創投對加密貨幣的影響引發了人們對可行性和市場表現的擔憂

創投對新加密貨幣的影響被視為對其永續性和市場表現有害。分析師Route 2 FI 強調了未經許可的代幣上市和急需資金的風險投資的問題，透過高完全稀釋估值（FDV）導致價值稀釋和估值膨脹，從而導致價格大幅下跌和社區信任度下降。

Venture Capitalists' Influence on Cryptocurrencies Raises Concerns About Sustainability and Market Performance

創投對加密貨幣的影響引發了人們對永續性和市場表現的擔憂

The prominent role of venture capitalists (VCs) in the launch and development of cryptocurrencies has garnered scrutiny over its potential implications for their long-term viability and market performance. While VCs can provide essential liquidity and support during the early stages of a project, analysts argue that their influence may ultimately prove detrimental to the sustainability and value of the underlying asset.

創投家 (VC) 在加密貨幣的推出和開發中發揮的重要作用，因其對其長期生存能力和市場表現的潛在影響而受到密切關注。雖然創投可以在專案的早期階段提供必要的流動性和支持，但分析師認為，它們的影響最終可能會損害基礎資產的可持續性和價值。

In a comprehensive Substack post published on April 22, popular crypto analyst Route 2 FI voiced concerns regarding the negative impact of permissionless token listing and the excessive reliance on VC funding. According to Route 2 FI, the unchecked issuance and listing of new tokens on exchanges dilutes the value of existing assets and creates a competitive landscape where numerous projects vie for scarce liquidity.

在 4 月 22 日發布的 Substack 綜合文章中，受歡迎的加密貨幣分析師 Route 2 FI 表達了對無需許可的代幣上市和過度依賴風險投資的負面影響的擔憂。根據 Route 2 FI 的說法，在交易所不受限制地發行和上市新代幣會稀釋現有資產的價值，並造成眾多項目爭奪稀缺流動性的競爭格局。

The analyst further criticized the practice of setting inflated fully diluted valuations (FDV) for tokens at launch. While high FDVs may entice early adopters with the prospect of substantial airdrops, they can also lead to significant price drops later on due to the substantial unlocking schedules for early VC investors. Route 2 FI expressed skepticism about the long-term viability of such investments, suggesting that many new VC-backed tokens may ultimately experience a sharp decline in value.

該分析師進一步批評了在發行時為代幣設定誇大的完全稀釋估值（FDV）的做法。雖然高 FDV 可能會以大量空投的前景吸引早期採用者，但由於早期風險投資者的大量解鎖時間表，它們也可能導致隨後價格大幅下跌。 Route 2 FI 對此類投資的長期可行性表示懷疑，這表明許多新的風險投資支持的代幣最終可能會經歷價值急劇下跌。

Data from TradingView indicates that the total market capitalization of altcoins, excluding Bitcoin, has increased by 38% year-to-date to reach $1.05 trillion. However, this growth is overshadowed by the potential risks associated with large VC unlocks. The increased circulating supply of tokens, without a corresponding increase in demand, can exert significant downward pressure on prices.

TradingView 的數據顯示，除比特幣外，山寨幣的總市值今年迄今已成長 38%，達到 1.05 兆美元。然而，這種成長被大規模創投釋放相關的潛在風險所掩蓋。代幣流通供應量的增加，如果需求沒有相應增加，可能會對價格造成巨大的下行壓力。

Route 2 FI emphasized the negative consequences that can arise when early buyers and developers exit projects, eroding community trust and reducing the total value locked (TVL) in the underlying protocols. This can create a downward spiral, where the oversupply of tokens leads to a decline in demand, resulting in further price drops and a loss of confidence among investors.

Route 2 FI 強調了早期買家和開發商退出專案時可能產生的負面後果，這會削弱社區信任並減少底層協議中鎖定的總價值 (TVL)。這可能會造成螺旋式下降，代幣供應過剩導致需求下降，導致價格進一步下跌並失去投資者的信心。

In light of these concerns, the analyst questioned the likelihood of a traditional "altseason," where altcoins typically experience a surge following Bitcoin's cyclical peaks. Despite the existence of numerous noteworthy projects, Route 2 FI argued that the lack of sufficient liquidity could signal the end of this recurrent trend.

鑑於這些擔憂，分析師質疑傳統「山寨幣季節」的可能性，在傳統「山寨幣季節」中，山寨幣通常會在比特幣的周期性高峰之後經歷飆升。儘管有許多值得注意的項目，但 Route 2 FI 認為，缺乏足夠的流動性可能標誌著這種反覆趨勢的結束。

"We hear a lot about altseason, but this time around I think things will be different," Route 2 FI wrote. "But ask yourself who is going to buy all these tokens. Unless institutions or retail are coming in masses, it will just be a forever PvP fight."

Route 2 FI 寫道：“我們聽到了很多關於山寨季的消息，但我認為這次情況會有所不同。” 「但問問你自己，誰會購買所有這些代幣。除非機構或散戶大量湧入，否則這將只是一場永遠的 PvP 戰鬥。”

The analyst's observations and criticisms highlight the complex and often paradoxical nature of the cryptocurrency market. While VCs and other early investors can provide essential support to new projects, their influence can also introduce risks and challenges that may ultimately undermine the long-term sustainability of the assets they invest in. As the cryptocurrency industry continues to evolve, it remains to be seen how these dynamics will play out and whether a more balanced and sustainable model can emerge in the future.

分析師的觀察和批評凸顯了加密貨幣市場的複雜性和常常自相矛盾的本質。雖然創投和其他早期投資者可以為新項目提供必要的支持，但他們的影響力也會帶來風險和挑戰，最終可能會破壞他們所投資資產的長期可持續性。發展，它仍然有待解決。