VC硬幣和模因硬幣的過去，現在和未來

不僅是VC硬幣和模因硬幣現象引起了更多思考

Fu Shaoqing, SatoshiLab, Wanwudao BTC Studio

1. Preface

1。序言

It is not just the VC coin and meme coin phenomenon that has aroused more thinking. Many well-known people in the industry have also raised similar questions and are trying to find solutions. For example, in the Twitter space event where He Yi answered questions about girlfriend coins, Jason (Chen Jian) asked whether the tokens launched on Binance have a mechanism to solve the problem that the project team sells the tokens as soon as they are listed and then lies flat. There is also the "A Crazy Idea for Token Issuance" recently published by CZ, which is trying to find solutions to related problems.

不僅是VC硬幣和模因硬幣現象引起了更多思考。該行業中的許多知名人士也提出了類似的問題，並試圖找到解決方案。例如，在Twitter太空活動中，他回答了有關女友硬幣的問題，Jason（Chen Jian）詢問了Binance上推出的令牌是否具有解決項目團隊在列出後立即出售代幣然後撒謊然後平坦的問題的機制。 CZ最近發表的“令牌發行的瘋狂想法”也有一個試圖找到相關問題的解決方案。

I think all teams that are truly working hard on projects hope that the market will reward real contributors, rather than allowing Ponzi schemes, scammers, speculators, etc. to take away the dividends of this industry and disrupt its development.

我認為，所有在項目上真正努力工作的團隊都希望市場將獎勵真正的貢獻者，而不是允許龐氏騙局，騙子，投機者等獎勵市場，以消除該行業的股息並破壞其發展。

Because VC coins and meme coins serve as good case studies, this article will analyze these two phenomena.

由於VC硬幣和模因硬幣是良好的案例研究，因此本文將分析這兩種現象。

2. The past and present of VC coins

2。VC硬幣的過去和現在

VC coin did not come out of thin air. Its emergence has historical reasons. Although VC coin does not seem perfect now, it played a relatively important role in the beginning, and important projects in the industry have the participation of VC.

VC硬幣並沒有稀薄。它的出現有歷史原因。儘管VC硬幣現在看起來並不完美，但它在開始時起著相對重要的作用，並且行業中的重要項目具有VC的參與。

2.1. The chaos of ICO in 2017 - a riot of demons

2.1。 2017年ICO的混亂 - 惡魔的騷亂

2017 was a key year for the initial coin offering (ICO) in the blockchain field. According to statistics, the amount of ICO financing that year exceeded 5 billion US dollars. In addition to the classic ICO projects introduced below, the author also participated in the ICO of some small projects, and fully felt the madness at that time. It is not an exaggeration to describe it as a swarm of demons. At that time, as long as a project's token was to be ICO, someone would give a platform, and the white paper was well written. It would be immediately snapped up when thrown into some groups. People were crazy and irrational at that time. To exaggerate, even if a pile of shit was thrown into the group, it would be snapped up. If you don'99t believe it, search for the token situation of MLGB (Malego Coin). (This also reflects the powerful power of ICO)

2017年是區塊鏈領域初始硬幣產品（ICO）的關鍵年。根據統計，當年的ICO融資金額超過50億美元。除了下面介紹的經典ICO項目外，作者還參加了一些小型項目的ICO，並在當時完全感到瘋狂。將其描述為一群惡魔並不是誇張的。當時，只要一個項目的令牌是ICO，就會有人給出一個平台，而白皮書寫得很好。當扔進一些小組時，它會立即被搶購。當時人們瘋狂和不合理。誇張，即使一堆狗屎被扔進了小組，也會被搶購。如果您不相信它，請搜索MLGB（Malego Coin）的令牌情況。 （這也反映了ICO的強大力量）

As for the cause of the outbreak , I summarized it as follows through communication with DeepSeek and Chatgpt, as well as my own understanding:

至於爆發的原因，我通過與DeepSeek和Chatgpt的溝通以及我自己的理解來總結如下：

(1) The maturity of coin issuance technology: In particular, the launch of Ethereum has enabled developers to easily create smart contracts and decentralized applications (DApps), which has promoted the rise of ICOs.

（1）硬幣發行技術的成熟度：特別是，以太坊的推出使開發人員能夠輕鬆創建智能合同和分散應用程序（DAPP），該應用程序促進了ICO的興起。

(2) There are several other reasons: market demand, the concept of decentralization has gained popularity, people have good expectations, and there is a low threshold for investment.

（2）還有其他幾個原因：市場需求，權力下放的概念已越來越受歡迎，人們有良好的期望，並且投資門檻較低。

Several classic cases occurred during this period

在此期間發生了幾個經典案件

(1) Ethereum: Although Ethereum's ICO was conducted in 2014, in 2017, Ethereum's smart contract platform was widely used in the ICO of many new projects. At the same time, this project was also conducted through ICO. Overall, this project is still very good and has now grown into the second largest cryptocurrency in the world of Crypto.

（1）以太坊：儘管以太坊的ICO於2014年在2017年進行，但以太坊的智能合同平台被廣泛用於許多新項目的ICO中。同時，該項目也通過ICO進行。總體而言，該項目仍然非常好，現在已經發展成為加密世界中第二大加密貨幣。

(2) EOS: EOS raised nearly $4.3 billion through a year-long, phased ICO in 2017, becoming one of the largest ICOs of the year. This project has now almost disappeared, partly because of the wrong technical route and partly because of insufficient control over market demand.

（2）EOS：EOS於2017年通過一年的一年，分階段的ICO籌集了近43億美元，成為年度最大的ICO之一。現在，該項目幾乎消失了，部分原因是技術途徑錯誤，部分原因是對市場需求的控制不足。

(3) TRON: TRON also raised a lot of money in its ICO in 2017. During the period, it was accused of exchanging coins with other projects and plagiarizing them. However, it developed rapidly afterwards and attracted a lot of attention. From this point of view, compared with those projects that ran away, is Sun Ge doing quite well? He has a very accurate grasp of market demand, for example, the revenue of Tron stablecoin. Tron's control of technical implementation and market demand is in sharp contrast to EOS. The development results of Tron are still quite good. If HSR (Hshare, nicknamed "braised pork"), who exchanged coins at the beginning, had kept the share of Tron, the income would be higher than his own project.

（3）Tron：Tron在2017年還在其ICO中籌集了很多資金。在此期間，它被指控與其他項目交換硬幣並竊。但是，隨後它迅速發展，引起了很多關注。從這個角度來看，與那些逃跑的項目相比，太陽蓋（Sun Ge）做得很好嗎？他非常準確地了解了市場需求，例如Tron Stablecoin的收入。 Tron對技術實施和市場需求的控制與EOS形成了鮮明對比。 TRON的開發結果仍然相當不錯。如果HSR（Hshare（Hshare）在一開始就交換硬幣的Hshare（Hshare）保留了Tron的份額，那麼收入將高於他自己的項目。

(4) Filecoin: Filecoin successfully raised more than $250 million in 2017. Its concept of distributed storage has attracted widespread attention. The founding team, including Juan Benite, is a very prestigious team. This project cannot be said to be a success or a failure, but whether it can develop healthily is a question.

（4）Filecoin：Filecoin在2017年成功籌集了超過2.5億美元。其分佈式存儲概念引起了廣泛關注。包括胡安·貝尼特（Juan Benite）在內的創始團隊是一支非常享有聲望的團隊。不能說這個項目是成功或失敗，但是它是否可以健康發展是一個問題。

The author personally feels that there are more non-classic cases and they have a greater impact, which is also a major historical reason for the emergence of VC coins.

作者本人認為存在更多的非經典案例，並且它們的影響更大，這也是VC硬幣出現的主要歷史原因。

Problems Exposed

暴露的問題

(1) Lack of supervision:

（1）缺乏監督：