自从特朗普以来，“名人硬币”市场已经完全“退化”

实际上，自特朗普以来，名人硬币的含义已经完全“恶化”。我们只需要澄清两个事实：

Haotian:

After Trump, the meaning of celebrity coins has completely "deteriorated". We only need to clarify two facts:

在特朗普之后，名人硬币的含义完全“恶化”。我们只需要澄清两个事实：

1) The Crypto market expects that celebrities outside the crypto circle will issue coins to bring in incremental funds and users. There are problems with the expectation: the reason why Trump's coin issuance attracted attention is not only the PVP culture in the circle itself, but also mainly due to the market's optimism about a series of future crypto policies of Trump's crypto-friendly government.

1）加密货币市场预计，加密货币圈以外的名人​​将发行硬币来吸引增量资金和用户。期望存在问题：特朗普的硬币发行引起关注的原因不仅是圈子本身的PVP文化，而且主要是由于市场对特朗普对加密货币友好政府的一系列未来加密政策的乐观态度。

However, it turns out that issuing MEME coins and implementing encryption policies are two different things. The president cannot be responsible for the price of the currency, let alone introduce real-world credibility endorsement for the price of the currency.

但是，事实证明，发行模因硬币和实施加密策略是两件事。总统不能对货币的价格负责，更不用说以货币的价格引入现实世界的信誉。

We can only regard $TRUMP as a super MEME with a unique "angle", while other presidents of small countries and celebrities only regard the cryptocurrency circle as a "cash machine". At least for now, all those who expect the celebrity coin issuance effect to break the circle are just wishful thinking. If they are cheated, they can only blame themselves for their bad luck.

我们只能将$ trump视为具有独特“角度”的超级模因，而小国和名人的其他总统只将加密货币圈视为“现金机”。至少目前，所有期望名人硬币发行效果打破圈子的人只是一厢情愿。如果他们被骗了，他们只能为自己的厄运而责备自己。

2) Crypto’s PVP opportunities are gradually decreasing, and Crypto must return to the main line of PVE technical narrative: MEME coin is a community-oriented cultural attribution coin. Compared with the imbalanced wealth distribution problem of VC coins, MEME coin has become the center of attention in this round of bull market. However, a crypto world with only MEME coins is doomed to be empty. The market needs to use MEME as a variable to regain the main line of technical narrative that Crypto relies on.

2）加密PVP的机会正在逐渐减少，加密货币必须返回PVE技术叙事的主线：Meme Coin是面向社区的文化归因硬币。与VC硬币的财富分配问题不平衡相比，Meme Coin已成为这一轮牛市的关注中心。但是，只有模因硬币的加密世界注定要空虚。市场需要使用MEME作为一个变量，以重新获得加密货币所依赖的技术叙事的主要线路。

The DeFi Summer of 2021 sounded the clarion call for decentralized finance, opening up financial application scenarios for crypto assets such as lending, mining, yield machine pools, staking, and re-staking. Although there is also a serious bubble, it has been proven to be effective in terms of institutional adoption, business models such as protocol cash flow, and the feasibility of RWA breaking the circle, at least in the implementation of pure financial scenarios.

2021年的Defi Summer响起了分散融资的Clarion呼吁，为加密资产（例如贷款，采矿，产量机池，堆放和重新制定）开辟了财务应用方案。尽管也有一个严重的泡沫，但事实证明，它在机构采用，协议现金流等业务模型以及RWA破坏圈子的可行性方面有效，至少在实施纯财务场景中。

In 2025-2026, the AI + Crypto narrative boom, with AI Agent Summer as the main line, is still a pure "asset issuance" bubble, but AI Agent also has many requirements for "deep application scenarios, product user experience, and true value of technical concepts". For example: AI Agent autonomous decision-making transactions, multi-agent collaborative portfolio management, Agent matching of upstream data and computing power markets, Agent game NPCs, Agent intelligent human replacement, etc.

在2025 - 2026年，以AI代理为主线的AI +加密叙事繁荣仍然是一个纯粹的“资产发行”泡沫，但是AI代理商也对“深度应用程序，产品用户体验和TRUE”有许多要求技术概念的价值”。例如：AI代理自主决策交易，多代理协作投资组合管理，上游数据的代理匹配和计算电源市场，代理游戏NPC，代理商智能人类替代品等。

Putting aside short-term hype, the future of AI + Crypto is an industry theme that can truly realize the transition from virtual to real, driven by AI Agent applications, and truly achieve a complete cycle from the implementation of segmented application scenarios, technical concept verification, and final commercial implementation.

抛开短期炒作，AI +加密的未来是一个行业主题，它可以真正实现由AI代理的应用程序驱动的从虚拟到真实的过渡，并通过实施分段应用程序方案，技术概念真正实现了一个完整的周期验证和最终商业实施。

Compared with pure gaming PVP, ordinary people can only find opportunities if they lock on to this main line of PVE evolution.

与纯游戏PVP相比，普通百姓只有在锁定PVE进化的这一主线时才能找到机会。