我們目睹了政策的曙光嗎？

在有關Memecoins為什麼重要的一篇文章中，我認為Memecoins通過形成投機市場，在公民參與的新時代迎來了公民參與時代，公民能夠交易與政府政策相關的硬幣。

The convergence of a meme administration, a meme citizenry and meme advocacy has created fertile conditions for PolicyFi and, perhaps counter-intuitively, for better policy making.

模因管理，模因公民和模因倡導的融合為政策中的政策造成了肥沃的條件，並可能在違反直覺上為更好的政策制定。

When I wrote about why memecoins matter in an earlier piece, I suggested that they were ushering in a new era of civic engagement by forming speculative markets in which citizens traded coins tied to government policies. I argued that holder distributions and market caps in those markets would signal popular support for underlying policies to lawmakers, who would then take them into account when crafting public policy, fostering a new form of political dialogue between citizen and state.

當我寫關於Memecoins為何在早期文章中很重要的原因時，我建議他們通過形成投機市場來迎來一個新的公民參與時代，公民交易與政府政策相關的硬幣。我認為，這些市場中的持有人的分佈和市值將表明對立法者的基本政策的普遍支持，後者隨後在製定公共政策時會考慮到這些政策，從而促進公民與州之間的政治對話形式。

I called this dynamic PolicyFi and presented it as a constructive use of memecoins.

我稱這種動態政策FI，並將其作為對模因的建設性使用。

With the Trump administration coming into office and the President-Elect and First Lady launching memecoins, it is a good time to ask if we are entering the PolicyFi era and, if so, whether we should welcome it.

隨著特朗普政府上任，當選總統和第一夫人發起了紀念物，現在是問我們是否進入政策法時代的好時機，如果是這樣，我們是否應該歡迎它。

I believe the answer to each of these questions is yes. The convergence of a meme administration, a meme citizenry and meme advocacy has created fertile conditions for PolicyFi and, perhaps counter-intuitively, for better policy making.

我相信每個問題的答案是肯定的。模因管理，模因公民和模因倡導的融合為政策中的政策造成了肥沃的條件，並可能在違反直覺上為更好的政策制定。

Meme Admin, Meme Citizenry, Meme Advocacy

模因管理，模因公民，模因倡導

PolicyFi requires the installation of meme-sensitive government actors, or a “meme admin.” In the original piece, I suggested that the incoming administration fit the bill because it understood and respected the power of memes. When I wrote that, I was thinking mainly of Elon Musk and his affinity for dogecoin but also of Trump’s own adeptness at creating and harnessing memes on the campaign trail and while in office.

Policyfi要求安裝對模因敏感的政府演員或“模因管理員”。在原始作品中，我建議即將到來的政府符合該法案，因為它理解並尊重模因的力量。當我寫這篇文章時，我主要是考慮埃隆·馬斯克（Elon Musk）和他對狗狗（Dogecoin）的親和力，但也是特朗普（Trump）自己在競選過程中以及在任職期間創造和利用模因的善良。

Admittedly, the President-Elect’s issuance of his own Solana memecoin (Trump), soon followed by his wife’s (Melania), a few days before he took the oath of office surprised even me. (I suspect the timing was driven by concerns over the Emoluments Clause.)

誠然，當選總統發行了自己的索拉納（Solana Memecoin）（特朗普），不久之後是妻子的（梅拉尼亞），幾天前，他上任宣誓就讓我感到驚訝。 （我懷疑時間安排是由對埃默洛（Emoluments）條款的擔憂驅動的）。

The Trump memecoins immediately soared, draining liquidity from every crypto ecosystem and almost breaking the Solana blockchain. If you are a crypto-native, you will always remember where you were when the President-Elect and soon-to-be First Lady announced the launch of their memecoins.

特朗普的模因立即飆升，從每個加密生態系統中耗盡流動性，幾乎打破了Solana區塊鏈。如果您是一個加密本地人，您將永遠記住當選總統和即將成為第一夫人的第一夫人宣布發起他們的成員時的位置。

The Trump coins sharply divided the crypto industry. But, more importantly for present purposes, they put beyond doubt that Americans had elected a “meme admin” that was prepared to engage with financialized memes, and was therefore more likely to engage with them while in office.

特朗普硬幣急劇劃分了加密貨幣行業。但是，更重要的是，出於目前的目的，他們毫無疑問地認為，美國人選擇了一個準備與財務模因互動的“模因管理員”，因此在任職期間更有可能與他們互動。

The Trump coins contributed another essential ingredient for PolicyFi: the en masse onboarding of the citizenry to memecoins and, in particular, political coins. The stats around the Trump and Melania memecoins, which were explicitly marketed as a form of political expression, are staggering and telling. Most holders were new retail buyers. Around 50% had never bought a Solana altcoin (i.e. tokens on the Solana blockchain excluding SOL and stablecoins) before. Nearly half of buyers created their wallets on the day that they purchased the tokens, and more than 80% of Trump and Melania holders hold less than $1,000 worth of assets on Solana, further suggesting retail popularity.

特朗普硬幣為政策Fi提供了另一種重要組成部分：大批對成員，尤其是政治硬幣的登機。特朗普和梅拉尼亞紀念物周圍的統計數據被明確銷售為政治表達的一種形式，令人震驚和講述。大多數持有人都是新的零售買家。大約有50％的人從未購買過以前購買了Solana Altcoin（即Solana區塊鏈上的代幣（不包括SOL和StableCoins）。在購買代幣的那天，將近一半的買家製作了錢包，而超過80％的特朗普和梅拉尼亞持有人在Solana上持有價值不到1,000美元的資產，進一步表明零售價。

Many of these meme recruits seem puzzled about what to do next with their crypto. (I expect they’ll figure it out.)

這些模因新兵中有許多似乎對下一步的加密貨幣感到困惑。 （我希望他們會弄清楚。）

Alongside this meme admin and meme citizenry is the proliferation of more (and more innovative) policy-focused memecoins. Many of the policy memecoins that I mentioned in the original piece, such as D.O.G.E. (Department of Government Efficiency) and SBR (Strategic Bitcoin Reserve), attracted substantial trading volume as the new admin took office and investors began to speculate on its initial policy steps.

除了這個模因管理和模因公民之外，還有更多（和更具創新性的）以政策為中心的成員的擴散。我在原始作品中提到的許多政策成員，例如Doge（政府效率）和SBR（戰略比特幣儲備），吸引了大量的交易量，因為新管理員上任並開始推測其最初的政策步驟。

However, these policy tokens are still relatively primitive from the perspective of PolicyFi because they place more emphasis on attention flows or prediction (like a prediction market) than on engagement with government actors.

但是，這些政策代幣從政策的角度仍然相對原始，因為它們更著重於關注流或預測（例如預測市場），而不是與政府參與者的互動。

Another token, MILK, fits the PolicyFi thesis better. The express purpose of the MILK meme token is to change U.S. food policy to allow for the sale of unpasteurized milk. The MILK community advances that tangible policy position through its token holdings (2,000 people hold MILK), the market cap of the token (as high as USD $1M) and the community’s production of MILK memes on social media (constant). In an era of PolicyFi, we would expect to see a Cambrian explosion of tokens in the mold of MILK.

牛奶的另一個像徵性更適合政策論文。牛奶模因令牌的明確目的是改變美國食品政策，以允許出售未經省心的牛奶。牛奶社區通過其代幣控股（2,000人持有牛奶），代幣的市值（高達100萬美元）以及社區在社交媒體上生產牛奶模因（Constant）。在一個政策時代，我們希望看到牛奶模具中的寒武紀爆炸。

A Dialogue with Leviathan

與利維坦的對話

The expression of political will through meme policy markets is necessary but not sufficient for PolicyFi. Governments must also begin conversing with those markets when crafting policy. We may be seeing early indicators of this as well.

通過模因政策市場的政治意志的表達是必要的，但對於政策方面來說還不夠。制定政策時，政府還必須開始與這些市場交流。我們可能還會看到這一點的早期指標。

President Trump has long viewed public markets and especially the stock market as a barometer of his performance and has tried to satisfy them. More recently, he has adopted a similar stance towards the price of bitcoin (which is itself a brand of financial policy) and is doubtless monitoring the price of his own memecoin, which represents the majority of his net worth on paper.

特朗普總統長期以來一直將公共市場，尤其是股票市場視為其表現的晴雨表，並試圖滿足它們。最近，他對比特幣價格（本身就是財務政策品牌）採取了類似的立場，毫無疑問地監控了自己的成員的價格，這代表了他在紙上的大部分淨資產。