創投支持的代幣與 Memecoins：散戶的中立觀點

根據 Foresight News 報道，散戶投資者對 Memecoin 的興趣與日俱增，但重要的是不要完全忽視創投支持的代幣。

Retail investors are increasingly interested in Memecoins, but it's crucial not to overlook VC-backed tokens entirely. This article aims to present a neutral perspective based on observed data, avoiding misconceptions and the influence of a few key opinion leaders (KOLs).

散戶投資者對 Memecoin 越來越感興趣，但重要的是不要完全忽視創投支持的代幣。本文旨在基於觀察到的數據提出中立的觀點，避免誤解和少數關鍵意見領袖（KOL）的影響。

VC tokens are defined as those with more than 51% of their supply allocated to the team and investors. These tokens are usually linked to infrastructure projects like EIGEN, SUI, APT, AVAIL, ZK, and SEI, where a significant portion of the token supply is dedicated to community and ecosystem growth. This allocation is key to the health of the ecosystem, as good incentives attract decentralized applications (DApps) to new chains. Projects like Sui and Aptos have effectively used their token supply to incentivize ecosystem development, leading to noticeable growth and increased visibility through marketing efforts. This creates a feedback loop where incentives drive marketing, attracting retail investors who follow the hype.

VC 代幣被定義為 51% 以上的供應量分配給團隊和投資者的代幣。這些代幣通常與 EIGEN、SUI、APT、AVAIL、ZK 和 SEI 等基礎設施項目相關，其中代幣供應的很大一部分致力於社區和生態系統的發展。這種分配對於生態系統的健康至關重要，因為良好的激勵措施會將去中心化應用程式（DApp）吸引到新的鏈上。 Sui 和 Aptos 等項目有效地利用其代幣供應來激勵生態系統發展，透過行銷努力實現顯著增長並提高知名度。這就形成了一個回饋循環，激勵推動行銷，吸引追隨炒作的散戶投資者。

VC-backed tokens are designed for long-term growth, with investors unlocking their tokens as planned. Venture capital firms aim for substantial returns, similar to retail investors, and are unlikely to exit easily when a significant portion of the supply is dedicated to long-term project growth. These firms understand how to create positive feedback loops, as seen with Sui, where initial frustrations among retail investors turned into enthusiasm following treasury grants and announcements that boosted token prices.

由風險投資支持的代幣旨在實現長期增長，投資者按計劃解鎖其代幣。與散戶投資者類似，創投公司的目標是獲得豐厚的回報，當很大一部分供應用於長期專案成長時，它們不太可能輕易退出。這些公司了解如何建立積極的反饋循環，正如 Sui 所見，散戶投資者最初的沮喪在財政撥款和公告推高代幣價格後轉變為熱情。

On the other hand, Memecoins are fully circulated at the time of their token generation event (TGE) and are often perceived as fairer. However, the hype around Memecoins is driven by snipers who acquire cheap tokens, leaving retail investors as their exit liquidity. Influential KOLs buy large amounts of tokens from the open market, creating a narrative to support their positions. Retail investors may exit at a 2x profit, while KOLs hold for a 10x return, eventually leading to a liquidity exit from decentralized exchanges, leaving retail investors unaware of the shift.

另一方面，Memecoin 在其代幣生成事件 (TGE) 時已完全流通，並且通常被認為更公平。然而，圍繞 Memecoins 的炒作是由狙擊手購買廉價代幣推動的，讓散戶投資者成為他們的退出流動性。有影響力的 KOL 從公開市場購買大量代幣，創造一個故事來支持他們的立場。散戶可能會以2倍的利潤退出，而KOL則持有10倍的回報，最終導致去中心化交易所的流動性退出，而散戶投資者卻渾然不覺。

The strategy for retail investors should involve participating in both VC-backed tokens and Memecoins without becoming emotionally attached to any token. It is essential to remain vigilant and be prepared to exit at the right time, as most tokens eventually lose their value. Balancing investments in both types of tokens can help mitigate risks and capitalize on potential gains.

散戶投資者的策略應該包括參與創投支持的代幣和 Memecoin，但不要對任何代幣產生情感依戀。保持警惕並準備在正確的時間退出至關重要，因為大多數代幣最終都會失去價值。平衡兩種類型代幣的投資有助於降低風險並利用潛在收益。