模因硬幣和ICO：從市場缺陷中出生？

Synthetix和Infinex的澳大利亞創始人Kain Warwick說，當前的Meme Coin Frenzy使他想起了2017 - 2018年最初的硬幣產品（ICO）狂熱。

Kain Warwick, founder of Synthetix and Infinex, has likened the present meme coin mania to the initial coin offering (ICO) frenzy of 2017-2018. In a post on X (formerly Twitter), the crypto entrepreneur highlighted the similarities between the two phenomena in an attempt to pique investors' attention regarding the state of the market.

Synthetix和Infinex的創始人Kain Warwick將當前的Meme Coin Mania比作2017 - 2018年最初的硬幣發行（ICO）Frenzy。在X（以前為Twitter）的一篇文章中，加密企業家強調了這兩個現象之間的相似之處，試圖引起投資者對市場狀況的關注。

This feels like ICOs again. What is absolutely clear from every conversation rn is that something needs to change. I’m a fan of markets and I think we can shift the incentives, people are now realising there are negative reputational externalities.

這再次感覺像ICO。從每個對話中可以清楚的是，需要改變某些事情。我是市場的粉絲，我認為我們可以改變激勵措施，人們現在意識到有負面的外部性。

Warwick pointed out that both trends, meme tokens and ICOs, emerged due to structural inefficiencies within the industry — ICOs thrived because of the high barriers to traditional fundraising, while meme coins have risen as a counter to venture capital (VC) manipulation in crypto funding rounds throughout 2021.

沃里克（Warwick）指出，由於行業內部的結構性低效率，這兩個趨勢，模因令牌和ICO都出現了- ICO蓬勃發展，因為對傳統籌款的障礙很高，而Meme硬幣則作為對Crypto資金資金管理中的風險投資（VC）操縱的反擊。整個2021年的回合。

According to Warwick, the problem lies not with the meme coins themselves but rather in the lack of control over how they are launched, leading to a space dominated by bad actors. He noted that ICOs were eventually shut down by regulators, preventing further damage but also stifling innovation. However, meme coins are unlikely to face the same regulatory crackdown, presenting a unique opportunity for self-regulation within the ecosystem.

根據沃里克（Warwick）的說法，問題不是在於模因硬幣本身，而是缺乏對它們的發射方式的控制權，導致一個由壞演員主導的空間。他指出，ICO最終被監管機構關閉，以防止進一步損害，但也扼殺了創新。但是，模因硬幣不太可能面臨相同的監管鎮壓，這為生態系統中的自我調節帶來了獨特的機會。

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One of Warwick’s primary concerns is the co-opting of essential crypto infrastructure by bad actors, which he described as a recurring pattern in crypto history:

沃里克（Warwick）的主要關注點之一是不良演員對基本加密基礎設施的選擇，他將其描述為加密歷史上的一種反復出現的模式：

According to him, paid influencers played a significant role in promoting scam projects during the ICO era. Now, a similar tactic is emerging with meme coins, where high-follower accounts are being compensated to advertise contract addresses (CAs), essentially operating modern-day pump-and-dump schemes.

據他說，有薪影響者在ICO時代促進騙局項目中發揮了重要作用。現在，有類似的策略正在採用模因硬幣，在該硬幣中，正在對高級顧問帳戶進行補償以宣傳合同地址（CAS），本質上是在現代運行的泵送泵送計劃。

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Warwick ultimately advocates for self-regulation as the only viable path forward. He suggested that the crypto community — particularly within the Solana ecosystem, where meme coins are highly prevalent — must differentiate between genuine innovation and exploitative schemes.

沃里克最終提倡自我調節，這是唯一可行的途徑。他建議，加密社區，尤其是在模因硬幣高度普遍的索拉納生態系統中，必須區分真正的創新和剝削性計劃。

I think Kaito could be a vector here. If a good platform can capture all the yappers and meme itself into existence as the venue to use instead of getting rugged repeatedly that is one possible way of capturing market awareness.

我認為Kaito可能是這裡的矢量。如果一個好的平台可以將所有的Yappers和Meme本身作為使用場所的存在而不是反复耐用，那是一種捕捉市場知名度的可能方法。

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He proposed the creation of a platform capable of monitoring market awareness and providing a structured environment for fairer launches. Among the potential candidates, he mentioned Kaito, although he acknowledged the challenge of persuading influential figures to adopt more ethical practices.

他提出了一個能夠監測市場意識並為更公平的發射提供結構化環境的平台。在潛在的候選人中，他提到了凱托，儘管他承認說服有影響力的人物採用更具道德實踐的挑戰。

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