贝拉（Bera）令牌发射对“ VC硬币”的辩论

Berachain上周推出了Bera代币的推出，重新激发了关于“ VC硬币”或具有早期风险投资家进行大量分配的代币的辩论。

Original article: Yogita Khatri , The Block

原始文章：Yogita Khatri，街区

Compiled by: Yuliya, PANews

汇编：Yuliya，Panews

The launch of the BERA token last week by Berachain has reignited the discussion surrounding “VC coins,” or tokens that are allocated in large portions to early-stage venture capitalists. Critics have raised concerns regarding the percentage of BERA’s token supply that is controlled by investors and insiders, and how this distribution will impact its price in the long run. Similar concerns have been voiced with other venture-backed projects, including Aptos, Sei Network, and Starknet. The cryptocurrency community is debating whether these token distribution structures contribute to long-term growth or simply benefit early investors.

上周，Berachain的Bera Token推出，重新激发了有关“ VC硬币”或大部分分配给早期风险投资家的讨论。批评者提出了人们对由投资者和内部人员控制的贝拉（Bera）代币供应百分比的担忧，以及从长远来看，这种分配将如何影响其价格。其他由风险投资支持的项目（包括Aptos，SEI Network和Starknet）也提出了类似的担忧。加密货币社区正在辩论这些令牌分配结构是有助于长期增长还是仅仅使早期投资者受益。

BERA evokes strong reactions

贝拉唤起了强烈的反应

Several industry investors have shared their insights on why these projects continue to be met with controversy. Rob Hadick, general partner at Dragonfly, stated that the level of criticism such projects face “is always directly related to whether the airdrop recipients and early users have made a profit.” He highlighted that the performance of the BERA token failed to meet the expectations of many traders, thus stirring negative sentiment. "If the token performed better, the sentiment on Twitter might be completely different."

一些行业投资者分享了他们的见解，了解为什么这些项目继续受到争议。 Dragonfly的普通合伙人Rob Hadick表示，此类项目面临的批评水平“总是与Airdrop接收者和早期用户是否赚钱直接相关。”他强调，贝拉（Bera）代币的表现未能满足许多​​交易者的期望，从而激发了负面情绪。 “如果代币的表现更好，Twitter上的情感可能会完全不同。”

Presently, as multiple VC-backed tokens have underperformed, market concerns about how they are distributed have become more evident. Many traders point to the low float (or small circulating supply) and high fully diluted valuation (FDV) of these tokens as key issues. Zaheer Ebtikar, founder and chief investment officer of crypto hedge fund Split Capital, stated that high levels of venture capital funds have driven up valuations, resulting in large FDVs, as funds are required to deploy limited partners' funds. However, he anticipates that as VC financing slows down, the size of financing will decrease, bids for early-stage projects will lower, and methods of valuing will be re-evaluated.

目前，由于多个由VC支持的代币表现不佳，因此市场对分发方式的担忧变得更加明显。许多交易者指出，这些代币的浮雕（或较小的循环供应）和高稀释的估值（FDV）是关键问题。加密对冲基金Split Capital的创始人兼首席投资官Zaheer Ebtikar表示，高水平的风险投资基金驱动了估值，导致了大量FDV，因为需要资金来部署有限合伙人的资金。但是，他预计随着风险投资融资的减慢，融资规模将减少，早期项目的出价将下降，并且将重新评估估价方法。

Hadick expressed a contrasting view on the controversy surrounding FDV. He believes that FDV is not the optimal way to assess the valuation of crypto projects because future issuance is not guaranteed and any additional supply may dilute the market value. He also noted that many liquidity providers and foundations receive incentives after unlocking tokens, but once these incentives expire, they may not continue to hold tokens, amplifying potential selling pressure.

哈迪克对FDV的争议表达了对比的观点。他认为，FDV不是评估加密项目估值的最佳方式，因为无法保证未来的发行，并且任何额外的供应都可能稀释市场价值。他还指出，许多流动性提供者和基金会在解锁代币后都会获得激励措施，但是一旦这些激励措施到期，它们可能不会继续持有令牌，从而增加了潜在的销售压力。

During the discussion, Ed Roman, co-founder and managing partner of Hack VC (an investor in Berachain), added that FDV is actually determined by the market and not the project, which means that the team cannot control the FDV — but they do control the supply of tokens when they are issued. He highlighted that Berachain has a 21% circulation, which is significantly higher compared to other blockchain projects such as Starkware (7.28%) and Sui (5%).

在讨论期间，Hack VC（Berachain的投资者）的联合创始人兼执行合伙人Ed Roman补充说，FDV实际上是由市场而不是项目决定的，这意味着团队无法控制FDV，但他们确实可以控制FDV发行时，控制代币的供应。他强调说，贝拉辛的流通量为21％，与其他区块链项目（例如Starkware（7.28％）和SUI（5％）相比，这一流通量显着高。

Still, Roman acknowledged that Web3 projects have room to improve when it comes to handling long-term incentives. He mentioned that many Web2 companies offer new stock awards after employee vesting periods to keep employees engaged. In a similar vein, he believes that crypto projects can introduce token-based incentives to "have a better chance of creating lasting value."

尽管如此，罗曼仍然承认，在处理长期激励措施方面，Web3项目仍有改进的空间。他提到，许多Web2公司在员工归属期后提供新的股票奖励，以保持员工参与。他认为，加密项目可以引入基于令牌的激励措施，以“有更大的机会创造持久价值”。

Project development should align with the core community

项目开发应与核心社区保持一致

The HYPE token of non-VC coin project Hyperliquid has seen a 140% increase since its launch in November and has garnered widespread praise. However, Hadick stated that this model is difficult to replicate. Hyperliquid's success can be attributed to "highly differentiated products and a devoted community," while also investing millions of dollars in independent development funds — these are not easily replicated by most projects.

自11月推出以来，非VC硬币项目超流动性的炒作象征增长了140％，并获得了广泛的称赞。但是，哈迪克说，这个模型很难复制。 Hyperliquid的成功可以归因于“高度差异化的产品和一个忠实的社区”，同时还投资了数百万美元的独立开发基金 - 大多数项目都不容易复制这些资金。

Hyperliquid allocated 31% of its total supply to users, increasing the circulating supply through airdrops. Boris Revsin, general partner and managing director of Tribe Capital, pointed out that this high circulating supply is not feasible for all projects because they need to retain treasury funds for continued ecosystem development. He highlighted that even Ethereum, which is widely regarded as the fairest Layer 1 project, allocates 10% of the supply to the team and foundation, and another 40% for ecosystem growth and early miners.

高流动性将其总供应总额的31％分配给了用户，从而增加了通过空投的循环供应。 Tribe Capital的普通合伙人兼董事总经理Boris Revsin指出，对于所有项目，这种高流通的供应都不是可行的，因为他们需要保留财政资金以进行持续的生态系统开发。他强调，即使被广泛认为是最公平的第1层项目的以太坊也将10％的供应量分配给了团队和基金会，再向生态系统增长和早期矿工分配了40％。

Hadick stated that projects should prioritize the long-term healthy development of the protocol, aligning with the core community and avoiding excessive focus on "gamification" or transactions that only attract speculative capital in the short term after going live. He highlighted that such transactions cannot bring real value to the protocol and will only lead to short-term fluctuations in tokens rather than long-term growth.

哈迪克表示，项目应优先考虑协议的长期健康发展，与核心社区保持一致，并避免过度专注于“游戏化”或仅在上线后短期内吸引投机资本的交易。他强调，这种交易不能为协议带来实际价值，并且只会导致令牌短期波动而不是长期增长。

While some VC-backed tokens fizzle out after the initial hype, others are able to sustain value in the long run. Investors believe that the difference often boils down to fundamentals, real applications and market demand.

尽管有些人在最初的炒作之后，有些人带来的代币会消失，但从长远来看，有些人能够维持价值。投资者认为，差异通常归结为基本面，实际应用和市场需求。

Roman emphasized that the early ecosystem of a blockchain project should reflect its real appeal as it launches. As for valuation, the market ultimately determines its height because investors are factoring in future expectations. "The market is a voting machine in the short term and a weighing machine in the long term. If the team is strong enough, they are likely

罗马强调，区块链项目的早期生态系统应反映其发射时的真正吸引力。至于估值，市场最终决定其高度，因为投资者在未来的期望中考虑了。 “市场在短期内是一台投票机，从长远来看是一台称重机。如果团队足够强大，他们很可能是