DePIN 需要放棄對原生代幣的不健康執著

對原生代幣的不健康執著，加上安裝在需求低的地區的硬件，意味著太多的 DePIN 項目缺乏可持續性。

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Decentralized physical infrastructure networks—also known as DePINs for short—are ambitious projects that represent a huge undertaking. They involve so much more than launching a flash-in-the-pan memecoin in a couple of clicks.

去中心化實體基礎設施網路（也簡稱為 DePIN）是一項雄心勃勃的項目，代表著一項艱鉅的任務。它們涉及的不僅僅是點擊幾下就可以推出一個曇花一現的迷因幣。

The goal of connecting real-world assets, such as energy grids and transport networks, to blockchains is one that takes time, resources, and scale. Because of this, it’s little wonder that The Block Research suggests funding has now hit a new all-time high of $1.91 billion.

將能源網和運輸網路等現實世界資產連接到區塊鏈的目標需要時間、資源和規模。正因如此，The Block Research 表示資金現在達到 19.1 億美元的歷史新高也就不足為奇了。

Deepening interest in artificial intelligence has given the burgeoning DePIN sector another boost—but not all projects are born equal, and those that survive in this competitive landscape need to overcome sizable structural issues to reach their full potential. 

人們對人工智慧的興趣不斷加深，為蓬勃發展的DePIN 產業帶來了又一次推動——但並非所有計畫生來都是平等的，那些在這種競爭格局中生存下來的計畫需要克服相當大的結構性問題，才能充分發揮其潛能。

Transfixed on tokens

被代幣迷住了

One particular issue relates to the mistaken notion that startups need to launch a native token to be successful. This can be a fatal error, as it means the value of a network is tied to the wider market and macroeconomic events that are completely out of its control. 

一個特殊的問題與一種錯誤的觀念有關，即新創公司需要推出原生代幣才能成功。這可能是一個致命的錯誤，因為這意味著網路的價值與更廣泛的市場和完全不受其控制的宏觀經濟事件掛鉤。

Helium (HNT) is a good example of what this looks like in practice. This blockchain-based platform was created with the vision of cultivating a people-powered wireless internet network, meaning those who operate hotspots would be rewarded with HNT tokens.

氦氣（HNT）是實踐中的一個很好的例子。創建這個基於區塊鏈的平台的願景是培養以人為本的無線互聯網網絡，這意味著那些運營熱點的人將獲得 HNT 代幣獎勵。

But in reality, the project’s success lay in how this digital asset launched at an opportune time—right in the middle of a huge bull run that generated FOMO among investors. Huge rises in this token’s value weren’t a reflection of this network’s resilience or how many clients it had. This essentially stripped HNT back to a mere memecoin with little utility.

但實際上，該項目的成功在於這種數位資產如何在適當的時機推出——就在一場引發投資者「錯失恐懼症」的巨大牛市之中。該代幣價值的大幅上漲並不能反映該網路的彈性或其擁有的客戶數量。這實質上將 HNT 剝離回純粹的模因幣，幾乎沒有什麼用處。

In fact, when you look at Helium’s annual recurring revenue, a sobering statistic emerges. Even with $1 billion worth of hardware, it would take the Internet of Things close to 1,000 years to break even. 

事實上，當您查看 Helium 的年度經常性收入時，就會出現一個發人深省的統計數據。即使擁有價值 10 億美元的硬件，物聯網也需要近 1000 年才能實現收支平衡。

Other contenders in the space include peaq, a network that says it’s home to more than 50 DePINs. Healthy scrutiny is needed here, as it’s difficult for most blockchains to handle the transaction volumes of a single decentralized physical infrastructure network, let alone 50.

該領域的其他競爭者包括 Peak，該網絡自稱擁有 50 多個 DePIN。這裡需要進行健康的審查，因為大多數區塊鏈都很難處​​理單一去中心化實體基礎設施網路的交易量，更不用說 50 個交易量了。

And that brings us to the biggest lesson that up-and-coming DePIN brands need to learn: you don’t need a token of your own as long as rewards for users are liquid. We’ve already seen how such digital assets can even land projects in hot water, with Pollen Mobile facing lawsuits in the US after being accused of “minting coins from thin air” and flogging them for cash.

這為我們帶來了新興 DePIN 品牌需要學習的最大教訓：只要用戶的獎勵具有流動性，您就不需要自己的代幣。我們已經看到，這類數位資產甚至會讓項目陷入困境，Pollen Mobile 在被指控「憑空鑄造硬幣」並透過鞭笞換取現金後，在美國面臨訴訟。

DePIN delivers one of the poorest returns on capital employed across any industry on Earth—and its decentralized nature means that the financial burden is passed on to those who invest in a project rather than the founders. And for this sector to really make an impact, founders should be focusing on creating demand-driven solutions, shifting their efforts to attracting more clients rather than making their networks bigger.

DePIN 是地球上所有行業中資本回報率最差的行業之一，其去中心化性質意味著財務負擔轉嫁給了專案投資人而不是創始人。為了讓這個行業真正產生影響，創辦人應該專注於創建需求驅動的解決方案，將他們的努力轉向吸引更多客戶，而不是擴大他們的人脈。

Let’s explain what this means in practice. Instead of adopting a “build it and they will come” model, a demand-driven approach would mean hotspots pop up in the areas where there are already paying customers who want them.

讓我們解釋一下這在實踐中意味著什麼。需求驅動的方法不是採用「建構它，他們就會來」的模式，而是意味著熱點會出現在已經有需要它們的付費客戶的區域。

India is a prime example of a market where there’s an insatiable demand for internet connectivity, but 600 million people lack access. By severing ownership from installation, a DePIN investor could purchase hardware that it is then put to use where it is actually needed—in some cases halfway around the world.

印度是一個典型的市場例子，該市場對網路連線的需求永無止境，但仍有 6 億人無法上網。透過將所有權與安裝分離，DePIN 投資者可以購買硬件，然後在實際需要的地方使用——有時甚至跨越半個地球。

Rethinking DePINs

再思考 DePIN

Of course, hardware is a crucial element when creating DePINs—but right now, the incentives are misaligned. Too many projects have sold equipment at inflated prices, all while becoming reliant on shifting more units to bolster their revenues. Others have allocated a share of each purchase to token burning in an attempt to make these digital assets more palatable. While this may inflate their price in the short run, it means such cryptocurrencies violate the Howey Test, which determines whether an asset is a security. Worse still, it often means that investors enter a project for all the wrong reasons—putting financial interest first instead of benefiting others.

當然，硬體是創建 DePIN 時的關鍵要素，但目前激勵措施並不一致。太多項目以高價出售設備，同時變得依賴轉移更多設備來增加收入。其他人則將每次購買的一部分分配給代幣銷毀，試圖讓這些數位資產更容易被接受。雖然這可能會在短期內抬高其價格，但這意味著此類加密貨幣違反了豪伊測試，該測試決定資產是否為證券。更糟的是，這通常意味著投資者出於各種錯誤的原因進入一個專案——將經濟利益放在第一位，而不是造福他人。

The “build it and they will come” method creates an environment where DePIN hardware lies gathering dust and unused, but aggrieved investors continue to demand a return. But generous payouts can prove unsustainable, creating high levels of apathy when rewards dwindle. Insisting on distributing compensation in the form of a volatile native token can also be exceptionally off putting to corporations, who would prefer to be paid using digital dollars instead.

「建造它，他們就會來」的方法創造了一個環境，​​其中 DePIN 硬體積滿灰塵且未使用，但心懷不滿的投資者繼續要求回報。但事實證明，慷慨的支付可能是不可持續的，當獎勵減少時，就會產生高度冷漠。堅持以不穩定的原生代幣形式分配薪酬也可能會讓企業感到非常反感，因為企業更願意使用數位美元來支付。

Going demand first means that a native token’s value is of secondary concern, and the focus can rightly return to ensuring that a DePIN does the most good. The first step is to find consumers who would benefit from

需求第一意味著原生代幣的價值是次要的，焦點可以正確地回歸到確保 DePIN 發揮最大作用。第一步是找到可以從中受益的消費者