達爾文進化論應用於加密貨幣生態系統：關注網絡，而不是價格

達爾文的演化論表明，最能適應環境的生物是最能成功生存的。

Darwin’s theory suggests that living organisms best adjusted to their environment are the most successful at surviving. Organisms struggle against each other in competition for resources that are necessary for existence within their environment. The same principle can be applied to cryptocurrencies. In a volatile, decentralized world characterized by competition among networks, only the healthiest, most well-structured ecosystems survive. Developers should, therefore, focus on developing a ‘healthy’ underlying network for crypto to ensure they stand the best chance of surviving the next evolutionary cycle.

達爾文的理論表明，最能適應環境的生物是最能成功生存的。生物體為了爭奪其環境中生存所必需的資源而相互鬥爭。同樣的原理也適用於加密貨幣。在一個以網路競爭為特徵的不穩定、去中心化的世界中，只有最健康、結構最完善的生態系統才能生存。因此，開發人員應該專注於為加密貨幣開發一個「健康」的底層網絡，以確保他們有最好的機會在下一個進化週期中生存。

What makes a crypto ‘healthy’?

是什麼讓加密貨幣「健康」？

The nature of cryptocurrencies is vastly different from that of living organisms, so the resources that make a crypto ecosystem ‘healthy’ differ from those that make a living organism ‘fit.’

加密貨幣的性質與生物體的性質有很大不同，因此使加密生態系統「健康」的資源與使生物體「健康」的資源不同。

Cryptocurrencies are decentralized virtual assets existing in the web3 space, so they rely on many individual users to interact within this ecosystem to create a healthy store of value. Like fiat currencies, without this social network made up of token holders, a cryptocurrency asset has no value. Each cryptocurrency can represent its own ‘culture’ through a transactive coin, where value is rooted in the psychology of its holders. This is mirrored by the fact that social events, user perception, and supply often impact the value of the token.

加密貨幣是存在於 web3 空間中的去中心化虛擬資產，因此它們依賴許多個人用戶在這個生態系統中進行交互，以創建健康的價值儲存。與法定貨幣一樣，如果沒有由代幣持有者組成的社交網絡，加密貨幣資產就沒有價值。每種加密貨幣都可以透過交易硬幣來代表自己的“文化”，其價值植根於其持有者的心理。社會事件、用戶認知和供應通常會影響代幣的價值，這一事實反映了這一點。

Since all cryptocurrencies derive value from community and user interactions within the web3 environment, they compete within the same web3 parameters for user attention and transactions. The parameters used to define a ‘healthy’ crypto network relate to token holder activity and include the principles of distribution, variety of holders, variety of transactions, and token flow, where there must be a sustainable number of diverse transactions.

由於所有加密貨幣都從 web3 環境中的社群和用戶互動中獲取價值，因此它們在相同的 web3 參數內競爭用戶注意力和交易。用於定義「健康」加密網路的參數與代幣持有者活動相關，包括分配原則、持有者的多樣性、交易的多樣性和代幣流，其中必須有可持續數量的多樣化交易。

It is not just about having user activity, but the right kind. If one individual lived in a nation-state as its sole citizen with a bank account of $100 million, the GDP per capita of that nation would be the best in the world—yet its chances of survival would be non-existent. Since there is only one holder, there would be no scope for transactions or a variety of holders, rendering it defunct and with no value.

這不僅涉及用戶活動，還涉及正確的類型。如果一個人作為唯一公民生活在一個民族國家，銀行帳戶有1億美元，那麼這個國家的人均GDP將是世界上最好的，但它的生存機會將不存在。由於只有一個持有人，因此沒有交易範圍或多種持有人，從而使其失效且沒有價值。

Whilst living organisms may be competing for things like food and resources in the real world, cryptocurrency tokens are competing for transactions and user attention in the web3 world.

雖然生物體可能在現實世界中爭奪食物和資源等東西，但加密貨幣代幣在 web3 世界中爭奪交易和用戶注意力。

Since cryptocurrencies rely on blockchain, an open-source ledger storing all transactions, it is possible to map all transactions between wallets within an ecosystem and measure the parameters that determine a ‘healthy’ network. In practice, we can see which token ecosystems are developing ‘healthy’ networks and which ones are slowly becoming extinct. Over time, any patterns that align with network failure, including manipulation or crime, like any other asset class, can increase the risk relating to a token. With this data, we can rate and rank ecosystems, determining which ones are winning the competition for survival.

由於加密貨幣依賴區塊鏈（一種儲存所有交易的開源分類帳），因此可以映射生態系統內錢包之間的所有交易，並測量確定「健康」網路的參數。在實踐中，我們可以看到哪些代幣生態系統正在發展「健康」網絡，哪些代幣生態系統正在慢慢滅絕。隨著時間的推移，任何與網路故障相關的模式，包括操縱或犯罪，就像任何其他資產類別一樣，都可能增加與代幣相關的風險。有了這些數據，我們可以對生態系統進行評級和排名，確定哪些生態系統在生存競爭中獲勝。

Bitcoin & Matic: A success story

比特幣與 Matic：成功故事

Bitcoin (BTC) has been able to construct a healthy network. It is estimated that 106 million people around the globe own Bitcoin, making it the most widely held token. Significantly, Bitcoin now represents 58% of the total value of crypto, showing that amongst web3 users, Bitcoin is overwhelmingly the most popular store of wealth. Not only is it widely held, but it is also widely transacted. Throughout the first half of 2024, Bitcoin’s blockchain regularly had over 400,000 transactions a day. This sustainable and high transaction volume is reflected in Bitcoin’s pricing. Whilst it has experienced several devaluations, it has been sitting above $50,000 for the past nine months, and it is one of the most stable cryptocurrencies in the market, having recently surpassed 90,000 USD.

比特幣（BTC）已經能夠建立一個健康的網路。據估計，全球有 1.06 億人擁有比特幣，使其成為持有最廣泛的代幣。值得注意的是，比特幣現在佔加密貨幣總價值的 58%，這表明在 web3 用戶中，比特幣絕對是最受歡迎的財富儲存手段。它不僅被廣泛持有，而且也被廣泛交易。 2024 年上半年，比特幣區塊鏈每天的交易量經常超過 40 萬筆。這種可持續的高交易量反映在比特幣的定價上。雖然它經歷了幾次貶值，但過去九個月一直保持在 50,000 美元以上，並且是市場上最穩定的加密貨幣之一，最近突破了 90,000 美元。

Similarly, Polygon (MATIC), has constructed a healthy network. Around 633,588 wallets hold Matic, making it a widely held token. It is also widely transacted, in varying amounts and for a variety of reasons, making it robust. Throughout 2024, Matic has regularly had over 4100 transactions a day. This sustainable and high transaction volume is reflected in Matic’s 24-hour trading volume, which sits at 7.76m USD.

同樣，Polygon（MATIC）也建構了一個健康的網絡。大約 633,588 個​​錢包持有 Matic，使其成為廣泛持有的代幣。由於各種原因，它的交易量也各不相同，因此非常穩健。 2024 年全年，Matic 每天的交易量通常超過 4100 筆。這種可持續的高交易量體現在 Matic 的 24 小時交易量為 776 萬美元。

Dogecoin: A rapid unraveling

狗狗幣：快速瓦解

Although Dogecoin (DOGE) has rallied hard in recent years, it has failed to establish a ‘healthy’ network. At certain times, it has experienced a large amount of user activity, which has driven up prices momentarily. This includes early 2021, when Dogecoin’s price increased dramatically by 23,000%. However, the number of transactions that drove this price increase was not sustainable. The user activity here was driven by short-term hype, and the transactions taking place were not diverse. The majority of users were interacting with the network purely to ‘pump and dump‘ rather than for any long-term, sustainable utility. This was fuelled primarily by Elon Musk simply tweeting about the token

儘管狗狗幣（DOGE）近年來強勁反彈，但它未能建立一個「健康」的網路。在某些時候，它經歷了大量的用戶活動，從而暫時推高了價格。其中包括 2021 年初，當時狗狗幣的價格大幅上漲了 23,000%。然而，推動價格上漲的交易數量是不可持續的。這裡的用戶活動是由短期炒作驅動的，並且發生的交易並不多樣化。大多數用戶與網路互動純粹是為了“拉高和轉儲”，而不是為了任何長期、可持續的效用。這主要是由 Elon Musk在推特上發布有關代幣的推文推動的