每个令牌平均流动性从2021年的180万美元下降到2025年3月的5,500美元

根据研究公司分散的最新报告，该下降说明了现在超过4000万个资产的代币发行如何稀释了可用资本

The average stablecoin liquidity per token dropped from $1.8 million in 2021 to just $5,500 in March 2025, a 99.7% decline, forcing protocols to demonstrate sound reasons for investors to hold.

每个令牌的平均流动性从2021年的180万美元下降到2025年3月的5,500美元，下降了99.7％，迫使协议证明了投资者持有的合理原因。

The drop, which is part of a broader trend in the crypto market, has been driven by a number of factors, including the influx of new tokens and the lack of corresponding demand, according to a report by research firm Decentralised.

根据研究公司分散的一份报告，该下降是加密货币市场中更广泛趋势的一部分，这是由许多因素驱动的，包括新令牌的涌入和缺乏相应的需求。

The report, which was published on 18 April, found that the number of tokens has been outpacing the expansion of capital pools, resulting in lower liquidity, weaker communities and diminished engagement.

该报告于4月18日发布，发现令牌的数量已经超过了资本池的扩张，导致流动性较低，社区较弱和参与度减少。

“Without durable revenue sources, user interest frequently dissipates following short-term incentives such as airdrops. Without sustainable economic structures, attention has become a liability rather than an asset,” the report said.

报告说：“如果没有持久的收入来源，用户利益经常在短期激励措施（例如空投）之后消散。如果没有可持续的经济结构，人们的注意力已成为一种责任，而不是资产。”

The researchers used stablecoin liquidity as a proxy for capital availability. They highlighted that the stagnation of new capital inflows amid surging token counts has left many crypto projects undercapitalized.

研究人员使用Stablecoin流动性作为资本可用性的代理。他们强调，由于代币数量飙升，新资本流入的停滞使许多加密项目还没有资本化。

With fewer resources per token, the traditional 2021-era playbook — launching a community through Discord servers and airdrop campaigns — no longer produces lasting engagement.

传统的2021年时代剧本（通过Discord服务器和气盘广告系列启动社区）的资源减少，不再产生持久的参与。

Instead, projects must now demonstrate product-market fit and sustained demand through revenue generation.

取而代之的是，项目现在必须通过创收来证明产品市场贴合和持续的需求。

“Revenue functions as a financial metric and as a mechanism for signaling relevance and economic utility. Protocols that generate and retain cash flows are better positioned to justify token valuations, establish governance legitimacy, and maintain user participation,” the report said.

报告说：“收入是一种财务指标，也是信号相关性和经济公用事业的机制。产生和保留现金流量的协议可以更好地确定令牌估值，建立治理合法性并维持用户参与的合理性。”

The researchers distinguished between mature platforms like Ethereum (ETH), which rely on ecosystem depth and native incentives, and newer protocols that must earn their place through consistent performance and transparent operations.

研究人员区分了依靠生态系统深度和本地激励措施等成熟平台（ETH）等成熟平台，以及必须通过一致的性能和透明操作来赢得其位置的新方案。

Capital needs and strategies vary widely

资本需求和策略差异很大

The report outlined four maturity stages for crypto projects: Explorers, Climbers, Titans and Seasonals. Each category represents a different relationship to capital formation, risk tolerance and value distribution.

该报告概述了加密项目的四个成熟阶段：探险家，登山者，泰坦和季节性。每个类别都代表与资本形成，风险承受能力和价值分配的不同关系。

Explorers are early-stage protocols operating with centralized governance and volatile, incentive-driven revenue. While some, such as Synthetix and Balancer, show short-term spikes in usage, their primary goal remains survival rather than profitability.

探险家是具有集中治理和动力驱动驱动的收入的早期阶段协议。虽然有些（例如Synthetix和Balancer）在使用中显示出短期的尖峰，但其主要目标仍然是生存而不是盈利能力。

Climbers, with annual revenue between $10 million and $50 million, begin transitioning from emissions-based growth to user retention and ecosystem governance. These projects must navigate strategic decisions around growth versus distribution while preserving momentum.

登山者的年收入在1000万美元至5000万美元之间，开始从基于排放的增长到用户保留和生态系统治理过渡。这些项目必须在保持势头的同时围绕增长与分配进行战略决策。

Titans — such as Aave, Uniswap and Hyperliquid — generate consistent revenue, have decentralized governance structures and operate with strong network effects. Their focus is category dominance, not diversification.

泰坦（例如AAVE，UNISWAP和超流动）产生一致的收入，具有分散的治理结构并具有强大的网络效应。他们的重点是类别的主导地位，而不是多元化。

Due to the Titans’ established treasuries and operational discipline, they can afford to conduct token buybacks or other value-return programs.

由于泰坦队已建立的国库和运营纪律，他们有能力进行代币回购或其他回收计划。

Seasonals, by contrast, are short-lived phenomena driven by hype cycles and social momentum. Projects like FriendTech and PumpFun experience brief periods of high activity but struggle to maintain user interest or revenue consistency over the long-term.

相比之下，季节性是由炒作周期和社会势头驱动的短暂现象。诸如Friendech和Pumpfun之类的项目经历了短暂的高活动期，但长期以来一直在努力保持用户的兴趣或收入一致性。

While some may evolve, most remain speculative plays without enduring infrastructure relevance.

尽管有些人可能进化，但大多数仍在投机性戏剧而没有持久基础设施相关性。

Revenue distribution models: buybacks vs dividends

收入分配模型：回购与股息

Drawing parallels with public equity markets, the report noted that younger firms typically reinvest earnings while mature firms return capital via dividends or buybacks.

该报告指出，与公共股票市场相似，年轻公司通常会重新投资收益，而成熟的公司通过股息或回购返回资本。

In crypto, this distinction is similarly tied to protocol maturity. Titans are well-positioned to implement buybacks or structured distributions, while Explorers and Climbers are advised to focus on reinvestment until securing operational fundamentals.

在加密中，这种区别与方案成熟度类似。泰坦（Titans）具有很好的位置，可以实施回购或结构化分布，而探险家和登山者则被建议专注于再投资，直到确保运营基本面为止。

Buybacks are a flexible distribution tool that is particularly suited for projects with volatile revenue or seasonal demand patterns.

回购是一种灵活的分销工具，特别适合具有波动收入或季节性需求模式的项目。

However, poorly executed buybacks can benefit short-term traders over long-term holders. Effective buyback programs require strong treasury reserves, valuation discipline and transparent execution.

但是，执行不善的回购可以使短期交易者比长期持有人受益。有效的回购计划需要强大的财政部储备，估值纪律和透明执行。

Without these, distribution can erode trust and misallocate capital.

没有这些，分销就会侵蚀信任和分配资本。

The trend also reflects broader shifts in traditional markets. In 2024, buybacks accounted for roughly 60% of corporate profit distribution, outpacing dividends.

趋势还反映了传统市场的更广泛转变。 2024年，回购约占公司利润分布的60％，超过了股息。

This approach allows firms to modulate capital return according to market conditions, but governance risks remain if the incentives driving buyback decisions are misaligned.

这种方法允许公司根据市场条件调节资本回报，但是如果驱动回购决定的激励措施不对，则保留治理风险。

Investor relations are key

投资者关系是关键

The report also identified investor relations (IR) as a critical but underdeveloped function across crypto projects.

该报告还将投资者关系（IR）确定为跨加密项目的关键但欠发达的功能。

Despite public claims of transparency, most teams release financial data selectively.

尽管公众声称透明度，但大多数团队还是有选择地发布财务数据。

To build durable trust with token holders and institutional participants, a more institutional approach, including quarterly reporting, real-time dashboards and clear token distribution disclosures, is needed.

为了通过代币持有人和机构参与者建立持久的信任，需要采取更具机构的方法，包括季度报告，实时仪表板和清晰的代币分发披露。

Leading projects are beginning to implement these standards. Aave’s ‘Buy and Distribute’ program, backed by a $95 million treasury, allocates $1 million weekly for structured buybacks.

领先的项目开始实施这些标准。 Aave的“买入和分销”计划，由耗资9500万美元的财政部支持，每周分配100万美元用于结构化回购。

Hyperliquid dedicates 54% of revenue to buybacks and 46% to LP incentives, using revenue alone without external venture funding. Jupiter introduced the Litterbox Trust as a non-custodial mechanism to manage $9.7 million in JUP for future distributions only after reaching financial sustainability.

Hyperliquid将收入的54％献给回购，而46％的收入仅使用外部风险资金的收入，而将46％的收入用于LP激励措施。木星将垃圾箱信托基金作为一种非监测机制引入，仅在达到财务可持续性后才能管理970万美元的JUP。

These examples demonstrate

这些例子证明了