書名：The Cure 作者：Arthur Hayes 譯者：Ismay、BlockBeats

在這篇文章中，Arthur Hayes 以敏銳的視角分析了 ICO 在加密貨幣行業的興衰，洞察了 ICO 為何能夠重回巔峰。

The Spot.dog team plans to integrate with Web2 influencers, NFT marketplaces, and decentralized autonomous organizations (DAOs) to attract a new generation of crypto users. I am optimistic about this project because it aligns with the broader goal of onboarding more users into the Web3 ecosystem.

Spot.dog 團隊計劃與 Web2 影響者、NFT 市場和去中心化自治組織 (DAO) 整合，以吸引新一代加密貨幣用戶。我對這個專案持樂觀態度，因為它符合讓更多用戶加入 Web3 生態系統的更廣泛目標。

Technology:

技術：

The last ICO boom was mainly driven by Ethereum and concluded with the launch of decentralized finance (DeFi) protocols in 2020. During this period, ICOs were largely limited to the Ethereum ecosystem. However, with the rise of multi-chain and cross-chain technologies, ICOs can now be conducted on multiple blockchains simultaneously.

上一次 ICO 熱潮主要是由以太坊推動的，並以 2020 年去中心化金融（DeFi）協議的推出而結束。然而，隨著多鏈和跨鏈技術的興起，ICO現在可以在多個區塊鏈上同時進行。

For example, a team can launch an ICO on Ethereum, BNB Chain, Polygon, Avalanche, Solana, and Near simultaneously. This approach allows teams to tap into the liquidity and user base of each chain, potentially raising more funds and attracting a wider range of investors. Additionally, cross-chain technology enables investors to participate in ICOs on different blockchains without incurring high gas fees or needing to bridge assets manually.

例如，團隊可以同時在以太坊、BNB Chain、Polygon、Avalanche、Solana 和 Near 上啟動 ICO。這種方法允許團隊利用每個鏈的流動性和用戶群，有可能籌集更多資金並吸引更廣泛的投資者。此外，跨鏈技術使投資者能夠參與不同區塊鏈上的 ICO，而無需支付高額 Gas 費用或需要手動橋接資產。

Another technological advancement that could benefit ICOs is the introduction of modular blockchains. These blockchains, such as Celestia and Sui, separate the execution and data availability layers, allowing for greater scalability and lower costs. As a result, ICOs on modular blockchains could become more accessible and efficient.

另一項有利於 ICO 的技術進步是模組化區塊鏈的引入。這些區塊鏈，例如 Celestia 和 Sui，將執行層和資料可用性層分開，從而實現更大的可擴展性和更低的成本。因此，模組化區塊鏈上的 ICO 可能會變得更加容易存取和高效。

Finally, the development of zk-Rollups and optimistic Rollups is also expected to contribute to the growth of ICOs. These Layer 2 scaling solutions offer lower fees and faster transaction times, making on-chain capital formation more appealing to both teams and investors.

最後，zk-Rollups 和樂觀 Rollups 的發展也有望促進 ICO 的成長。這些第 2 層擴展解決方案提供更低的費用和更快的交易時間，使鏈上資本形成對團隊和投資者更具吸引力。

Conclusion

結論

The cryptocurrency industry is cyclical. After experiencing the mania of ICOs, the authoritarian control of venture capital and centralized exchanges, and the absurdity of meme coins, we are finally returning to the essence of ICOs. This time, however, the timing, liquidity, and technology are all ripe for a grand return of ICOs. I believe that in 2024, we will witness a new wave of ICOs that will redefine the landscape of the cryptocurrency industry once again.output:

加密貨幣產業是週期性的。在經歷了ICO的狂熱、創投和中心化交易所的專制控制、迷因幣的荒誕之後，我們終於回歸了ICO的本質。然而這一次，ICO 盛大回歸的時機、流動性和技術都已經成熟。相信2024年，我們將見證新一輪的ICO浪潮，將再次重新定義加密貨幣產業的格局。

Original Title: The Cure Author: Arthur Hayes Translator: Ismay, BlockBeats

原文書名：The Cure 作者：Arthur Hayes 譯者：Ismay、BlockBeats

Editor's Note:

編按：

In this article, Arthur Hayes analyzes the rise and fall of ICOs in the cryptocurrency industry with a sharp perspective, offering insights into why ICOs could return to their peak. He points out that the over-reliance on centralized exchanges and venture capital-backed high-valuation projects has become a shackle for the industry's development, comparing the capital formation mechanisms of meme coins and ICOs, and advocating for a return to the decentralized and high-risk, high-reward essence of crypto projects. Through his interpretation of technological potential and viral dissemination, Arthur Hayes once again demonstrates his foresight regarding the future development of the industry.

在這篇文章中，Arthur Hayes 以敏銳的視角分析了 ICO 在加密貨幣行業的興衰，洞察了 ICO 為何能夠重回巔峰。他指出，過度依賴中心化交易所和創投支持的高估值項目已經成為行業發展的桎梏，對比了meme幣和ICO的資本形成機制，主張回歸去中心化和高估值。 、高回報本質。 Arthur Hayes透過對科技潛力和病毒式傳播的解讀，再次展現了他對產業未來發展的預見。

Here is the original content:

以下是原文內容：

Tension and stress can sometimes infect men and women, leading to irrational behavior. Unfortunately, many companies in the Maelstrom portfolio have contracted a "CEXually Transmitted Disease" propagated by centralized exchanges. The affected founders believe they must fully comply with the directives of certain well-known centralized exchanges, or else the road to massive returns will be blocked. These centralized exchanges demand: pump this metric, hire this person, allocate me this portion of tokens, launch your token on this date… etc., never mind, just wait for us to notify you to launch. These "patients" obsessed with the desires of trading platforms have almost completely forgotten the original intention of users and cryptocurrencies. Come to my clinic, I can cure you. The prescription is ICO. Let me explain…

緊張和壓力有時會影響男性和女性，導致非理性行為。不幸的是，Maelstrom 投資組合中的許多公司都感染了由中心化交易所傳播的「CEX 傳播疾病」。受影響的創辦人認為，他們必須完全遵守某些知名中心化交易所的指令，否則巨額回報之路將會被堵住。這些中心化交易所的要求是：提高這個指標、僱用這個人、分配給我這部分代幣、在這個日期啟動你的代幣……等等，沒關係，只需等待我們通知你啟動即可。這些沉迷於交易平台慾望的「病人」幾乎完全忘記了用戶和加密貨幣的初衷。來我的診所，我可以治癒你。處方是ICO。讓我解釋一下…

I have a three-point theory on why cryptocurrency has become one of the fastest-growing networks in human history:

關於為什麼加密貨幣成為人類歷史上成長最快的網路之一，我有一個三點理論：

Governments Captured

政府被俘

Large corporations, big tech, big pharma, the military-industrial complex, and other "big XX" have used their wealth and power to control most major governments and economies. Since the end of World War II, although living standards and life expectancy have risen rapidly and consistently, this improvement has slowed for the 90% of the population who hold very few financial assets and have almost no political voice. Decentralization is the antidote to the concentration of wealth and power.

大公司、大科技、大製藥、軍工複合體和其他「大XX」已經利用他們的財富和權力控制了大多數主要政府和經濟體。自二戰結束以來，儘管生活水準和預期壽命持續迅速提高，但對於持有很少金融資產且幾乎沒有政治發言權的90%人口來說，這種改善速度已經放緩。去中心化是財富和權力集中的解藥。

Miraculous Technology

神奇科技

The Bitcoin blockchain and the many subsequent blockchains are epoch-making miraculous technologies. From a humble beginning, Bitcoin has at least proven itself to be one of the most resilient monetary systems. For anyone who can break the Bitcoin network, that nearly $2 trillion in Bitcoin could be double-spent, like a massive bug bounty.

比特幣區塊鏈以及後續的許多區塊鏈都是劃時代的神奇技術。從一開始，比特幣就至少證明了自己是最具彈性的貨幣體系之一。對於任何能夠破壞比特幣網路的人來說，近 2 兆美元的比特幣都可能被雙重花費，就像巨額漏洞賞金一樣。

Greed

貪婪

The growth in the fiat and energy value of blockchain-driven cryptocurrencies and their tokens has made users wealthy. The wealth of the cryptocurrency community was evident in the November elections in the U.S. The U.S. (and most other countries) is a political system where "money buys power." The "bandits" of cryptocurrency are among the industries that donate the most to political candidates, helping pro-crypto

區塊鏈驅動的加密貨幣及其代幣的法定和能源價值的增長使用戶變得富有。加密貨幣社群的財富在美國 11 月的選舉中顯而易見。加密貨幣「強盜」是向政治候選人捐贈最多的行業之一，幫助支持加密貨幣