紀念因素的下降和向更安全的賭注轉變

加密貨幣的世界以閃電速度移動。在過去的幾年中，加密社區一直由玩家與玩家的心態主導，這是由投機，炒作和尋求快速利潤的追求所驅動的。

The world of cryptocurrency has been moving at lightning speed, and for the past few years, the crypto community has been engaged in a Player vs. Player mentality. This mentality, driven by speculation, hype, and the quest for quick profits, has defined the industry's rapid evolution.

加密貨幣的世界一直以閃電般的速度發展，在過去的幾年中，加密貨幣社區一直從事玩家與玩家的心態。這種心態是由投機，炒作和尋求快速利潤的追求驅動的，它定義了行業的快速發展。

However, an emerging consensus suggests that the era of PvP might be over for now. The race for memecoins, which was once an arena for the unfettered pursuit of massive gains (often with no underlying value), seems to be hitting a wall. With market conditions changing, a new approach—focused more on capital preservation—is starting to take hold.

但是，新興的共識表明，PVP時代可能暫時結束了。 Memecoins的競賽曾經是不受限制地追求巨大收益的舞台（通常沒有基本價值），似乎正在撞牆。隨著市場狀況的變化，一種新的方法（更多地關注資本保存）正在開始實現。

The Decline of Memecoins and a Shift Toward Safer Bets

紀念因素的下降和向更安全的賭注轉變

Data now available shows a dramatic shift in investor behavior. Pump.fun, a platform that once rode high on the memecoin wave, has seen an astonishing 90% drop in 24-hour revenue since its peak on January 25, when it took in $15.38 million. This sharp decline signals the cooling of what, until now, could be considered the last “pedal-to-the-metal” moment in the memecoin golden age.

現在可用的數據顯示了投資者行為的急劇轉變。自1月25日達到1538萬美元的高峰以來，曾經在Memecoin Wave上騎高高的Pump.Fun，曾經在Memecoin Wave上騎高達Memecoin Wave的24小時收入下降了90％。這種急劇下降的標誌表明，到目前為止，人們可以將其視為Memecoin黃金時代的最後一個“踏板到金屬”時刻。

With memecoin mania winding down, what will investors focus on next? Will the coins that celebs just have to endorse still attract as much capital?

隨著Memecoin Mania的結束，投資者將關注什麼？名人只能認可的硬幣仍然會吸引那麼多資本嗎？

The saga of $LIBRA, which added further chaos to the memecoin space, may have marked the end of the memecoin era—symbolical though it may be. As attention shifts from the meme coin’s explosive potential to the next hot pump-and-dump, the mindset of players has evolved. Investors who once engaged in speculative PvP battles seem to be searching for stability and preservation instead. The new regime of ‘survival first’—which, in my mind, applies equally to projects, tokens, and the infrastructure in and around them—pushes grand ambitions to the backseat.

$ libra的傳奇使人可能標誌著紀念時代的終結 - 儘管可能是混亂的。隨著注意力從模因硬幣的爆炸潛力轉變為下一個熱水泵和雨，玩家的心態也在發展。曾經從事投機PVP戰鬥的投資者似乎正在尋找穩定和保存。在我看來，“生存首先”的新政權同樣適用於項目，代幣和基礎設施及其周圍的基礎設施，這是對後座的宏偉野心。

Yield and DeFi: The New Playground for Crypto Investors

產量和defi：加密投資者的新操場

As the market shifts from speculative volatility to careful investment, it’s clear the mood is moving toward yield farming and other relatively stable, risk-averse strategies. High-yield DeFi protocols are emerging as a kind of safe haven for investors looking to make somewhat steady returns in a market that isn’t going up. While DeFi pioneer Andre Cronje has claimed that enthusiasts of memecoins don’t care about DeFi or blockchains, the post-PvP crowd is very clearly interested in safer, more sustainable strategies these days. This new batch of investors is definitely hunting for yield, and the DeFi ecosystem is more than happy to oblige.

隨著市場從投機性的波動轉變為仔細的投資，很明顯，情緒正在朝著產量耕作和其他相對穩定的規避風險的策略發展。對於希望在不上漲的市場中獲得穩定回報的投資者來說，高收益Defi協議正在成為一種避風港。儘管Defi Pioneer Andre Cronje聲稱Memecoins的愛好者並不關心Defi或Blockchains，但後PVP的人群對如今的更安全，更可持續的策略非常感興趣。這批新的投資者肯定是在追求收益，而Defi生態系統非常樂意承擔義務。

An excellent instance of this shift is Sonic, a DeFi protocol that has experienced stunning growth in a brief stint of time. Since it launched in late December, the total value locked (TVL) in Sonic has skyrocketed from zero to almost $700 million in only two months. One big reason for this impressive growth is Shadow Exchange, Sonic’s decentralized exchange (DEX), which has lured lots of capital through seemingly attractive high-yield mining opportunities. Another reason for Sonic’s growth is its governance token, which has surged from a few bucks to hundreds, and which success, by the way, has become an instance that other nascent DeFi projects point to as a model they might emulate.

這種轉變的一個很好的實例是Sonic，這是一種Defi協議，在短暫的時間內經歷了驚人的增長。自12月下旬推出以來，Sonic鎖定的總價值（TVL）在兩個月內從零飆升至近7億美元。這種令人印象深刻的增長的一個重要原因是Sonic的分散交易所（DEX）Shadow Exchange，它通過看似有吸引力的高收益開採機會吸引了大量資本。 Sonic增長的另一個原因是它的治理令牌，它從幾美元飆升至數百美元，順便說一句，成功已成為其他新興Defi項目指出的一個實例，它們可能是他們可能效法的模型。

The Shadow Exchange is based on a modification of the ve(3,3) model and uses $xSHADOW tokens as “membership cards” that share in the profits. Users can use these tokens to vote on platform decisions (presumably, the ones that would make profit-sharing more advantageous to them) and can earn rewards the longer they keep them locked up in the system. Now, the APR payouts on $xSHADOW in the early days of the Shadow Exchange are very good. So good, in fact, that I, too, am thinking of using the model and proposing Shadow governance when I mention the protocol to my banking friends.

影子交換基於對VE（3,3）模型的修改，並將$ Xshadow代幣用作分享利潤中的“會員卡”。用戶可以使用這些代幣對平台決策進行投票（大概是那些會使利潤分擔更有優勢的代幣），並且可以將獎勵付出的時間越長，他們將其鎖定在系統中。現在，在影子交換的早期，$ Xshadow的APR支出非常好。事實上，我也是如此，以至於我也在考慮使用該模型並提出陰影治理時，當我向銀行朋友提及協議時。

New DeFi Projects Rise Amidst the Market Dip

新的Defi項目在市場下降中上升

Despite a downturn in the broader crypto market, emerging chains that focus on DeFi are growing quickly. Berachain, Sei, and Soneium saw their TVL climb significantly. These protocols promise better returns than most services you can find in CeFi. Their capital-acquisition strategies are compelling: they pay high yields, use soulbound governance tokens, and otherwise do what they must to entice you to give them your money.

儘管更廣泛的加密貨幣市場下滑，但專注於DEFI的新興連鎖店仍在迅速發展。 Berachain，Sei和Soneium看到了他們的TVL攀登。這些協議有望比您在CEFI中找到的大多數服務更好。他們的資本收購策略令人信服：他們支付高收益，使用靈魂治理令牌，否則他們必須盡其所能吸引您給他們錢。

Berachain’s Infrared staking protocol is amongst the standout players. In just 20 days after its mainnet launch, the protocol has drawn in over $1.4 billion in total value locked (TVL). Its APY pools are totaling 120% and drawing in liquidity. Berachain is incentivizing us to participate and lock our assets in the system with the BGT governance token. And Berachain has partnerships that are snugly positioning it in the DeFi space.

貝拉辛（Berachain）的紅外賭注協議是傑出的球員之一。在主網發布後的短短20天內，該協議的總價值鎖定為14億美元（TVL）。它的APY池總計120％，並吸引了流動性。 Berachain正在激勵我們參與並將我們的資產鎖定在BGT治理令牌中。貝拉辛（Berachain）的合作夥伴關係將其貼合在Defi空間中。

Yei Finance from Sei has also turned out to be a real contender in the space. Yei

SEI的YEI金融也是該空間中真正的競爭者。 yei