隨著整個加密貨幣市場的下跌，一些令牌的價格從其頂峰下降了80％-90％。

Bortscrunch已根據16個特定指標的不同權重，使用AI算法建立了200萬個令牌的評估系統

As the overall cryptocurrency market declines, the prices of some tokens have dropped by 80%-90% from their peak. bitsCrunch has established an evaluation system for 2 million tokens in the market using AI algorithms based on the different weights of 16 specific indicators, serving as an important tool for measuring project credibility and market health.

隨著整個加密貨幣市場的下跌，一些令牌的價格從其頂峰下降了80％-90％。 Bitscrunch已根據16個特定指標的不同權重，使用AI算法建立了200萬個令牌的評估系統，這是衡量項目信譽和市場健康的重要工具。

Through the analysis of the latest data, we found that the token reputation scores exhibit a significant pyramid structure, with the vast majority of tokens concentrated in the "Average" and "Fair" ranges, while high-scoring tokens are extremely scarce. This phenomenon not only reflects the high differentiation in the market but also reveals deep differences in token quality across different public chains. This article will explore the driving factors behind this phenomenon and the future market trends in conjunction with the influencing factors of reputation scores.

通過對最新數據的分析，我們發現令牌聲譽得分錶現出重要的金字塔結構，絕大多數令牌集中在“平均”和“公平”範圍內，而高分的代幣則極為稀缺。這種現像不僅反映了市場上的高分化，而且還揭示了不同公共連鎖店的代幣質量的巨大差異。本文將探討這種現象背後的驅動因素以及未來市場趨勢與聲譽分數的影響因素。

Token Reputation Index: Only 14 Tokens Rated Excellent

代幣聲譽指數：只有14個令牌額定值優秀

From the overall data, most tokens are still issued on Ethereum. According to bitsCrunch data, the number of token addresses issued on Ethereum accounts for 54.56% of the total, far exceeding Polygon (451,349, accounting for 21.88%) and third-place Base (336,616, accounting for 16.32%). Avalanche (120,587, 5.85%) and Linea (28,264, 1.37%) are relatively behind.

從總體數據中，大多數令牌仍在以太坊上發行。根據Bortcrunch數據，以太坊發布的令牌地址的數量佔總數的54.56％，遠遠超過多邊形（451,349，佔21.88％）和第三名基礎（336,616，佔16.32％）。雪崩（120,587，5.85％）和Linea（28,264，1.37％）相對落後。

From the token reputation score table, the overall data trend presents a pyramid shape. From the perspective of reputation scores, the vast majority of tokens hover in the "Average" and "Fair" mid-low rating segments. Among all tokens issued on Ethereum, approximately 116,347 tokens are at an average level, and 573,739 tokens are at a poor level. In the excellent and good ratings, the number of tokens across various blockchain platforms is extremely limited. Ethereum has 7 tokens rated excellent and 310 tokens rated good.

從令牌聲譽得分錶中，總體數據趨勢呈現出金字塔形狀。從聲譽得分的角度來看，絕大多數代幣懸停在“平均”和“公平”中低級級別中。在以太坊發布的所有代幣中，大約116,347個令牌的平均水平為，573,739個令牌的水平較差。在優秀和良好的評分中，各種區塊鏈平台的令牌數量極為有限。以太坊具有7個代幣，評分為出色，310個令牌評分為好。

Polygon and Base rank second and third in total token numbers, respectively. For example, among Polygon's 450,000 tokens, 5 are rated "Excellent," while the proportion of tokens in the "Fair" and "Terrible" ranges is as high as 96.7%. In Base's 336,000 tokens, the "Fair" range accounts for 75.6% (254,482), with 67 tokens in the "Average" range.

多邊形和基本排名分別為總令牌數中的第二和第三。例如，在Polygon的450,000個令牌中，有5個被評為“極好”，而“公平”和“可怕”範圍的代幣比例高達96.7％。在基本的336,000個令牌中，“公平”範圍佔75.6％（254,482），在“平均”範圍內有67個令牌。

It is worth noting that although the total number of Avalanche tokens is only 10.7% of Ethereum's (120,587), the proportion of tokens in the "Average" range (4,865) reaches 4.03%, significantly higher than Ethereum's 0.34% (116,347).

值得注意的是，儘管雪崩代幣的總數僅佔以太坊（120,587）的10.7％，但“平均”範圍（4,865）中令牌的比例達到4.03％，高於以太坊的0.34％（116,347）。

The Ethereum ecosystem has attracted a large influx of projects, but it has also led to a serious "long tail effect"—the coexistence of a few high-quality projects with a massive number of low-quality tokens. In contrast, emerging chains like Polygon and Avalanche perform reasonably well in the "Average" range.

以太坊的生態系統吸引了大量項目，但也導致了嚴重的“長尾巴效應”，這是一些具有大量低質量標記的高質量項目的共存。相比之下，多邊形和雪崩等新興連鎖店在“平均”範圍內表現出色。

Reputation Score Influencing Factors: Common Defects of Low-Scoring Tokens

信譽評分影響因素：低分令牌的常見缺陷

The token reputation index is composed of multiple dimensions, including token issuance time, liquidity pool size, holder distribution, and 16 other influencing factors. By comparing the characteristics of high and low-scoring tokens, we can identify common issues among low-scoring tokens:

令牌聲譽指數由多個維度組成，包括令牌發行時間，流動性池規模，持有人分佈以及其他16個影響因素。通過比較高分和低分令牌的特徵，我們可以在低分標記中確定常見問題：

1. Insufficient Liquidity and Low Market Participation

1。流動性不足和市場參與度較低

Low-scoring tokens generally have low liquidity pool sizes and liquidity participant scores. For example, the median liquidity pool size of "Fair" range tokens on the Ethereum chain is only 1/5 of that of high-scoring tokens, with a low number of participants. Insufficient liquidity directly leads to severe price fluctuations of tokens, further undermining market confidence.

低得分令牌通常具有低流動性池大小和流動性參與者分數。例如，以太坊鏈上“公平”範圍令牌的中位流動性池大小僅為高標記令牌的1/5，參與者數量較低。流動性不足直接導致代幣的嚴重價格波動，進一步破壞了市場信心。

2. High Concentration of Holders

2。持有人的高濃度

Holder distribution is a core indicator of the decentralization of tokens. Data shows that the top 10 holders of tokens in the "Terrible" range on Ethereum account for a significantly higher proportion than those under the "Excellent" rating. A highly concentrated holder structure is prone to market manipulation risks, which is one of the main reasons low-scoring tokens are avoided by investors.

持有人的分佈是代幣分散化的核心指標。數據表明，以太坊在“可怕”範圍內的前十名持有人的比例明顯高於“優秀”評級。高度集中的持有人結構容易出現市場操縱風險，這是投資者避免低得分令牌的主要原因之一。

3. Insufficient Trading Activity and Profitability

3。交易活動和盈利能力不足

In terms of trading, low-scoring tokens significantly lag in trading volume scores and profitable trader scores. High-scoring tokens attract more long-term investors through stable trading volumes and positive profit expectations.

在交易方面，低得分令牌在交易量評分和盈利交易者分數方面顯著滯後。高分令牌通過穩定的交易量和積極的利潤預期吸引了更多的長期投資者。

Market Share and Ecological Strategy

市場份額和生態策略

The correlation between the number of tokens and reputation scores reveals differences in ecological strategies across different blockchain platforms. As one of the most mature blockchains, Ethereum has both ecological advantages and disadvantages. On one hand, Ethereum, with its comprehensive development tools, large user base, and rich DeFi infrastructure, has become the preferred platform for

令牌數量和聲譽分數之間的相關性揭示了不同區塊鏈平台之間生態策略的差異。作為最成熟的區塊鏈之一，以太坊具有生態優勢和缺點。一方面，以太坊憑藉其綜合開發工具，大型用戶群和豐富的Defi基礎架構已成為首選平台