推出代幣的 Solana 加密平台 Pump.fun 繼續成為頭條新聞

根據最近的評估，管理它的公司可能擁有 15 億美元的市值。

Crypto platform Pump.fun continues to make headlines, with the latest being a possible market valuation of $1.5 billion for the company that operates it.

加密貨幣平台 Pump.fun 繼續成為頭條新聞，最新的消息是經營該平台的公司的市場估值可能達到 15 億美元。

The valuation was derived from a news article by SecondLane.

估值源自 SecondLane 的新聞文章。

On its official Telegram channel, SecondLane posted yesterday that the FDV of Pump.fun is $1,500,000,000.

SecondLane 昨天在其官方 Telegram 頻道上發布消息稱 Pump.fun 的 FDV 為 1,500,000,000 美元。

FDV stands for Fully Diluted Valuation, a metric used to gauge the future potential of a crypto project.

FDV 代表完全稀釋估值，是一種用於衡量加密項目未來潛力的指標。

It is calculated by multiplying the price of a token by its total supply, assuming that all its tokens are in circulation.

它是透過將代幣的價格乘以其總供應量來計算的，假設所有代幣都在流通。

While market capitalization is calculated by multiplying the price of a token by the number of tokens actually in circulation (circulating supply), FDV is obtained by multiplying it by the total number of tokens.

市值是透過代幣價格乘以實際流通的代幣數量（流通供應量）來計算的，而 FDV 則是透過將其乘以代幣總數來計算的。

For example, Bitcoin currently has a circulating supply of around 19.8 million BTC, and at a price of about $95,000, its market capitalization is around $1.9 trillion.

例如，比特幣目前的流通供應量約為1980萬枚，以約9.5萬美元的價格計算，其市值約為1.9兆美元。

However, as we know, its total supply is 21 million BTC, so its FDV would be almost $2 trillion.

然而，據我們所知，其總供應量為 2,100 萬個 BTC，因此其 FDV 將接近 2 兆美元。

In other cases, such as XRP or TON, the difference is greater, as their total supply is much higher than their circulating supply.

在其他情況下，例如 XRP 或 TON，差異較大，因為它們的總供應量遠高於其流通供應量。

However, Pump.fun does not yet have its own token, so such calculations cannot be made.

然而，Pump.fun 還沒有自己的代幣，因此無法進行此類計算。

It should also be noted that these calculations are purely theoretical and arithmetical, and do not have any real-world significance.

還應該指出的是，這些計算純粹是理論和算術，不具有任何現實意義。

That said, market capitalization is also calculated in the stock market by multiplying the number of outstanding shares by the price of a single share.

也就是說，在股票市場上，市值也是透過將已發行股票數量乘以每股價格來計算的。

The calculation of Pump.fun's FDV was done precisely by hypothesizing the total number of outstanding shares.

Pump.fun 的 FDV 的計算是透過假設流通股總數來精確計算的。

The starting figures for this calculation are derived from the listing on SecondLane of 1% of Pump.fun's outstanding shares for $15 million, from which it is easy to calculate an FDV of $1.5 billion.

此計算的起始數字來自 Pump.fun 1% 流通股在 SecondLane 上市的情況，價值 1500 萬美元，由此可以輕鬆計算出 15 億美元的 FDV。

However, it is possible that Pump.fun will launch its own token on the crypto markets before the bull run ends.

然而，Pump.fun 可能會在牛市結束之前在加密市場上推出自己的代幣。

Launching a token on Solana is currently easy, fast, and cheap.

目前在 Solana 上發行代幣非常簡單、快速且便宜。

Anyone can do it, but the token usually starts out with a value of zero at the time of its creation.

任何人都可以做到這一點，但令牌在創建時通常以零值開始。

As a result, those who launch a token that can be easily created from nothing in this manner often feel the need to "pump it," and Pump.fun serves this exact purpose.

因此，那些推出可以通過這種方式輕鬆從無到有創建的代幣的人常常會覺得有必要“拉動它”，而 Pump.fun 正是滿足了這個目的。

It is important to note that Pump.fun is not intended to add value to a token but rather to temporarily inflate its price on the crypto markets, particularly on DEXs where anyone can list a token.

值得注意的是，Pump.fun 的目的並不是為了增加代幣的價值，而是為了暫時提高其在加密市場上的價格，特別是在任何人都可以列出代幣的 DEX 上。

The tokens that are launched through Pump.fun typically follow a pump&dump scheme, which consists of an initial launch phase, in which the price is artificially inflated by increasing buying pressure, and a second phase, in which the dump inevitably occurs as profits are realized and buying pressure stops growing.

透過 Pump.fun 推出的代幣通常遵循拉高&拋售計劃，該計劃包括初始啟動階段（透過增加購買壓力人為抬高價格）和第二階段（隨著利潤的實現而不可避免地發生拋售）購買壓力停止增長。

This phenomenon is well-known to many participants in these initiatives, though unfortunately not to all, and it usually takes the form of a competition in which the winner buys very early and sells before the dump, and the loser buys too late and is unable to monetize before the dump.

這種現象對於這些舉措的許多參與者來說都是眾所周知的，但不幸的是並非所有人都知道，而且它通常採取競爭的形式，其中獲勝者很早就買入並在拋售之前賣出，而失敗者買得太晚並且無法賣出。

Furthermore, approximately 98% of the tokens launched through Pump.fun fail.

此外，大約 98% 透過 Pump.fun 發行的代幣都失敗了。

It is possible, therefore, that the success of Pump.fun will be limited to the current bull run and that it will fade away once the next bear market begins.

因此，Pump.fun 的成功可能僅限於當前的牛市，一旦下一個熊市開始，它就會消失。

However, it is worth noting that Pump.fun has so far generated $86 million in revenue from user fees, which represents the platform's true current commercial value.

不過，值得注意的是，Pump.fun 迄今已從用戶費用中產生了 8,600 萬美元的收入，這代表了該平台當前的真實商業價值。

The memecoin

模因幣

The tokens that are launched on Pump.fun are essentially memecoins.

Pump.fun 上推出的代幣本質上是迷因幣。

The issue with memecoins is that they are tokens that are directly tied to memes, and memes are inherently ephemeral phenomena that experience one or more (typically brief) moments of popularity followed by a period of obscurity.

迷因幣的問題在於，它們是與迷因直接相關的代幣，而迷因本質上是短暫的現象，會經歷一個或多個（通常是短暫的）流行時刻，然後是一段默默無聞的時期。

These initiatives can be likened to a gambling race to anticipate the pump, with the risk, however, that the pump may not materialize.

這些措施可以比喻為一場預測暴漲的賭博競賽，但也存在著暴漲可能不會實現的風險。

Occasionally, they are even outright scams, particularly when the creators themselves encourage others to buy while they are dumping the memecoins in the markets.

有時，它們甚至是徹頭徹尾的騙局，特別是當創作者自己在市場上傾銷模因幣時鼓勵其他人購買時。

The key to avoiding losses is to capitalize on the pump by selling when the price has risen rather than waiting for the price to rise in order to buy. Those who are purchasing during the pump are essentially giving money to those who anticipated it.

避免損失的關鍵是利用上漲的機會，在價格上漲時賣出，而不是等待價格上漲才買進。那些在上漲期間購買的人本質上是在把錢送給那些預期的人。

It is crucial to restate that in the vast majority of cases, the pump never begins, rendering the majority of tokens generated in this manner ultimately unsuccessful.

需要重申的是，在絕大多數情況下，泵浦永遠不會啟動，從而導致以這種方式產生的大多數代幣最終都不會成功。