这个加密周期与过去不同，但这没关系

特别是，与之前推动新发明的周期不同，当前时期尚未引入通常会推动大规模采用和热情的“变革性技术”

Despite a slight bullishness in this crypto cycle, with Bitcoin (BTC) reaching a new peak above $73,000 in March, this cycle appears to be distinct from past cycles.

尽管这个加密货币周期略有看涨，比特币 (BTC) 在 3 月份达到了 73,000 美元以上的新高，但这个周期似乎与过去的周期不同。

Blast founder Tieshun Roquerre, also known by his pseudonym, Pacman, highlighted several factors that differentiate the current cycle from previous ones.

Blast 创始人 Tieshun Roquerre（又名 Pacman）强调了当前周期与之前周期不同的几个因素。

According to Pacman, this cycle is notably different due to the absence of the fundamental technological shifts observed in past cycles.

根据 Pacman 的说法，由于没有在过去的周期中观察到根本性的技术转变，因此这个周期明显不同。

Sharing his insights during a virtual Q&A session at the Foresight 2024 event in Hong Kong, Pacman highlighted several factors that differentiate the current cycle from previous ones. According to the expert, this cycle is strikingly different because it lacks the fundamental technological shifts seen in past cycles.

Pacman 在香港举行的 Foresight 2024 活动的虚拟问答环节中分享了他的见解，强调了当前周期与以往周期不同的几个因素。专家表示，这一周期截然不同，因为它缺乏过去周期中所见的根本性技术转变。

Elaborating on this, Pacman discloses that the previous phases were marked by innovations such as initial coin offerings (ICOs), decentralized exchanges like Uniswap, and the emergence of non-fungible tokens (NFTs).

Pacman 详细阐述了这一点，透露之前的阶段以首次代币发行 (ICO)、Uniswap 等去中心化交易所以及不可替代代币 (NFT) 的出现等创新为标志。

Pacman added that these innovations spurred new waves of adoption and created fresh avenues for capital rotation within the crypto space, energizing the market and fueling bullish sentiments.

Pacman 补充说，这些创新刺激了新一波的采用，并为加密货币领域内的资本轮换创造了新的途径，从而激发了市场并激发了看涨情绪。

However, Pacman pointed out that the current crypto cycle has been primarily driven by external financial instruments like exchange-traded funds (ETFs) and market pressures rather than “intrinsic” technological progress.

然而，Pacman 指出，当前的加密货币周期主要是由交易所交易基金（ETF）等外部金融工具和市场压力驱动的，而不是“内在”的技术进步。

The influence of ETFs has introduced a different kind of dynamic, focusing more on integrating crypto with traditional financial markets rather than advancing an ecosystem driven by innovation and tech-centric developments.

ETF 的影响引入了一种不同的动态，更多地关注加密货币与传统金融市场的整合，而不是推进由创新和以技术为中心的发展驱动的生态系统。

In discussing the future of NFTs, Pacman believes that for the NFT market to regain momentum and capture new interest, an innovative “twist” on the current models is necessary.

在讨论 NFT 的未来时，Pacman 认为，为了使 NFT 市场重获动力并吸引新的兴趣，有必要对当前模式进行创新“扭转”。

This innovation would need to redefine the value and utility of NFTs, much like the original concept did for digital ownership and art.

这项创新需要重新定义 NFT 的价值和效用，就像最初的概念对数字所有权和艺术所做的那样。

He compares the needed innovation to the initial disruption caused by NFTs on traditional fungible tokens, which opened up new investment space and creative possibilities in the crypto industry.

他将所需的创新与 NFT 对传统可替代代币造成的最初破坏进行了比较，这为加密行业开辟了新的投资空间和创造可能性。