我們所經歷的陷阱和我們無法避免的教訓

據說當前的業務環境不好。失業者找不到工作，就業很容易解僱

In the rapidly evolving landscape of Web3, where new opportunities and challenges emerge at every turn, it is crucial for investors to stay vigilant and make informed decisions. As we navigate this exciting domain, we must be aware of the common pitfalls that can lead to disappointment and financial setbacks.

在迅速發展的Web3景觀中，新的機遇和挑戰都在不斷出現，對於投資者保持警惕並做出明智的決定至關重要。當我們瀏覽這個令人興奮的領域時，我們必須意識到可能導致失望和財務挫折的常見陷阱。

In the realm of Web3 investment, many fall into the trap of viewing project success as a mere "horse race bet," believing that as long as they select a winning project, they will be guaranteed substantial returns. However, this approach, driven solely by luck, often pushes investors into the abyss of failure. Having witnessed the blockchain industry from close quarters for the past six years, I have encountered numerous projects that shimmered on the surface but concealed a "minefield" of problems. Their ultimate failure not quickly brought losses to investors but also sounded a profound warning for the entire industry.

在Web3投資領域中，許多人落入了將項目成功視為“賽馬賭注”的陷阱，他們認為只要他們選擇一個獲勝的項目，他們就會獲得可觀的回報。但是，這種方法僅由運氣驅動，經常使投資者陷入失敗的深淵。在過去的六年中，我目睹了區塊鏈行業的近距離，我遇到了許多在表面上閃閃發光但掩蓋了問題的項目。他們的最終失敗並沒有迅速給投資者帶來損失，而是對整個行業發出了深刻的警告。

Hot spot chasers: Hot concepts but no real implementation

熱點追逐者：熱門概念，但沒有真正的實現

In the sphere of Web3, market hot spots are continually emerging, such as "AI+Web3" and "RWA (real asset tokenization)," which have been particularly prominent this year. Some projects seize the opportunity and quickly attract attention and capital through skillful packaging. However, their technical capabilities and market strategies often fail to stand up to close scrutiny.

在Web3領域，市場熱點不斷出現，例如“ AI+Web3”和“ RWA（真正的資產令牌化）”，這是今年特別突出的。一些項目抓住了機會，並通過熟練的包裝迅速吸引了關注和資本。但是，他們的技術能力和市場策略通常無法受到審查。

Take a specific "AI+Web3" project that emerged in early 2024. The team engaged in high-profile publicity, combining artificial intelligence and blockchain to launch the world's first decentralized AI content creation platform. The project painted a grand vision of "decentralized storage and efficient edge computing" in its white paper and secured over $20 million in early financing. Nevertheless, the subsequent development progress lagged far behind the plan, and the team's technical capabilities, particularly in assessing the feasibility of real application scenarios, came into question. Ultimately, the project announced that it would be shutting down due to a broken capital chain after just six months, and its token price plummeted 90% from its high point, causing substantial losses for investors.

採取一個特定的“ AI+Web3”項目，該項目於2024年初出現。該團隊從事備受矚目的宣傳，結合了人工智能和區塊鏈，以啟動世界上第一個分散的AI內容創建平台。該項目在其白皮書中描繪了“分散存儲和有效的邊緣計算”的宏偉願景，並在早期融資中獲得了超過2000萬美元的願景。然而，隨後的發展進步遠遠落後於計劃，團隊的技術能力，尤其是在評估實際應用程序方案的可行性時受到質疑。最終，該項目宣布，由於僅六個月後的資本鏈破損，它將關閉，其代幣價格從高點起就下降了90％，這給投資者造成了巨大的損失。

Rapid coin issuance: From dream to harvest, the Web3 scam

快速硬幣發行：從夢想到收穫，Web3騙局

As the saying goes, "a project that does not issue tokens is not a good project." However, in some domains, issuing tokens has become synonymous with cutting leeks. Some project teams mobilize funds by quickly issuing tokens, view token issuance as their core goal, and quickly withdraw after achieving short-term capital gains, with little actual development progress to show for it. This myopic behavior has led to many investors being reaped in the fantasy of overnight riches, while the project team turns around and starts a new venture, repeating the same routine.

俗話說：“一個不發出代幣的項目不是一個好項目。”但是，在某些領域，發行令牌已成為切割韭菜的代名詞。一些項目團隊通過快速發行代幣，將令牌發行視為其核心目標，並在獲得短期資本收益後迅速撤離，從而動員了資金，幾乎沒有實際的開發進展可以顯示出來。這種近視行為導致許多投資者在一夜之間的財富的幻想中獲得了收穫，而項目團隊轉過身來開始了一家新的冒險，重複了相同的常規。

Take the popular MEMECoin project in 2024. This token, with the theme of "Trump's victory," attracted a large influx of speculators in a short span, raising over $10 million. However, this token's white paper was largely empty, using meme culture and political events as marketing gimmicks and lacking any product landing or technical support. As the news of Trump's victory subsided, the market heat dropped sharply, and the token price plummeted more than 95% in just a few days. Many investors failed to even recover their initial costs, whereas the project team quickly profited at the time of listing through a high proportion of pre-sale shares.

以2024年流行的Memecoin項目為例。這個令牌以“特朗普的勝利”為主題，在短短的時間內吸引了大量投機者，籌集了超過1000萬美元。但是，該令牌的白皮書在很大程度上是空的，它使用模因文化和政治事件作為營銷gi頭，缺乏任何產品降落或技術支持。隨著特朗普勝利的消息平息，市場的熱量急劇下降，幾天之內代幣的價格下降了95％以上。許多投資者甚至沒有收回其初始成本，而項目團隊在上市前銷售中很大的股票時很快獲利。

The illusion of high valuation: Pseudo-prosperity in the bubble

高估的幻想：氣泡中的偽繁殖

Web3's highly valued projects are often packaged as "future unicorns" by exaggerating the market size, inflating user data or fabricating revenue sources to create an illusion that investment opportunities are slipping away. However, the actual operational capabilities of such projects often seriously out of line with their high valuations, leading to a rapid decline in market value after launch and heavy losses for investors.

Web3的高度價值項目通常通過誇大了市場規模，誇大用戶數據或製造收入來源，以產生一種幻想，即投資機會正在消失。但是，此類項目的實際運營能力通常與他們的高估值不平衡，從而導致推出後市場價值迅速下降，投資者造成了巨大的損失。

The most direct example is the dispute between market value and FDV. In the past two years, many projects have set their total token amount to billions or even tens of billions when issuing coins, and then publicized their total market value to be millions or even tens of millions. However, this data is often calculated using FVD, which is calculated based on the total token amount. On average, a single token may not even have 0.1 US dollars, not to mention the market circulation. Therefore, many investors are criticizing whether the so-called market value is calculated based on the amount of tokens that have been unlocked, the market circulation, or the total issuance. If it is calculated based on FDV, it often causes a large information error.

最直接的例子是市場價值與FDV之間的爭議。在過去的兩年中，許多項目在發行硬幣時將其總額設定為數十億甚至數十億美元，然後將其總市場價值宣傳為數百萬甚至數千萬。但是，此數據通常是使用FVD計算的，FVD是根據總代幣數量來計算的。平均而言，一個令牌甚至可能沒有0.1美元，更不用說市場流通了。因此，許多投資者正在批評所謂的市場價值是根據已解鎖的令牌，市場流通還是總發行的數量來計算的。如果根據FDV進行計算，則通常會導致較大的信息錯誤。

Despite the chill of the external environment, the future of Web3 does not seem to have stopped.

儘管外部環境寒冷，但Web3的未來似乎並沒有停止。

As macroeconomic uncertainty continues and the crypto market experiences another round of decline, there are signs that the pace of capital reduction in the Web3 industry is slowing down. After a period of rapid development, the investment enthusiasm in emerging tracks such as RWA and ZK technology is gradually cooling down, and the proportion of new projects receiving large-scale financing is also decreasing

隨著宏觀經濟不確定性的持續，加密市場經歷了另一輪衰落，有跡象表明，Web3行業的資本減少速度正在放緩。經過一段快速的發展，RWA和ZK技術等新興軌道的投資熱情正在逐漸冷靜下來，並且獲得大規模融資的新項目的比例也在下降