引入加密項目生命週期路線圖

本文探討瞭如何通過建立社區並給他們留下來的理由來保留令牌持有人。

Written by Saurabh Deshpande

由Saurabh Deshpande撰寫

Compiled by: Luffy, Foresight News

編譯者：Luffy，預見新聞

I recently used stablecoin supply as a measure of liquidity, combining it with the number of tokens in the market, to try and figure out the liquidity of each asset. As expected, we saw liquidity converging to zero, and the chart we get from this analysis is a piece of art.

我最近使用Stablecoin供應作為一種衡量流動性的量度，將其與市場上的代幣數量相結合，並試圖找出每種資產的流動性。正如預期的那樣，我們看到流動性趨於零，而我們從該分析中獲得的圖表是一件藝術品。

Each cryptocurrency will enjoy roughly $1.8 million in stablecoin liquidity by March 2021, but this will reduce to $5,500 by March 2025.

到2021年3月，每種加密貨幣將享有大約180萬美元的Stablecoin流動性，但到2025年3月，這將減少到5,500美元。

As a project, you have to compete with 40 million other tokens for the attention of users and investors. Three years ago, there were only 5 million. So how do you keep token holders interested? You can try to build a community, let members say “GM” on Discord, and do some airdrop activity.

作為一個項目，您必須與其他4000萬個代幣競爭用戶和投資者的注意。三年前，只有500萬。那麼，您如何使代幣持有人感興趣？您可以嘗試建立一個社區，讓會員在不和諧上說“ GM”，並進行一些空投活動。

But then what? Once they get the tokens, they move on to the next Discord group and say “GM.”

但是那呢？一旦獲得令牌，他們就會繼續進入下一個不和諧小組，並說“ GM”。

Community members won’t stay without a reason, you need to give them something to stay for. In my opinion, a high-quality product with actual cash flow is the reason, or it makes the project data look good.

社區成員不會沒有理由留下來，您需要給他們一些東西。我認為，具有實際現金流量的高質量產品是原因，或者它使項目數據看起來不錯。

Russ Hanneman syndrome

拉斯·漢曼綜合症

In the American TV series Silicon Valley, Russ Hanneman once boasted that he would become a billionaire by “moving radio to the Internet.” In the field of crypto, everyone wants to be Russ, chasing overnight wealth, but does not care about business fundamentals, building moats, and obtaining sustainable income, which are “boring” but practical issues.

在美國電視連續劇《矽谷》中，拉斯·漢尼曼（Russ Hanneman）曾經誇口說，他將通過“將廣播移到互聯網”而成為一名億萬富翁。在加密貨幣領域，每個人都希望成為Russ，追逐一夜之間的財富，但並不關心業務基礎，建造護城河並獲得可持續收入，這些收入是“無聊”但實際問題的。

Joel’s recent articles, “Death to Stagnation” and “Make Revenue Great Again,” highlight the urgent need for crypto projects to focus on sustainable value creation. Much like the memorable scene in the show where Russ Hanneman dismisses Richard Hendricks’ concerns about building a sustainable revenue model, many crypto projects also rely on speculative narratives and investor enthusiasm. Now it seems clear that this strategy is unsustainable.

喬爾（Joel）最近的文章“停滯死亡”和“再次使收入很大”強調了加密項目迫切需要專注於可持續價值創造。就像在節目中令人難忘的場景一樣，拉斯·漢尼曼（Russ Hanneman）駁斥了理查德·亨德里克斯（Richard Hendricks）對建立可持續收入模式的擔憂，許多加密項目也依賴於投機性敘述和投資者的熱情。現在看來，這種策略是不可持續的。

But unlike Russ, founders can’t just shout “Tres Comas” (Russ’s phrase for showing off his wealth in the show) to make the project successful. Most projects need sustainable income, and to achieve this, we first need to understand how the current projects with income do it.

但是與Russ不同，創始人不能僅僅大喊“ Tres Comas”（Russ在演出中炫耀他的財富的短語），以使該項目成功。大多數項目都需要可持續收入，為了實現這一目標，我們首先需要了解當前的收入項目是如何做到的。

In traditional markets, regulators maintain liquidity of tradable stocks by setting high thresholds for listed companies. There are 359 million companies in the world, but only about 55,000 are publicly listed, accounting for about 0.01%. The advantage of this is that most of the available funds are concentrated in a limited range. But it also means that investors have fewer opportunities to bet on companies early and chase high returns.

在傳統市場中，監管機構通過為上市公司設定高門檻來維持可交易股票的流動性。全球有3.59億公司，但僅公開列出了約55,000家公司，約為0.01％。這樣做的優點是，大多數可用資金都集中在有限的範圍內。但這也意味著投資者的機會很少，早日押注公司並追逐高回報。

Dispersion of attention and liquidity is the price to pay for all tokens to be easily and publicly traded. I am not here to judge which model is better, I am simply showing the difference between the two worlds.

注意力和流動性的分散是為了讓所有令牌容易和公開交易的代價。我不是在這裡判斷哪種模型更好，我只是在展示兩個世界之間的區別。

The question is, how do you stand out in a seemingly endless sea of tokens? One way is to show that there is demand for the project you are building and to allow token holders to participate in the growth of the project. Don’t get me wrong, not every project has to be equally obsessed with maximizing revenue and profits.

問題是，您如何在看似無盡的代幣海中脫穎而出？一種方法是表明您對您要構建的項目有需求，並允許代幣持有人參與項目的增長。不要誤會我的意思，並非每個項目都必須同樣痴迷於最大化收入和利潤。

Revenue is not an end, but a means to achieve long-term vitality.

收入不是目的，而是實現長期活力的一種手段。

For example, an L1 that hosts enough applications only needs to earn enough fees to offset token inflation. Ethereum’s validator yield is about 3.5%, which means that its token supply will increase by 3.5% each year. Any holder who stakes ETH to earn returns will have their tokens diluted. But if Ethereum destroys the same amount of tokens through a fee burning mechanism, then the ETH of ordinary holders will not be diluted.

例如，託管足夠應用程序的L1只需要賺取足夠的費用即可抵消令牌通貨膨脹。以太坊的驗證者收益率約為3.5％，這意味著其令牌供應每年將增加3.5％。任何持有ETH賺取回報的持有人都將稀釋其令牌。但是，如果以太坊通過燃燒費用的機制摧毀了相同數量的令牌，那麼普通持有人的ETH將不會被稀釋。

As a project, Ethereum does not need to be profitable because it already has a thriving ecosystem. As long as validators can earn enough to keep the nodes running, Ethereum can do without additional income. But this is not the case for projects with a token circulation rate (the percentage of circulating tokens) of around 20%. These projects are more like traditional companies and it may take time to reach a state where there are enough volunteers to keep the project running.

作為一個項目，以太坊不需要有利可圖，因為它已經具有繁榮的生態系統。只要驗證者能夠賺取足夠的收入來保持節點的運行，以太坊就可以在沒有額外收入的情況下完成。但對於具有令牌循環率（流通代幣的百分比）的項目而言，情況並非如此。這些項目更像是傳統公司，可能需要花費一些時間才能達到足夠的志願者來保持項目運行的狀態。

Founders must face the reality that Russ Hanneman ignored. Generating real, sustained revenue is essential. It should be noted that in this article, whenever I mention “revenue,” I actually mean free cash flow (FCF), because for most crypto projects, the data behind revenue is difficult to obtain.

創始人必鬚麵對拉斯·漢尼曼（Russ Hanneman）忽略的現實。產生真正的持續收入至關重要。應該指出的是，在本文中，每當我提到“收入”時，我實際上是指自由現金流（FCF），因為對於大多數加密項目，收入的數據很難獲得。

Understanding how to allocate FCF, such as when to reinvest it for growth, when to share it with token holders, and the best way to allocate it (such as buybacks or dividends), can easily make the difference between success and failure for founders aiming to create lasting value.

了解如何分配FCF，例如何時將其重新投資以增長，何時與令牌持有人共享它，以及分配它的最佳方法（例如回購或股息），可以輕鬆地使旨在創造持久價值的創始人之間的成功和失敗之間的差異。

Equity market reference is helpful in making these decisions effectively. Traditional companies often distribute FCF through dividends and buybacks. Factors such as company

股票市場參考有助於有效做出這些決策。傳統公司經常通過股息和回購分發FCF。諸如公司之類的因素