2023 年加密货币市场：推动投资成功的叙事

2023 年，包括 meme 代币、基于人工智能的代币和流动性质押衍生品在内的加密市场叙事在交易量方面优于比特币和蓝筹投资组合。然而，尽管活动活跃，但风险调整后的回报表明，包括比特币在内的既定叙事提供了更好的风险回报状况。 Meme、AI 和 LSD 代币的主导地位正在减弱，谷歌搜索“meme 代币”在 3 月份达到顶峰。 Friend-Tech、隐私和帐户抽象等替代趋势正在出现，这表明旧用例的回归以及 Web3 和 GameFi 中无缝用户体验的潜力。

The Crypto Market in 2023: Unveiling the Narratives that Drive Success

2023 年的加密货币市场：揭开推动成功的故事

The crypto market in 2023 has witnessed a paradigm shift, with narratives becoming the driving force behind investment decisions. The emergence of captivating trends, from the resurgence of meme tokens to the advent of artificial intelligence (AI)-powered cryptocurrencies and the ascendancy of liquid staking derivatives (LSD), has captivated the attention of investors worldwide.

2023 年的加密市场见证了范式转变，叙事成为投资决策背后的驱动力。从 meme 代币的复兴到人工智能 (AI) 驱动的加密货币的出现，再到流动质押衍生品 (LSD) 的崛起，一系列迷人趋势的出现吸引了全球投资者的注意力。

The Allure of Meme Tokens: A Volatile Realm of Risk and Reward

Meme 代币的魅力：风险与回报的不稳定领域

Meme tokens, a once-niche category, have catapulted into the spotlight, fueled by the frenzy of retail investors and the allure of potentially explosive returns. With an average daily trading volume surpassing $600 million per asset, these tokens have captivated the crypto community with their whimsical names and playful nature. However, the inherent volatility associated with meme tokens poses a cautionary note, as their meteoric rise can be matched by equally precipitous declines.

在散户投资者的狂热和潜在爆炸性回报的诱惑推动下，曾经的小众类别 Meme 代币已成为人们关注的焦点。每项资产的平均每日交易量超过 6 亿美元，这些代币以其异想天开的名称和有趣的性质吸引了加密社区。然而，与模因代币相关的固有波动性引起了警惕，因为它们的迅速上涨可能会伴随着同样急剧的下跌。

The Rise of AI Tokens: A Glimpse into the Future of Innovation

AI代币的崛起：创新未来一瞥

The integration of AI into the crypto ecosystem has spawned a new class of tokens, promising to revolutionize various sectors. AI-based tokens have garnered significant interest, with investors recognizing their immense potential to drive efficiency and innovation. While some AI tokens have demonstrated remarkable growth, others have struggled to gain traction, highlighting the importance of thorough research and a nuanced understanding of the underlying technology.

人工智能与加密生态系统的整合催生了一类新的代币，有望彻底改变各个领域。基于人工智能的代币引起了极大的兴趣，投资者认识到它们在推动效率和创新方面的巨大潜力。虽然一些人工智能代币表现出了显着的增长，但其他代币却难以获得关注，这凸显了彻底研究和对底层技术细致入微的理解的重要性。

The Promise of LSD: Unlocking Value from Staked Assets

LSD 的承诺：释放质押资产的价值

Liquid staking derivatives, or LSDs, have emerged as a game-changer for crypto holders seeking to maximize their returns. LSDs offer a unique opportunity to stake one's digital assets and simultaneously participate in decentralized finance (DeFi) protocols, unlocking previously inaccessible value. The popularity of LSDs has surged, particularly on Layer 1 networks, owing to the added trend of re-staking, further fueling the growth of this transformative technology.

对于寻求最大化回报的加密货币持有者来说，流动质押衍生品（LSD）已经成为游戏规则的改变者。 LSD 提供了一个独特的机会来质押数字资产，同时参与去中心化金融（DeFi）协议，释放以前无法获得的价值。由于重新质押的趋势增加，LSD 的受欢迎程度激增，尤其是在第 1 层网络上，进一步推动了这一变革性技术的发展。

A Cautionary Tale: Volatility and Risk-Adjusted Returns

警示故事：波动性和风险调整后的回报

While active trading may indicate market enthusiasm, it does not necessarily translate into positive returns. Hot trends, by their very nature, carry an inherent level of risk, and the tokens involved may experience extraordinary volatility. Risk-adjusted returns provide a more accurate measure of the most successful trends for investors, emphasizing the importance of balancing potential returns with the associated risks.

虽然活跃的交易可能表明市场热情，但并不一定转化为正回报。热门趋势本质上具有固有的风险水平，所涉及的代币可能会经历异常的波动。风险调整回报为投资者提供了对最成功趋势的更准确衡量，强调了平衡潜在回报与相关风险的重要性。

The Evolution of Trends: Peaks and Valleys in a Dynamic Market

趋势的演变：动态市场中的高峰和低谷

Market trends are inherently cyclical, experiencing periods of growth and stagnation. During the 2023 recovery and the successful Q1 of 2024, most crypto trends enjoyed overall positive returns. However, the relentless search for new asset classes ensures that demand for emerging trends remains constant, while older trends may face a period of consolidation.

市场趋势本质上是周期性的，会经历增长期和停滞期。在 2023 年的复苏和 2024 年第一季度的成功期间，大多数加密趋势都获得了整体正回报。然而，对新资产类别的不懈探索确保了对新兴趋势的需求保持不变，而旧趋势可能面临一段整合期。

The Decline of Meme Tokens: A Saturation of the Market

Meme 代币的衰落：市场饱和

Based on Google search data, interest in "meme tokens" peaked in March, signaling a potential waning of enthusiasm among retail investors. The three major crypto trends—meme tokens, AI tokens, and LSDs—show signs of peaking and leveling off. The market capitalization of AI tokens, both data-based and generative AI-focused, has dipped from their peak, indicating a potential cooling-off period. Meme tokens, as a whole, remain volatile, with their performance heavily influenced by legacy assets such as Dogecoin (DOGE) and Shiba Inu (SHIB). New launches in the meme token space have yet to make a significant impact on trading volume. LSD tokens may also be nearing the end of a boom cycle, following the initial surge of interest surrounding re-staking Ethereum.

根据谷歌搜索数据，对“模因代币”的兴趣在三月份达到顶峰，表明散户投资者的热情可能会减弱。三大加密货币趋势——meme 代币、AI 代币和 LSD——显示出见顶和趋于平稳的迹象。基于数据和生成人工智能的人工智能代币的市值已从峰值回落，表明可能存在冷静期。 Meme 代币总体上仍然不稳定，其表现很大程度上受到狗狗币 (DOGE) 和柴犬 (SHIB) 等传统资产的影响。 Meme 代币领域的新推出尚未对交易量产生重大影响。随着围绕以太坊重新质押的兴趣最初激增，LSD 代币也可能接近繁荣周期的结束。

The Rise of Friend.Tech: A Return to Crypto-Based Social Media

Friend.Tech 的崛起：回归加密社交媒体

Amidst the ebb and flow of crypto trends, several smaller trends show promising signs of growth. Friend.Tech, a platform connecting existing social media accounts with a Base blockchain wallet, leads the resurgence of Friend-Tech, a return to the idea of crypto-based social media. The launch of a token airdrop and the reward of social media points for users create anticipation for the future of Friend.Tech and may inspire the emergence of new crypto-oriented social media platforms.

在加密货币趋势的潮起潮落中，一些较小的趋势显示出了有希望的增长迹象。 Friend.Tech 是一个将现有社交媒体帐户与 Base 区块链钱包连接起来的平台，引领了 Friend-Tech 的复兴，回归基于加密货币的社交媒体理念。代币空投的推出和对用户的社交媒体积分奖励让人们对 Friend.Tech 的未来充满期待，并可能激发新的加密货币社交媒体平台的出现。

Privacy Coins and Tokens: A Return to Anonymity

隐私币和代币：回归匿名

Privacy coins and tokens, once shunned by centralized exchanges, are experiencing a revival due to the expansion of DEX trading. As more blockchains incorporate ZK-snarks and privacy features, privacy-oriented cryptocurrencies may gain traction. Additionally, increased regulatory scrutiny of crypto users may further fuel the demand for privacy-enhancing solutions. The TREAT network by ShibaInu is poised to introduce privacy features to a wide audience, highlighting the growing importance of data protection in the crypto space.

曾经被中心化交易所回避的隐私币和代币，由于 DEX 交易的扩张而正在复兴。随着越来越多的区块链纳入 ZK-snarks 和隐私功能，面向隐私的加密货币可能会受到关注。此外，对加密货币用户加强监管可能会进一步刺激对隐私增强解决方案的需求。 ShibaInu 的 TREAT 网络准备向广大受众推出隐私功能，突显数据保护在加密货币领域日益增长的重要性。

Account Abstraction: The Future of User-Friendly Wallets

账户抽象：用户友好钱包的未来

Account abstraction has emerged as a niche trend, driven by the goal of creating more user-friendly wallets. Web3 projects, games, and GameFi projects recognize the need for seamless experiences, seamlessly integrating wallets into their platforms. While account abstraction is still in its early stages of development, with startups proposing innovative solutions, its potential to revolutionize user experience is undeniable. By providing a unified identity, account abstraction aims to simplify connectivity between NFT markets, DeFi protocols, and other crypto-related services, enhancing the accessibility and usability of the crypto ecosystem.

在创建更加用户友好的钱包这一目标的推动下，账户抽象已成为一种利基趋势。 Web3 项目、游戏和 GameFi 项目认识到无缝体验的需求，将钱包无缝集成到其平台中。虽然帐户抽象仍处于发展的早期阶段，随着初创公司提出创新解决方案，但其彻底改变用户体验的潜力是不可否认的。通过提供统一的身份，账户抽象旨在简化 NFT 市场、DeFi 协议和其他加密相关服务之间的连接，从而增强加密生态系统的可访问性和可用性。

The Power of Trends in a Bull Market: Identifying Winners in the Crypto Space

牛市趋势的力量：识别加密货币领域的赢家

As with all trends, the success of crypto narratives is heavily influenced by the broader market conditions. Bull markets provide fertile ground for trends to flourish, separating the winners from the losers. While some crypto trends may initially appear as fads, history has shown that many eventually evolve into indispensable components of the industry, renowned for their reliability and widespread adoption.

与所有趋势一样，加密货币叙事的成功在很大程度上受到更广泛的市场状况的影响。牛市为趋势的蓬勃发展提供了肥沃的土壤，区分了赢家和输家。虽然一些加密货币趋势最初可能表现为时尚，但历史表明，许多趋势最终演变成行业不可或缺的组成部分，以其可靠性和广泛采用而闻名。

Conclusion: Embracing the Narrative-Driven Crypto Market

结论：拥抱叙事驱动的加密货币市场

The crypto market in 2023 has witnessed a resurgence of narratives, driving investment decisions and shaping the trajectory of the industry. Meme tokens, AI tokens, LSDs, and smaller trends like Friend.Tech, privacy coins and tokens, and account abstraction continue to captivate investors and innovators alike. While hot trends offer the potential for explosive returns, it is crucial to exercise caution and consider risk-adjusted returns. As the crypto market evolves, investors must remain vigilant, embracing the power of narratives while navigating the complexities and volatility that define this dynamic and ever-evolving landscape.

2023 年的加密货币市场见证了叙事的复兴，推动了投资决策并塑造了行业的发展轨迹。 Meme 代币、AI 代币、LSD 以及 Friend.Tech、隐私代币和代币以及帐户抽象等较小趋势继续吸引着投资者和创新者。虽然热门趋势可能带来爆炸性回报，但谨慎行事并考虑风险调整后的回报至关重要。随着加密货币市场的发展，投资者必须保持警惕，拥抱叙事的力量，同时应对定义这一动态和不断变化的格局的复杂性和波动性。