從VC投資到Web3啟動板

Venture Capital Investing描述了一個純粹的財務流程，但是多年來，VC模型已經發展到遠遠超過資本。

Venture capital investing describes a purely financial process, and yet, over the years, the VC model has evolved into so much more than capital. Marc Andreessen and Ben Horowitz are often credited with ushering in an approach that involves managing a VC firm more like a talent agency than an investment fund – and their successes with a16z speak for themselves.

Venture Capital Investing描述了一個純粹的財務流程，但是多年來，VC模型已經發展到遠遠超過資本。馬克·安德森（Marc Andreessen）和本·霍洛維茨（Ben Horowitz）經常以迎來一種方法來歸功於一種方法，該方法涉及管理風險投資公司（VC公司）比人才機構更像是一家人的投資基金，而他們在A16Z方面的成功為自己說話。

While a financial transaction remains at the core of the VC relationship, VC partners are also increasingly acting as mentors and trusted partners, offering guidance on areas as broad as strategy and product development, marketing, personnel management, and more. Even if they don’t have specific expertise in these areas, they bring a network of professional contacts they can call on when required.

儘管金融交易仍然是VC關係的核心，但VC合作夥伴也越來越多地充當導師和受信任的合作夥伴，為戰略和產品開發，市場營銷，人事管理等等領域提供指導。即使他們在這些領域沒有特定的專業知識，他們也會在需要時攜帶他們可以要求的專業聯繫網絡。

When Web3 became popularized, it didn’t just embrace the concept of VC investing – it put it on steroids. The idea of crowdfunding using tokens took off among communities of everyday people who were interested in innovation but were locked out of the VC investing market, as well as startups eager to explore a new channel of fundraising.

當Web3普及時，它不僅包含VC投資的概念，還包括類固醇。眾籌使用代幣的想法在對創新感興趣但被鎖定在風險投資市場上​​的日常人們的社區中，以及渴望探索新的籌款渠道的創業公司。

However, the challenges of decentralized funding quickly became evident. Left unchecked, it’s too easy for scammers to set up token sales as a rug pull operation. On the other side, many Web3 projects have learned the hard way that large hoards of short-term buyers are no substitute for building a community of investors who care about the long-term future of the project.

但是，分散資金的挑戰很快就顯而易見。剩下的未選中，騙子很容易將令牌銷售設置為地毯拉力操作。另一方面，許多Web3項目已經學會了艱難的方式，即短期買家的大型ho積無法代替建立一個關心該項目的長期未來的投資者社區。

Another key challenge with the token funding model is that a decentralized group of investors can’t offer the same targeted support and expertise as a VC. Therefore, without addressing this gap, there’s a risk that Web3 projects will always be at a disadvantage compared to their Web2 counterparts.

令牌資金模型的另一個主要挑戰是，一個分散的投資者群體不能提供與VC相同的目標支持和專業知識。因此，在沒有解決這一差距的情況下，與他們的Web2同行相比，Web3項目總是處於不利地位。

The Launch of Launchpads

發射台的發布

Initially, launchpads such as the Binance Launchpad or THENA’s WARP Launchpad emerged to address these core challenges. The launchpad model provides a platform for new projects, offering a way for them to match with people who are interested in being involved at the early stage.

最初，諸如Binance LaunchPad或THEA的Warp Launchpad之類的發射台出現了，以應對這些核心挑戰。 LaunchPad模型為新項目提供了一個平台，為他們提供了一種與有興趣參與早期階段的人相匹配的方式。

Launchpads can provide valuable intermediary services to facilitate the decentralized fundraising process. For example, they typically screen projects to ensure that they are legitimate and can support transparency by requiring that projects publish supporting documents such as white papers and tokenomic structure. They may also offer screening for token buyers, for example, to carry out KYC or check accreditation.

LaunchPads可以提供有價值的中介服務，以促進分散的籌款過程。例如，他們通常會篩選項目，以確保它們是合法的，並且可以通過要求發布支持文檔（例如白皮書和象徵性結構）的項目來支持透明度。他們還可以為代幣買家提供篩選，例如，進行KYC或檢查認證。

It’s also no coincidence that many of the most successful and sought-after launchpads are run by exchanges and platforms with experienced teams offering expertise and networking opportunities. Binance was one of the first to create a launchpad, and as a flagship exchange, it went on to become one of the industry’s leading platforms for up-and-coming projects.

許多最成功，最受歡迎的發射台都是由經驗豐富的團隊提供專業知識和網絡機會的交流和平台運營的，這並非偶然。 Binance是最早創建LaunchPad的人之一，作為旗艦交易所，它繼續成為該行業的新興項目領先平台之一。

Over time, faced with the unique challenges of the Web3 space, launchpads have also come to play a more critical role. Web3’s strength derives from networking and communities – the most important factor in maintaining liquidity and thus achieving success and further investment. The strongest platforms and apps in DeFi are the ones with the largest and most engaged communities and the greatest depth of liquidity. Think Uniswap, PancakeSwap, or Curve, which have become flagship projects within the DEX domain.

隨著時間的流逝，面對Web3領域的獨特挑戰，發射台也開始起著更為關鍵的作用。 Web3的優勢來自網絡和社區，這是維持流動性，從而獲得成功和進一步投資的最重要因素。 DEFI中最強的平台和應用程序是最大，最參與的社區，並且流動性最大的平台。想想已成為DEX域內的旗艦項目的UNISWAP，PANCAKESWAP或曲線。

THENA, an all-in-one DeFi ecosystem on the BNB Chain, stands out as a project tackling the launchpad challenges holistically, fostering the growth and success of new projects. It offers the tools and infrastructure projects needed for a sustainable launch, including a business development hub and modular liquidity layer.

Thana是BNB鏈上的一個多合一的Defi生態系統，它是一個針對Launchpad的項目，可以全面地挑戰，從而促進了新項目的增長和成功。它提供可持續啟動所需的工具和基礎設施項目，包括業務發展中心和模塊化流動性層。

THENA’s WARP Launchpad Accelerator provides strategic support and resources to help projects scale effectively – which benefits the growth and diversity of the broader BNB Chain ecosystem, fertilizing the ground for future launches. Along with the launchpad, THENA’s modular liquidity layer enables seamless trading and efficient capital allocation, attracting more users and liquidity to the BNB ecosystem. This liquidity is essential for the success of both new and existing projects, providing a more stable financial basis for future growth.

THENA的WARP LaunchPad Accelerator提供了戰略支持和資源，以幫助項目有效擴展 - 這有利於更廣泛的BNB連鎖生態系統的增長和多樣性，從而為未來的發射施肥。與Launchpad一起，THENA的模塊化流動性層可實現無縫交易和有效的資本分配，從而吸引了更多用戶和流動性到BNB生態系統。這種流動性對於新項目和現有項目的成功至關重要，為未來增長提供了更穩定的財務基礎。

The project makes use of Andre Cronje’s influential and widely adopted ve(3,3) tokenomics structure, which is designed to convey governance power in proportion to the tokens held by a user weighted towards those who offer long-term commitment. This structure is extremely flexible for managing on-chain liquidity.

該項目利用了安德烈·克羅尼（Andre Cronje）的有影響力和廣泛採用的VE（3,3）令牌結構，該結構旨在以用戶對那些提供長期承諾的用戶的代幣成比例地傳達治理能力。這種結構非常靈活地管理鏈上流動性。

THENA’s package combined aims to deliver similar results to the evolved VC model – sustainable financial support from an engaged community invested in the project’s future success.

THENA的包裝組合旨在與進化的VC模型提供類似的結果 - 從事該項目未來成功的參與社區的可持續財務支持。

Decentralized funding was established as an unrefined, radical Web3 alternative to the relatively closed shop of traditional VC investing. Several years later and with many lessons learned along the way, launchpads are now shaping themselves to deliver similar benefits while addressing the inherent challenges involved in token-based startup funding. For projects and users, the evolution represents a win on both sides.

分散的資金被建立為一種未精製的，激進的Web3替代傳統風險投資商店的替代品。幾年後，在此過程中吸取了許多教訓，Launchpads現在正在塑造自己的優勢，同時解決了基於代幣的啟動資金所涉及的固有挑戰。對於項目和用戶，進化代表雙方的勝利。