Emin Gun Sirer 對加密貨幣投資者的危險信號警告：小心 Layer 2 項目中被忽視的風險

Emin Gun Sirer's Cautionary Tales for Crypto Investors

Emin Gun Sirer 對加密貨幣投資者的警示故事

Are We Overlooking Red Flags in Layer 2 Projects?

我們是否忽略了 Layer 2 專案中的危險訊號？

Emin Gun Sirer, the mastermind behind Ava Labs, recently took to the digital realm to shed light on potential pitfalls in the evolving landscape of Layer 2 (L2) crypto projects. His insights, shared in a thought-provoking piece on the X platform, serve as a beacon of guidance for investors navigating the volatile waters of the cryptocurrency market, urging them to learn from the mistakes of those who blindly followed Sam Bankman-Fried's misguided path.

Ava Labs 背後的策劃者 Emin Gun Sirer 最近進入數位領域，揭示了第 2 層 (L2) 加密項目不斷發展的前景中的潛在陷阱。他的見解在 X 平台上一篇發人深省的文章中分享，為投資者在加密貨幣市場的動盪水域中航行提供了指導，敦促他們從那些盲目追隨 Sam Bankman-Fried 錯誤道路的人的錯誤中吸取教訓。

Beware of Misaligned Narratives

謹防錯置的敘述

Sirer raises a red flag regarding the mismatch between the technology promoted by new L2 projects and their purported capabilities. He contends that solutions centered around centralized sequencers or lacking fraud proofs deviate from the decentralized ethos of blockchain technology, rendering them unsustainable.

Sirer 對新 L2 專案推廣的技術與其聲稱的功能不匹配提出了危險信號。他認為，以集中式排序器為中心或缺乏詐欺證明的解決方案背離了區塊鏈技術的去中心化精神，導致它們不可持續。

Tokens: A Trap or a Catalyst for Innovation?

代幣：創新的陷阱還是催化劑？

Sirer's analysis also delves into the practice of organizations issuing tokens to fund future technological advancements, a tactic he likens to a form of securities trading under the scrutiny of the Howey Test. He warns that this behavior mirrors the speculative bubbles that have plagued the financial industry for centuries.

Sirer 的分析也深入研究了組織發行代幣來資助未來技術進步的做法，他將這種策略比作豪伊測試審查下的一種證券交易形式。他警告說，這種行為反映了幾個世紀以來困擾金融業的投機泡沫。

Founder Behavior: A Harbinger of Trouble?

創始人行為：麻煩的預兆？

With an unsettling parallel, Sirer draws comparisons between founders who unload their tokens prior to a project's launch and Bankman-Fried's notorious practices. He implies that such actions may signal the potential for future mismanagement and betrayal of investor trust. Similarly, he questions the rationale behind pre-launch token sales intended to reward the team, equating them to Bankman-Fried's diversion of funds under the guise of charitable endeavors.

Sirer 將在專案啟動前拋售代幣的創始人與 Bankman-Fried 臭名昭著的做法進行了比較，這令人不安。他暗示，此類行為可能預示著未來可能出現管理不善和背叛投資者信任的情況。同樣，他質疑旨在獎勵團隊的預發行代幣銷售背後的理由，將其等同於班克曼-弗里德以慈善事業為幌子轉移資金。

Low-Float Tokens: A Breeding Ground for Manipulation

低流通量代幣：操縱的溫床

Sirer also casts a critical eye on low-float tokens, highlighting their vulnerability to manipulation. He points to instances where individuals like Bankman-Fried exploited these tokens to inflate valuations and secure loans by pledging them as collateral. Additionally, he urges caution regarding the peculiar behavior of founders, citing complaints of substance abuse as a glaring red flag.

Sirer 也對低流通量代幣持批評態度，強調了它們容易受到操縱的脆弱性。他指出，像班克曼-弗里德這樣的個人利用這些代幣來抬高估值，並透過將其作為抵押品來獲得貸款。此外，他敦促對創始人的特殊行為保持警惕，並指出濫用藥物的投訴是一個明顯的危險信號。

Navigating the Perilous Waters

航行在危險的水域

To help investors steer through these treacherous waters, Sirer proposes a framework for evaluating new crypto projects. He reflects on the challenges of the previous cycle, including scalability and performance, where solutions like Avalanche and Solana emerged as game-changers. For the current cycle, Sirer believes the true test lies in a project's ability to simultaneously cater to multiple use cases and bridge the gap with traditional finance (TradFi).

為了幫助投資者渡過這些危險的水域，Sirer 提出了一個評估新加密貨幣項目的框架。他反思了上一個週期的挑戰，包括可擴展性和效能，其中 Avalanche 和 Solana 等解決方案成為遊戲規則改變者。 Sirer 認為，對於當前週期，真正的考驗在於專案是否有能力同時滿足多個用例並彌合與傳統金融 (TradFi) 的差距。

Key Takeaways

重點

• Misaligned narratives in L2 projects can signal technological limitations.
• Token sales for future innovation should be scrutinized under securities regulations.
• Founder behavior and token distribution patterns can indicate potential risks.
• Low-float tokens are susceptible to manipulation and should be approached with caution.
• A comprehensive evaluation framework, considering past challenges and future opportunities, is crucial for informed investment decisions in the evolving crypto landscape.

L2 專案中不一致的敘述可能表明技術限制。未來創新的代幣銷售應受到證券監管機構的審查。創始人行為和代幣分配模式可能表明潛在風險。低流通量代幣容易受到操縱，應謹慎對待。考慮到過去的挑戰和未來的機會的評估框架對於不斷發展的加密貨幣領域的明智投資決策至關重要。