Memecoins-不可避免的途徑是主流採用或系統損壞的症狀？

作為區塊鏈的主持人，我最近主持了有關Memecoins的討論，這個主題引發了整個行業的激烈爭議。

Hot Topic: Memecoins - Blessing or Curse in the Crypto World?

熱門話題：Memecoins-加密世界中的祝福還是詛咒？

Original Title: "Memecoins - The inevitable path to mainstream adoption or the symptom of a broken system?"

原始標題：“ Memecoins - 不可避免的主流採用途徑或系統破裂的症狀？”

Author: Jen Albert

作者：詹·艾伯特（Jen Albert）

Translation by: Baihua Blockchain

翻譯作者：Baihua區塊鏈

As the host of Blockchain Banter, I recently led a discussion on memecoins—a topic that has sparked intense controversy throughout the industry. Whether you love them or hate them, their impact cannot be denied. Some believe they are ruining the crypto industry, while others see them as a natural evolution of decentralized market development.

作為區塊鏈的主持人，我最近主持了有關Memecoins的討論，這個主題引發了整個行業的激烈爭議。無論您是愛他們還是恨他們，它們的影響都無法否認。有些人認為他們正在破壞加密貨幣行業，而另一些人則認為它們是分散市場發展的自然發展。

To delve deeper into this debate, I invited Justin Havens (Head of Ecosystem Growth at Polygon DeFi) and Dr. Mark Richardson (Head of Bancor & Carbon DeFi projects) to explore the topic together. We had an in-depth discussion around the following core topics:

為了深入研究這場辯論，我邀請了賈斯汀·赫文（Polygon Defi的生態系統增長負責人）和馬克·理查森（Mark Richardson）博士（Bancor＆Carbon Defi Projects的負責人）一起探索這個話題。我們圍繞以下核心主題進行了深入的討論：

This conversation revealed the multifaceted impact of memecoins in the crypto market, and you are welcome to join the discussion!

這次對話揭示了Memecoins在加密市場中的多方面影響，歡迎您加入討論！

1. The Memecoin Controversy

1。Memecoin爭議

Memecoins have caused significant division in the crypto space. Some view them as a fun and community-driven way to participate in the market, while others believe they undermine the legitimacy of the industry. On one hand, prominent figures like Benjamin Cowen have bluntly stated, "Memecoins are ruining the crypto industry."

內存已在加密貨幣空間中引起了重大劃分。有些人認為他們是一種有趣且以社區為導向的方式參與市場，而另一些人則認為他們破壞了行業的合法性。一方面，像本傑明·考恩（Benjamin Cowen）這樣的著名人物直言不諱地說：“成員正在破壞加密貨幣行業。”

On the other hand, we also see some industry leaders taking the opposite stance, such as CZ (Changpeng Zhao), co-founder and former CEO of Binance, who seems to encourage (or perhaps not 😏) the birth of more memecoins by posting a picture of his pet dog Broccoli along with an entire backstory.

另一方面，我們還看到一些行業領導者採取了相反的立場，例如Binance的聯合創始人兼前首席執行官CZ（Changpeng Zhao），他們似乎鼓勵（或可能不是😏）通過發布更多成人的誕生他的寵物狗西蘭花的照片以及整個背景故事。

"I just posted a photo and the name of my dog. I did not issue a memecoin myself; whether to create one is entirely up to the community (or not to create one is fine too). However, I might interact with some popular memecoins on the BNB Chain (BSC). The BNB Foundation may provide rewards for top memecoins on the BNB Chain, such as LP support or other incentives. The details are still under discussion, so stay tuned."

“我只是張貼了一張照片和狗的名字。我自己沒有發出一個成員；是否創建一個完全取決於社區（或者也不創建一張，也很好）。但是，我可能會與某些受歡迎的人互動BNB鏈（BSC）上的模因可以為BNB鏈上的頂級成員提供獎勵，例如LP支持或其他激勵措施。

Justin believes that memecoins are not a random phenomenon but rather a necessary outcome of regulatory crackdowns on structured token issuance. Due to concerns about legal risks, project teams have had to choose from the following options:

賈斯汀（Justin）認為，紀念物不是一個隨機現象，而是對結構性令牌發行的監管鎮壓的必要結果。由於對法律風險的擔憂，項目團隊必須從以下選項中進行選擇：

So, what happens when the only viable way to issue public tokens is through tokens with no actual utility? The answer is—the rise of memecoins.

因此，當發佈公共令牌的唯一可行方式是通過沒有實際效用的代幣時會發生什麼？答案是 - 模因的興起。

Mark further points out, "Market incentives determine the final outcome." Regulators have created an environment where utility tokens fall into a legal gray area, while tokens that explicitly claim to be "useless" face almost no compliance risks. The result is that memecoins quickly dominate the market.

馬克進一步指出：“市場激勵措施決定了最終結果。”監管機構創造了一個環境，公用事業令牌屬於合法的灰色區域，而明確聲稱“無用”幾乎沒有合規風險的代幣。結果是，紀念物迅速佔據了市場。

2. Investor or Gambler? The Subtle Line in the Crypto Market

2。投資者還是賭徒？加密市場中的微妙線條

One of the biggest misconceptions in the crypto space is the belief that there is a clear line between investing and gambling. But does this line really exist?

加密貨幣領域中最大的誤解之一是相信投資和賭博之間存在明確的界限。但是這條線真的存在嗎？

Investors research fundamentals, assess risks, and make decisions with a long-term perspective.

投資者研究基本面，評估風險並以長期的觀點做出決定。

Gamblers chase trends, trade impulsively, and accept extreme risks.

賭徒追逐趨勢，衝動貿易並接受極端風險。

Justin points out that many retail traders are forced into a "gambling mentality" because they cannot participate in traditional early-stage investments. Unless you are an accredited investor, your only option is speculative trading—which includes memecoins.

賈斯汀指出，許多零售商人被迫陷入“賭博心態”，因為他們無法參加傳統的早期投資。除非您是認可的投資者，否則您唯一的選擇是投機性交易，其中包括Memecoins。

Mark believes that this line is blurrier than most people think. After all, some of the historically best-performing crypto assets have been obvious scams. As he puts it:

馬克認為，這條線比大多數人想像的要模糊。畢竟，一些歷史上最好的加密資產是顯而易見的騙局。正如他所說：

"People will warn you not to invest in this, calling it a scam. While others will say, 'I know it is.'"

“人們會警告您不要對此進行投資，稱其為騙局。而其他人會說，'我知道是。'”

It is this paradox that fuels the frenzy around memecoins—projects that appear most like scams sometimes yield the greatest returns.

正是這種悖論使圍繞Memecoins的瘋狂燃燒 - 看起來最像騙局的項目有時會產生最大的回報。

3. Do KOLs Fuel the Frenzy of Memecoins?

3。kols會助長紀念物的瘋狂嗎？

The conversation naturally turned to KOLs (Key Opinion Leaders) and paid influencers—important drivers in the memecoin ecosystem. So, is the root of the problem memecoins themselves, or those who promote them for profit?

對話自然而然地轉向了KOLS（主要意見領袖）和有影響力的人，這是Memecoin生態系統中最重要的驅動因素。那麼，問題的根源是模因本身還是促進盈利的人？

This also explains another side of the memecoin hype—are they created by market demand, or are they artificially inflated?

這也解釋了Memecoin炒作的另一面 - 它們是由市場需求創造的，還是人為地膨脹？

4. Is the Term KOL Misused in the Crypto Space?

4。在加密貨幣空間中濫用了KOL一詞嗎？

Mark believes that the term "KOL" is often misused in the crypto field. Many so-called "opinion leaders" are essentially just advertisers flipping token shares behind the scenes. If a project needs to pay someone to talk about it, it raises the question: why does it need to do so?

馬克認為，“ KOL”一詞在加密貨幣領域經常被濫用。許多所謂的“意見領導者”本質上只是廣告商在幕後翻轉代幣的股票。如果一個項目需要付錢給某人談論它，它就提出了一個問題：為什麼需要這樣做？

What is the core issue? Questioning the incentive mechanisms. If someone is pushing a token hard, ask yourself—what do they stand to gain from it?

什麼是核心問題？質疑激勵機制。如果有人努力推動一個令牌，請問自己 - 他們能從中受益什麼？

5. DYOR: Is It Really Feasible?

5。染料：真的可行嗎？

The phrase "Do Your Own Research (DYOR)" is repeatedly emphasized in the crypto space, but the reality is often much more complex than the slogan suggests. As audience member Mike pointed out, DYOR is easier said than done.

在加密空間中反復強調“做自己的研究（染料）”一詞，但現實通常比口號所建議的要復雜得多。正如觀眾邁克（Mike）指出的那樣，染料說起來容易做起來難。

Most people

大多數人