殺手」。然而，儘管市值為 20 億美元，庫存為 5 億美元，但 Algorand 2023 年的區塊鏈交易費用僅為 63,000 美元。估值與實際使用之間的明顯差異引發了人們對 Algorand 的真實價值及其與以太坊等成熟區塊鏈競爭的能力的嚴重懷疑。

The Growing Gap Between Valuation and Utility

估值與效用之間的差距日益擴大

Forbes' report highlights a growing disparity between the valuations of certain cryptocurrency projects and their actual utility and usage. This widening gap has led Forbes to aptly label these projects as "zombies," a chilling metaphor for their inflated market capitalizations and lack of real-world impact.

《富比士》的報告強調了某些加密貨幣項目的估值與其實際效用和使用之間的差距越來越大。這種不斷擴大的差距導致《富比士》將這些項目恰當地貼上了「殭屍」的標籤，這是對其膨脹的市值和缺乏現實世界影響的令人不寒而慄的比喻。

A Taxonomy of Crypto Zombies

加密殭屍的分類

Forbes has categorized these crypto zombies into two distinct groups: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. Spin-off zombies, such as Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic, emerged from disagreements among programmers regarding the governance and direction of their parent chains. These spin-offs, while collectively valued at $23 billion, often fail to offer any substantial advantages over their predecessors, leading to questions about their true value.

福布斯將這些加密殭屍分為兩個不同的群組：衍生品和比特幣和以太坊等成熟區塊鏈的直接競爭對手。比特幣現金(BCH)、萊特幣(LTC)、門羅幣(XMR)、比特幣SV (BSV) 和以太坊經典等衍生殭屍產品是由於程式設計師之間對其母鏈治理和方向的分歧而出現的。這些分拆公司雖然總價值達 230 億美元，但往往無法比其前身提供任何實質優勢，導致人們對其真實價值產生疑問。

Direct competitors to established blockchains, such as Algorand, Cardano (ADA), and Tezos, were once hailed as potential challengers to the dominance of Bitcoin and Ethereum. However, their inability to gain significant market share or generate substantial fee revenue has cast doubt on their ability to compete effectively. As a result, these projects have found themselves labeled as crypto zombies, their valuations inflated by speculative trading rather than genuine utility.

Algorand、Cardano (ADA) 和 Tezos 等現有區塊鏈的直接競爭對手曾被譽為比特幣和以太坊主導地位的潛在挑戰者。然而，他們無法獲得重要的市場份額或產生大量的費用收入，這讓人們對他們有效競爭的能力產生了懷疑。結果，這些項目發現自己被貼上了加密殭屍的標籤，它們的估值因投機交易而不是真正的效用而膨脹。

A Call to Action for Investors

呼籲投資者採取行動

The Forbes report serves as a wake-up call for cryptocurrency investors, urging them to exercise caution when investing in projects with inflated valuations and limited real-world applications. The presence of crypto zombies in the market highlights the importance of conducting thorough due diligence and focusing on projects with a clear value proposition and a proven track record of adoption.

福布斯的報告給加密貨幣投資者敲響了警鐘，敦促他們在投資估值過高且實際應用有限的項目時謹慎行事。市場上加密貨幣殭屍的存在凸顯了進行徹底的盡職調查並專注於具有明確價值主張和良好的採用記錄的項目的重要性。

Conclusion

結論

The revelation of crypto billion-dollar zombies has sent shockwaves through the cryptocurrency industry, challenging the inflated valuations and exaggerated promises that have characterized many projects. As the market matures, investors are becoming increasingly discerning, seeking out projects with genuine utility and sustainable growth potential. The era of crypto zombies is coming to an end, as investors demand substance over hype. The future of the cryptocurrency industry lies in projects that create real value and solve real-world problems, not in inflated market capitalizations and empty promises.

加密貨幣價值數十億美元的「殭屍」的曝光給加密貨幣行業帶來了衝擊，對許多項目所特有的估值過高和承諾誇大的現象提出了挑戰。隨著市場的成熟，投資者變得越來越挑剔，尋找具有真正實用性和可持續成長潛力的項目。加密貨幣殭屍時代即將結束，因為投資者要求的是實質內容而不是炒作。加密貨幣產業的未來在於創造真正價值並解決現實問題的項目，而不是誇大的市值和空洞的承諾。