這一切都很有趣，也很有收穫，直到你的開發者發推文：“Oh Fuck”

Solana 的 DeFi 生態系統最近激增帶來了一波令人興奮的浪潮，尤其是圍繞 memecoin。雖然這些代幣提供了巨大收益的潛力，但它們也帶來了巨大的風險。本文重點介紹了投資 Solana memecoin 之前需要考慮的五個關鍵風險：無能的創建者、假名身份、地毯拉動、有風險的預售以及大多數 memecoin 缺乏實用性。投資者應謹慎對待這些投資，並認識到可能造成重大損失。

It’s all fun and gains until your developer tweets: “oh fuck.”

這一切都很有趣，也很有收穫，直到你的開發者發推文：“哦操。”

Solana’s latest boom and its DEX developments have brought on a new wave of excitement to its decentralized applications.

Solana 的最新繁榮及其 DEX 的發展為其去中心化應用程式帶來了新一波的興奮。

At the forefront of the network’s DeFi resurgence are memecoins.

處於 DeFi 網路復興前沿的是 memecoin。

More than 19,000 new Solana tokens with some form of liquidity launched in the past week alone, according to trading data platform Birdeye.

根據交易數據平台 Birdeye 的數據，僅在過去一周就推出了超過 19,000 個具有某種形式流動性的新 Solana 代幣。

The reason these tokens are so popular is they offer the slim chance to deliver life-changing gains for a relatively small outlay, leading some to dub the memecoin movement a “lottery” on Solana.

這些代幣如此受歡迎的原因是它們提供了以相對較小的支出帶來改變生活的收益的微小機會，導致一些人將 memecoin 運動稱為 Solana 上的「彩票」。

But unlike the traditional lottery concept, where hopefuls purchase cheap tickets in hopes of winning millions of dollars, memecoin investors can lose everything they own — and more.

但與傳統的彩票概念不同的是，有希望的人購買廉價彩票希望贏得數百萬美元，而模因幣投資者可能會失去他們擁有的一切，甚至更多。

Here are five risks you should consider before joining the Solana sweepstakes.

在參加 Solana 抽獎活動之前您應該考慮以下五個風險。

1. Memecoin creators are often totally inept

Memecoins are often set up by the very same people who invest in them — immature degens who don’t have a clue what they’re doing. A recent fat finger incident that burned investors is a perfect example of just that.

1. Memecoin 的創造者通常是完全無能的 Memecoin 通常是由投資它們的同一個人創建的——不成熟的人，他們不知道自己在做什麼。最近令投資人焦頭爛額的「胖手指」事件就是一個很好的例子。

On March 18, the developer of memecoin Slerf burned $10 million worth of investors’ presale tokens instead of distributing them.

3 月 18 日，memecoin Slerf 的開發商燒毀了價值 1000 萬美元的投資者預售代幣，而不是分發它們。

While it was a nightmare for presale investors, it quickly flipped into a win for Slerf, as media coverage helped spread awareness and centralized exchange listings stormed in.

雖然這對預售投資者來說是一場噩夢，但隨著媒體報道幫助傳播意識以及集中交易所上市的湧入，它很快就變成了 Slerf 的勝利。

Several exchanges, including HTX and Bitget, announced that trading fees earned from Slerf transactions on their platform would be used to help refund presale investors. It’s cold comfort to presale investors that Magazine has spoken with, though.

包括 HTX 和 Bitget 在內的多家交易所宣布，其平台上 Slerf 交易賺取的交易費用將用於幫助退還預售投資者。不過，對於《雜誌》所採訪的預售投資人來說，這並不算什麼安慰。

“I don’t feel satisfied even if my money comes back,” says one investor who spoke to Magazine on the condition of anonymity.

「即使我的錢回來了，我也不會感到滿意，」一位不願透露姓名的投資者對雜誌表示。

“You see, Slerf did a 10x on the presale, and I missed the opportunity,” he adds.

「你看，Slerf 的預售價格是 10 倍，但我錯過了這個機會，」他補充道。

Slerf’s dramatic turnaround prompted industry participants to question the motive behind the “accidental” fat finger incident, with some raising the possibility of it being a marketing stunt.

Slerf 預售銷毀後的性價比。 (CoinGecko)Slerf 的戲劇性轉變促使行業參與者質疑「意外」肥手指事件背後的動機，有些人認為這可能是一種行銷噱頭。

Slerf maintains that it was a mistake, and many noted the crying dev in a Spaces event after the incident certainly sounded genuine. 

Slerf 堅稱這是一個錯誤，許多人指出，事件發生後在 Spaces 活動中哭泣的開發人員聽起來確實是真的。

Winston Ma, an adjunct professor of law at New York University, tells Magazine that if such a mistake occurred in a regulated environment, the case might fall under tort law. In such cases, a mistake that constitutes “gross negligence” may require the entity to compensate investors for their losses.

紐約大學法學兼任教授溫斯頓·馬（Winston Ma）告訴《雜誌》，如果這樣的錯誤發生在受監管的環境中，該案可能會受到侵權法的管轄。在這種情況下，構成「重大過失」的錯誤可能會要求實體賠償投資者的損失。

“In certain situations, people would say that monetary compensation is not the perfect contractual remedy,” says Ma. 

「在某些情況下，人們會說金錢補償並不是完美的合約補救措施，」馬說。

“Instead, they would plead for specific performance.”

“相反，他們會要求具體的表現。”

In a plea for specific performance, a party asks a court to order the other party to fulfill their contractual obligations as agreed, rather than pursuing monetary compensation.

在請求具體履行時，一方請求法院命令另一方依照約定履行合約義務，而不是尋求金錢賠償。

2. Pseudonyms mean you never know which scammer created the coin

Memecoin creators and investors often operate under pseudonyms. There are legitimate reasons for this, such as protecting themselves from $5 wrench attacks or from disgruntled investors who lost money when the price plunged.

如果您確實在 Solana memecoins 上被騙，機器人會嘗試進一步欺騙您，並提供幫助。 （交易員特拉維斯）2。假名意味著您永遠不知道哪個騙子創建了硬幣Memecoin 的創建者和投資者經常使用假名進行操作。這樣做是有正當理由的，例如保護自己免受 5 美元扳手攻擊，或防止因價格暴跌而蒙受損失的心懷不滿的投資者。

“People can win a lot, and people can also lose a lot, and this might create bad emotions,” Roman Big_Cat, pseudonymous product chief at Solana-based memecoin project Laika, tells Magazine.

「人們可能會贏很多，也可能會輸很多，這可能會產生不良情緒，」Solana 模因幣項目 Laika 的化名產品負責人 Roman Big_Cat 告訴雜誌。

“Someone can come to your house [and] that’s why I’m also keeping my pseudonymity,” he adds.

“有人可以來你家，這就是為什麼我也保留我的化名，”他補充道。

But while it’s a way to safeguard one’s identity, pseudonymity also presents new opportunities for scammers. 

雖然這是保護個人身分的一種方式，但假名也為詐騙者提供了新的機會。

Anyone can create an online persona and disappear after conducting a successful memecoin scam. The same person can return the next day under a different pseudonym and a fresh memecoin. There were 19,000 new memecoins created this week. It seems unlikely they were all created by first-timers.

任何人都可以創建一個線上角色，並在成功實施模因幣騙局後消失。同一個人可以在第二天以不同的筆名和新的模因幣返回。本週創造了 19,000 個新模因幣。它們似乎不太可能都是由新手創建的。

DeFi is largely pseudonymous and has limited regulation. This allows scammers to execute schemes without easily being identified or held accountable.

DeFi 很大程度上是匿名的，監管有限。這使得詐騙者能夠在不輕易被識別或追究責任的情況下執行騙局。

Big_Cat estimates that about 95% of the contracts on Solana are built by malicious actors.

Big_Cat 估計 Solana 上約 95% 的合約是由惡意行為者建構的。

“This is the harsh reality,” he says.

「這就是殘酷的現實，」他說。

3. Rug Pulls are more likely than your memecoin going to the moon

A rug pull is a type of scam that can take many forms. Generally, it occurs when developers disappear with the project’s funds, leaving their community with nothing or worthless assets.

3. 地毯拉動比你的迷因幣更有可能登上月球地毯拉動是一種騙局，可以採取多種形式。一般來說，當開發商帶著專案資金消失，讓他們的社區一無所有或毫無價值的資產時，就會發生這種情況。

According to security firm Hacken, BNB Chain’s 149 reported rug pull incidents led the industry last year when Solana didn’t even crack the top 10.

根據安全公司 Hacken 的數據，BNB Chain 去年報告的 149 起地毯拉動事件在業界處於領先地位，而 Solana 甚至沒有進入前 10 名。

However, in its yearly security report published in February, Hacken said that the expected surge of rug pulls on Solana is “particularly concerning” due to the explosion of new tokens on the network — 100,000 in December alone.

然而，Hacken 在 2 月發布的年度安全報告中表示，由於網路上新代幣的爆炸式增長（僅 12 月就增加了 10 萬個），Solana 的預期激增「尤其令人擔憂」。

For memecoins, investors should keep an eye out for rug pulls on liquidity pools. 

對於模因幣，投資者應密切注意流動性池的拉動。

In this instance, a developer creates a new token and lists it on a decentralized exchange. 

在這種情況下，開發人員創建一個新代幣並將其列在去中心化交易所上。

This token can start trading if it has a liquidity pool, which the developer can create by pairing their new token with a more established cryptocurrency, such as Solana’s native token SOL or stablecoins.

如果該代幣具有流動性池，則可以開始交易，開發人員可以透過將新代幣與更成熟的加密貨幣（例如 Solana 的原生代幣 SOL 或穩定幣）配對來創建流動性池。

Investors can buy the new memecoin by trading in the paired tokens, raising the value of the liquidity pool in the process.

投資者可以透過交易配對代幣來購買新的 memecoin，從而提高流動性池的價值。

At any point, the developer can execute the rug pull by withdrawing all the assets in the liquidity pool, disappearing into their pseudonymous void. 

突然、意外地從某人腳下拿走地毯可能會導致他們跌倒。 （Unslash 上的 Sina Saadatmand）在任何時候，開發商都可以透過撤回流動性池中的所有資產來執行地毯拉動，消失在他們的假名空間中。

Investors have ways to defend themselves from liquidity pool rugs by confirming that the project has locked liquidity, which ensures that developers cannot withdraw from the pool.

投資者有辦法透過確認專案已鎖定流動性來保護自己免受流動性池的影響，這確保了開發商無法從流動性池中撤出。

On Solana, investors can check a project’s liquidity status through bots that are accessible on various online channels like Discord and Telegram.

在 Solana 上，投資者可以透過 Discord 和 Telegram 等各種線上管道上的機器人檢查專案的流動性狀態。

4. Presales are even riskier than investing in normal memecoins

Many of the most successful memecoin fundraisers on Solana recently have occurred through presales. In DeFi, this can refer to when investors send their funds to an account and hope to receive new tokens in return. This can be even riskier and more prone to the devs running off with the funds.

4. 預售比投資普通 memecoin 的風險更大 Solana 預售很火爆，但其中一些可能是騙局。 (ZachXBT)Solana 上許多最成功的 memecoin 籌款活動最近都是透過預售進行的。在 DeFi 中，這可以指投資者將資金發送到帳戶並希望收到新代幣作為回報。這可能風險更大，也更容易導致開發者捲走資金。

According to on-chain detective ZachXBT’s calculations, as of March 19, 33 Solana projects raised around 796,000 SOL ($149.2 million at the time) through presales.

根據鏈上偵探 ZachXBT 的計算，截至 3 月 19 日，33 個 Solana 專案透過預售籌集了約 796,000 SOL（當時為 1.492 億美元）。

At least four of those projects resulted in rug pulls and scams.

其中至少有四個項目導致了詐騙和詐騙。

New York University’s Ma says a potential case under the contract law would look at whether these investment contracts should be viewed as securities based on the Howey test.

紐約大學的馬雲表示，合約法下的一個潛在案件將根據豪伊測試來研究這些投資合約是否應被視為證券。

According to Ma, the presale campaigns advertised on social platforms such as X can be viewed as public solicitation.

馬雲表示，在X等社群平台上宣傳的預售活動可視為公開徵件。

“The public solicitation is very obvious, and that will help the Howey test very easily,” Ma says.

「公開徵集非常明顯，這將非常容易地幫助豪伊測試，」馬說。

The United States Securities and Exchange Commission may require public presales to be registered if the asset is a security.

This is great to know, but as most memecoin investors don’t have the funds to take legal action, it’s a bit of a moot point.

如果資產是證券，美國證券交易委員會可能會要求公開預售進行登記。這很高興知道，但由於大多數 memecoin 投資者沒有資金採取法律行動，所以這是一個有爭議的問題。

Presales present opportunities for investors to dab into the asset before it hits the market, often at a cheaper price.

預售為投資者提供了在資產上市之前介入該資產的機會，而且通常價格更便宜。

The allure of quick profits often overshadows due diligence for investors in the Solana memecoin frenzy, and it has drawn comparisons to the ICO boom of 2017.

在 Solana memecoin 熱潮中，快速獲利的誘惑往往掩蓋了投資者的盡職調查，人們將其與 2017 年 ICO 熱潮進行比較。

The ICO, or initial coin offering, is a method for blockchain startups to raise capital. During the ICO boom seven years ago, many startups raised substantial amounts of money, often within minutes of launching their ICOs. The boom also attracted scrutiny and criticism due to its unregulated nature.

ICO（首次代幣發行）是區塊鏈新創公司籌集資金的一種方法。在七年前的 ICO 熱潮期間，許多新創公司通常在推出 ICO 後幾分鐘內就籌集了大量資金。由於其不受監管的性質，這種繁榮也引起了審查和批評。

A 2018 study by the advisory firm Satis Group found that 80% of ICOs during the boom were scams.

顧問公司 Satis Group 2018 年的研究發現，繁榮時期 80% 的 ICO 都是騙局。

5. Memecoins only have sentiment; there’s no utility in most cases

Although memecoins present overnight millionaire opportunities to the retail sector, industry veterans are highly critical of them.

5. Memecoin 只有情感；在大多數情況下沒有任何效用儘管模因幣為零售業提供了一夜成為百萬富翁的機會，但行業資深人士對它們持高度批評態度。

Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, has been an outspoken critic of the memecoin movement, stating that the allure of “easy money” could draw developing talent away from building valuable products and overshadow legitimate projects.

CryptoQuant 執行長打破了公眾對迷因幣的看法。 (Ki Young Ju) 區塊鏈分析公司CryptoQuant 的執行長Ki Young Ju 一直是memecoin 運動的直言不諱的批評者，他表示「輕鬆賺錢」的誘惑可能會吸引開發人才遠離創造有價值的產品，並使合法項目蒙上陰影。

“Memecoins are fun for sure, but it won’t progress this industry, as they don’t have a product,” Ju tells Magazine.

「Memecoin 確實很有趣，但它不會推動這個行業的發展，因為他們沒有產品，」Ju 告訴雜誌。

On the other hand, the sheer dumb fun and money-making opportunities they present attract more people to crypto.

另一方面，它們提供的純粹愚蠢的樂趣和賺錢機會吸引了更多的人進入加密貨幣。

Laika’s Big_Cat says that the intangible utility of memecoins is the mass onboarding of retail traders into the crypto market.

Laika 的 Big_Cat 表示，memecoin 的無形效用是散戶交易者大規模進入加密貨幣市場。

Laika aims to woo investors with its primary mission, which is to send a helium balloon to low Earth orbit and stream footage there.

Laika 的主要任務是吸引投資者，即向近地軌道發送氦氣球並在那裡傳輸影片。

It then plans to launch its own layer-1 blockchain to build an ecosystem of memecoins. 

然後，它計劃推出自己的第一層區塊鏈，以建立迷因幣生態系統。

Ju concedes that new investors that get introduced to the industry through memecoins may often have a “very bad experience.”

Ju承認，透過迷因幣進入該行業的新投資者可能經常會有「非常糟糕的經歷」。

“However, if there’s a legit founder who can lead a memecoin project for a long time, it won’t be a problem,” Ju adds.

「但是，如果有一個合法的創始人可以長期領導一個 memecoin 項目，那就不成問題了，」Ju 補充道。

Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.

CryptocurrenciesinvestingmemecoinScamssecuritySolana Share Share Share Share Yohan Yun 自 2017 年以來一直是報道區塊鏈的多媒體記者。他曾擔任加密貨幣媒體 Forkast 的編輯，並作為 Bloomberg BNA 和福布斯的助理記者報道亞洲科技故事。他利用空閒時間做飯並嘗試新食譜。另請閱讀