模因硬幣並沒有破壞這個週期，而是加速了該行業作為市場催化劑的成熟度

儘管我大部分時間都在呼籲“技術敘事 +長期主義”，但我仍然想客觀地演唱不同的音調

input: I saw someone in the English community saying that Meme Coin ruined this cycle. Although I have been calling for “technical narrative + long-termism” most of the time, I still want to objectively sing a different tune: Meme Coin did not “ruin” this cycle, but instead accelerated the maturity of the industry as a market catalyst:

意見：我看到英國社區中的某人說Meme硬幣破壞了這個週期。儘管我大部分時間都在呼籲“技術敘事 +長期主義”，但我仍然想客觀地演唱不同的音調：Meme Coin並沒有“毀了”這個週期，而是加快了行業作為市場催化劑的成熟：

1) The market has transitioned from “technology is king” to “attention is king”, and Meme Coin has become the most intuitive embodiment of this transformation.

1）市場已從“技術是國王”過渡到“關注是國王”，而Meme Coin已成為這種轉變的最直觀的體現。

Most technology-narrative projects have a roadmap delivery cycle of three to five years. The market has lost the patience to wait, believe, and entrust, so it has given Meme Coin a time window to attract liquidity through the short-term wealth Fomo effect.

大多數技術敘事項目的路線圖交付週期為三到五年。市場失去了耐心等待，相信和委託的耐心，因此它通過短期財富FOMO效應使Meme Coin一個時間窗口吸引流動性。

2) Meme Coin forces the technology narrative to innovate itself.

2）模因硬幣迫使技術敘事進行創新。

The past VC coin “technology packaging” involution model has reached a dead end. The era of harvesting leeks by financing valuation, technology packaging, and concept stacking is over. Technology projects are forced to return to real delivery, because investors have tasted the sweetness of “simple and straightforward, clear wealth effect” in Meme Coin, and can no longer accept those “technically complex but long-term no delivery” projects.

過去的VC硬幣“技術包裝”互動模型已經達到了終點。通過融資估值，技術包裝和概念堆積來收穫韭菜的時代已經結束。技術項目被迫重返真實交付，因為投資者在模因硬幣中品嚐了“簡單明了，清晰的財富效應”的甜味，並且無法再接受那些“技術複雜但長期的無交付”項目。

3) Meme Coin has expanded the boundaries and foundation of the entire market.

3）模因硬幣擴大了整個市場的邊界和基礎。

No matter how sophisticated the technical narrative is, it can only attract a small elite group who can understand it. Mass Adoption requires an interactive method that is simple, easy to understand and can quickly generate consensus.

無論技術敘事多麼複雜，它都只能吸引一個可以理解它的小精英群體。批量採用需要一種簡單，易於理解並可以快速產生共識的交互方法。

When a large number of ordinary users enter the market due to Meme Coin, some of them will inevitably conduct deeper ecological exploration, which will bring an unprecedented incremental user pool to technology projects and solve the long-standing dilemma of “no one using” technology projects.

當大量普通用戶因模因硬幣而進入市場時，其中一些人將不可避免地進行更深入的生態探索，這將為技術項目帶來前所未有的增量用戶池，並解決“沒有人使用”技術項目的長期困境。

4) The meme craze will not cover the entire cycle, but its overflowing market vitality will benefit most of the crypto ecosystem.

4）模因熱潮將無法覆蓋整個週期，但其溢出的市場活力將使大多數加密生態系統受益。

The nature of hot money seeking profits determines that Meme Coin cannot continue to generate wealth effects. When most people have seen the two sides of short-term wealth and zero return, they will naturally look for more balanced investment targets (tend to be more stable investors).

尋求利潤的熱錢的性質決定了模因硬幣不能繼續產生財富影響。當大多數人看到短期財富和零回報的兩面時，他們自然會尋找更平衡的投資目標（往往是更穩定的投資者）。

At that time, technology projects that have truly solved practical problems, established user stickiness, and have a clear business model will usher in valuation reconstruction and complete the transformation from concept to value. Therefore, for the technology narrative, this is not the end, but the beginning of nirvana rebirth.

當時，真正解決了實踐問題，建立用戶粘性並具有清晰業務模型的技術項目將迎來估值重建，並完成從概念到價值的轉變。因此，對於技術敘事，這不是終結，而是涅rv式重生的開始。

5) Meme Coin is a complete reshuffle of the high FDV and low circulation model of VC coins.

5）模因硬幣是VC硬幣的高FDV和低循環模型的完整改組。

In the past, the VC-dominated financing model created a deformed market structure of “high valuation and low circulation”, which led to a general decline after TGE. This market structure left almost no room for ordinary investors to increase their holdings, and killed the Crypto dream of retail investors to get rich by holding coins.

過去，以VC為主的融資模式創造了“高估值和低流通”的變形市場結構，這導致TGE之後的總體下降。這種市場結構幾乎沒有給普通投資者增加其持股的空間，並殺死了散戶投資者的加密夢想，以通過持有硬幣為致富。

On the contrary, although the risks are huge, Meme Coin, with its transparent, simple and equal participation of everyone, has reawakened the vitality of the market and returned the market to a more fair and transparent competition environment. It is hard to say that the shrinking market space and forced withdrawal of some VC institutions are related to the increasing mainstreaming of MEME coins.output: people often discuss how quickly the cryptocurrency market is changing, but I think the past six months have been particularly interesting. We've seen a clear shift in investor preferences, and with it, a new stage in the development of the industry.

相反，儘管風險是巨大的，但模因硬幣卻以其透明，簡單和平等的參與而重新喚起了市場的活力，並將市場恢復到更公平，更透明的競爭環境。很難說，某些風險投資機構的市場空間不斷縮小和撤離與模因硬幣的主流化有關。出口：人們經常討論加密貨幣市場的變化速度，但我認為過去六個月特別有趣。我們已經看到了投資者偏好的明顯轉變，隨之而來的是該行業發展的新階段。

I've been a strong advocate for focusing on the technical narrative and the long-term vision for blockchain projects. However, I also believe in being objective and open to different perspectives.

我一直是專注於技術敘事和區塊鏈項目的長期願景的強烈倡導者。但是，我也相信是客觀的，並且對不同的觀點開放。

Recently, I've seen some members of the English community discussing how they believe meme coins "ruined" this cycle. While I largely disagree with that assessment, I do think it highlights an important point: meme coins have certainly accelerated the maturity of the industry as a market catalyst.

最近，我看到英國社區的一些成員討論了他們認為模因硬幣如何“毀了”這個週期。儘管我在很大程度上不同意該評估，但我確實認為這重點介紹了一個重要的觀點：模因硬幣肯定會加速行業作為市場催化劑的成熟度。

Here's how I see it:

這是我看到的：

1. The market has transitioned from "technology is king" to "attention is king," and meme coins have become the most logical embodiment of this transformation. Most technology projects have a roadmap delivery cycle of three to five years, which feels like an eternity in the fast-paced crypto market.

1。市場已從“技術是國王”過渡到“關注是國王”，而模因硬幣已成為這種轉變的最合乎邏輯的體現。大多數技術項目的路線圖交付週期為三到五年，這在快節奏的加密貨幣市場上感覺就像是永恆的。

With technology projects, there's an element of trust and patience required that investors have largely lost interest in. Instead, they've flocked to meme coins, granting them a time window to attract liquidity through the short-term wealth Fomo effect. This shift in investor focus has pushed technology projects to innovate and adapt.

借助技術項目，有一個信任和耐心的元素要求投資者在很大程度上失去了興趣。相反，他們蜂擁而至，湧向Meme硬幣，為他們提供了通過短期財富FOMO效應吸引流動性的時間窗口。投資者重點的這種轉變推動了技術項目進行創新和適應。

2. The past model of VCs heavily investing in promising technology projects, which are then packaged and sold to the wider market, has largely run its course. In the early days of crypto, there was an involutionary aspect to this model, with projects becoming increasingly focused on securing large amounts of funding and presenting their projects in the best possible light

2.過去的風險投資模型大量投資有希望的技術項目，然後將其包裝並出售給更廣泛的市場，在很大程度上開展了其路線。在加密早期，該模型有一個可行的方面，項目越來越重點是確保大量資金並以最佳的方式呈現其項目