模因硬幣瘋狂：加密貨幣市場的警鐘

加密貨幣景觀通常是一個戲劇性的高潮劇院，最近被一系列活動所震撼

The cryptocurrency landscape, often a theater of dramatic highs and lows, has recently been rocked by a series of events that have cast a long shadow over the meme coin ecosystem and reignited a fierce debate about the practices of centralized exchanges (CEXs) and the inherent risks associated with speculative digital assets.

加密貨幣景觀通常是一個戲劇性的高潮劇院，最近被一系列事件震撼了，這些事件對模因硬幣生態系統產生了長長的陰影，並重新激發了有關集中交流（CEXS）的實踐以及與投機性數字資產相關的固有風險的激烈辯論。

The precipitous 40% drop of MUBARAK following its listing on Binance, coupled with the volatility surrounding JELLY and HYPE on Hyperliquid, has triggered a wave of scrutiny, prompting users to question the very foundations of the decentralized finance (DeFi) space.

穆巴拉克（Mubarak）上市後，麥巴拉克（Mubarak）上市後的40％下降，再加上果凍周圍的波動性和超流動性上的炒作，引發了一波審查，促使用戶質疑分散融資（DEFI）空間的基礎。

These incidents, far from being isolated anomalies, have brought to the forefront the growing concerns about the quality of listings on major CEXs, the fragility of emerging DeFi platforms, and the potential for systemic fallout from meme-driven market events. As the dust settles, the cryptocurrency community is grappling with the urgent need for greater transparency, stronger safeguards, and a renewed focus on sustainable growth.

這些事件遠非孤立的異常事件，使人們對主要CEX的上市質量，新興DEFI平台的脆弱性以及模因驅動市場事件的系統性後果的潛力越來越關注。隨著塵埃落定，加密貨幣社區正在迫切需要更高的透明度，更強大的保障措施以及對可持續增長的重新關注。

MUBARAK’s Plunge: A Symptom of a Deeper Malaise?

穆巴拉克（Mubarak）的暴跌：更深層不適的症狀？

The sharp decline of MUBARAK, a meme coin that experienced a 40% drop shortly after its Binance listing, has ignited a firestorm of criticism directed at the practices of centralized exchanges.

穆巴拉克（Mubarak）的急劇下降是一種模因硬幣，其二手股份清單後不久經歷了40％的下降，他引發了針對集中交流做法的批評的大火。

Critics argue that such listings, often characterized by a lack of due diligence and a focus on short-term gains, undermine trust in both DeFi and CEX platforms. The timing of this incident is particularly concerning, as it coincides with a period of intense focus on meme coins, which have dominated headlines while more stable crypto sectors struggle for attention.

批評家認為，這種列表通常以缺乏盡職調查以及對短期收益的關注，破壞了對Defi和Cex平台的信任。這一事件的時機尤其令人擔憂，因為它與對模因硬幣的緊密關注時期相吻合，而這些硬幣已經主導了頭條新聞，而更穩定的加密部門則努力吸引人們的關注。

This imbalance, critics argue, is indicative of a systemic problem within the cryptocurrency market, where speculative fervor often trumps fundamental value.

批評家認為，這種失衡表明了加密貨幣市場中的系統性問題，在這種情況下，投機性的熱情經常勝過基本價值。

The steep drop in MUBARAK’s price has reignited concerns about the quality of recent listings on centralized exchanges. The debate has been further fueled by Binance’s recent listing vote, which saw meme coins like BROCCOLI and Tutorial experience significant price surges. This has led to questions about the criteria used for listing tokens and the potential for market manipulation.

穆巴拉克（Mubarak）價格的急劇下跌引起了人們對集中交流近期列表質量的擔憂。 Binance最近的上市投票進一步推動了這場辯論，該投票看到了像西蘭花和教程這樣的模因硬幣經歷了巨大的價格飆升。這導致了有關列表令牌的標準以及市場操縱潛力的問題。

Binance founder Changpeng Zhao (CZ) has attempted to address these concerns, stating that token listings should not dictate long-term price action. He emphasized that while listings can provide liquidity and improve market access, the long-term value of a token should reflect its real fundamentals, such as team commitment, development activity, and network performance.

Binance創始人Changpeng Zhao（CZ）試圖解決這些問題，並指出令牌上市不應決定長期價格行動。他強調，儘管上市可以提供流動性並改善市場獲取，但令牌的長期價值應反映其真正的基本原理，例如團隊承諾，發展活動和網絡績效。

However, despite CZ’s assurances, the community remains skeptical, particularly in light of Binance Alpha’s continued listing of controversial tokens, including two Studio Ghibli-themed meme coins. This has further fueled concerns about the exchange’s commitment to transparency and due diligence.

然而，儘管CZ有保證，社區仍然持懷疑態度，尤其是鑑於Binance Alpha繼續列出了有爭議的令牌，其中包括兩個吉卜力吉布利主題的模因硬幣。這進一步引起了人們對交易所對透明度和盡職調查的承諾的擔憂。

Hyperliquid’s Crisis: A Wake-Up Call for DeFi?

Hyperliquid的危機：對Defi的警鐘？

The MUBARAK incident was not the only crisis to rock the meme coin ecosystem this week. The volatility surrounding JELLY and HYPE on Hyperliquid has triggered widespread speculation about the role of emerging DeFi platforms and the potential for systemic risks.

穆巴拉克事件並不是本周震撼模因硬幣生態系統的唯一危機。果凍和高流動性上的炒作的波動性引發了人們對新興Defi平台的作用和系統性風險的潛力的廣泛猜測。

The JELLY short squeeze, which led to a sharp decline in HYPE’s price, has raised concerns about the fragility of emerging platforms and the adequacy of safeguards in place to prevent systemic fallout from meme-driven market events. Some users have even questioned whether this could be the beginning of an FTX-style collapse, as concerns grow over the unchecked volatility tied to meme coin derivatives.

果凍的短擠壓導致炒作價格急劇下降，引起了人們對新興平台的脆弱性以及適當的保障措施的適當性，以防止模因驅動的市場事件的系統性後果。一些用戶甚至質疑這是否可能是FTX風格崩潰的開始，因為對與模因硬幣衍生物相關的不受檢查的波動性的擔憂增加。

In response to the backlash, Hyperliquid has pledged to strengthen its security measures to prevent similar incidents in the future. However, the damage has already been done, and the incident has ignited a debate about the need for greater transparency and accountability within the DeFi space.

為了應對強烈反對，超級流動性已承諾加強其安全措施，以防止將來發生類似的事件。但是，損害已經造成，該事件激發了關於在Defi空間內需要更高透明度和問責制的辯論。

Jean Rausis, co-founder of the decentralized finance ecosystem SMARDEX, has called on the DeFi community to consider the image it projects to the market. He argued that if DeFi is to achieve widespread adoption, it must gain the trust of both existing and potential users.

分散的金融生態系統Smardex的聯合創始人讓·勞西斯（Jean Rausis）呼籲Defi社區考慮IT投影到市場的圖像。他認為，如果DEFI要獲得廣泛的採用，它必須獲得現有用戶和潛在用戶的信任。

He warned that the proliferation of projects falsely labeling themselves as “decentralized” will only lead to more incidents like the Hyperliquid crisis.

他警告說，錯誤地將自己標記為“分散”的項目的擴散只會導致更多的事件，例如超流動危機。

The Credibility Conundrum: DeFi’s Image Problem

信譽難題：Defi的圖像問題

The incidents involving MUBARAK and Hyperliquid have dealt a significant blow to DeFi’s credibility. Kevin Rusher, founder of decentralized lending protocol RAAC, described the situation as “another setback for DeFi adoption.” He argued that the meme coin frenzy has reignited retail greed and diverted liquidity away from more sustainable sectors of the ecosystem.

涉及Mubarak和超級流動的事件對Defi的信譽造成了重大打擊。權力下放貸款協議RAAC的創始人凱文·拉什（Kevin Rusher）將這種情況描述為“採用Defi採用的另一個挫折”。他認為，模因硬幣狂潮已經重新點燃了零售貪婪，並將流動性從生態系統的更可持續性部門轉移了出來。

“The narrative that we are seeing play out is one of complete chaos. We have TRUMP, MELANIA, and a new generation of meme coins attracting attention while the more stablecoins are struggling to maintain value,” Rusher observed.

“我們看到的敘述是完全混亂的。我們有特朗普，梅拉尼亞和新一代的模因硬幣引起了人們的注意，而更加穩定的人則在努力維持價值，”拉什（Rusher）觀察到。

He warned that the dominance of meme coins during the recent market surge has left DeFi vulnerable to speculative chaos. However, Rusher expressed optimism about the involvement of institutions like BlackRock, which he believes understand the need for stability in the cryptocurrency market.

他警告說，在最近的市場激增中，模因硬幣的主導地位使Defi容易受到投機性混亂的影響。但是，Rusher對BlackRock等機構的參與表達了樂觀，他認為這了解加密貨幣市場中穩定的需求。