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区块链风险基金创始人卡维塔·古普塔 (Kavita Gupta) 在最近的一篇专栏文章中对当前加密货币市场的可持续性提出了担忧,认为该市场是由风险资本支出而非真正的用户兴趣推动的“人为繁荣”推动的。
Kavita Gupta, founder of a blockchain venture fund, recently penned an op-ed expressing concerns about the present crypto market, suggesting that it’s being sustained by an “artificial boom” driven by venture capital spending rather than genuine user interest.
区块链风险基金创始人卡维塔·古普塔 (Kavita Gupta) 最近撰写了一篇专栏文章,表达了对当前加密货币市场的担忧,表明加密货币市场是由风险资本支出而非真正的用户兴趣驱动的“人为繁荣”来维持的。
Attending the Token2049 conference in Singapore, Gupta observed a pattern of excessive spending by crypto projects, with lavish parties, high-end DJs, and extravagant marketing events.
在参加新加坡 Token2049 会议时,Gupta 观察到了加密货币项目过度支出的模式,包括奢华的派对、高端 DJ 和奢华的营销活动。
In her Fortune article, Gupta wrote that, unlike the last bull cycle in 2021, when retail investors and actual capital flow drove interest, the current cycle seems primarily propped up by VC money.
古普塔在她的《财富》文章中写道,与 2021 年上一次牛市周期不同,当时散户投资者和实际资本流动推动了兴趣,当前的周期似乎主要由风险投资资金支撑。
“The money is coming from VCs, who are pumping funding into new layer-1 and layer-2 blockchains that have yet to even launch a testnet but are still raising at billion-plus dollar valuations,” Gupta wrote.
古普塔写道:“这些资金来自风险投资公司,他们正在向新的第一层和第二层区块链注入资金,这些区块链甚至还没有启动测试网,但估值仍在以十亿美元以上的水平筹集资金。”
According to Gupta, the money is being spent on marketing and events rather than building a sustainable product or community.
古普塔表示,这些钱都花在了营销和活动上,而不是建设可持续的产品或社区。
“And clearly, a large portion of that funding is going to so-called “marketing expenses,” which are really just giant parties,” Gupta wrote.
古普塔写道:“显然,大部分资金都用于所谓的‘营销费用’,这些费用实际上只是大型聚会。”
For those unfamiliar with crypto, layer-1 and layer-2 refer to different ways blockchain projects handle transactions. Layer-1 blockchains are the base networks, like Bitcoin (BTC) or Ethereum (ETH), while layer-2 solutions build on top of these to improve speed and reduce costs.
对于那些不熟悉加密货币的人来说,第一层和第二层指的是区块链项目处理交易的不同方式。第 1 层区块链是基础网络,例如比特币 (BTC) 或以太坊 (ETH),而第 2 层解决方案则建立在这些网络之上,以提高速度并降低成本。
Gupta’s concern is that VCs are investing heavily in projects that have yet to prove their value or utility.
古普塔担心的是,风险投资公司正在大量投资于尚未证明其价值或效用的项目。
Token valuations
代币估值
Gupta also warned about the impact of these practices on token valuations. Most crypto projects raise funds by issuing tokens, which represent a share in their ecosystem.
古普塔还警告这些做法对代币估值的影响。大多数加密项目通过发行代币筹集资金,代币代表其生态系统中的份额。
However, when projects prioritize hype and parties over genuine use cases, it leads to inflated valuations that can’t be sustained. This can result in sharp declines in token prices, as seen with recent high-profile projects like Wormhole and Celestia (TIA).
然而,当项目优先考虑炒作和聚会而不是真正的用例时,就会导致无法持续的估值过高。这可能会导致代币价格大幅下跌,正如最近备受瞩目的项目,如 Wormhole 和 Celestia (TIA) 所示。
Gupta is an investor and entrepreneur in the blockchain and crypto space. She co-founded and served as the managing partner of ConsenSys Ventures, a $50 million blockchain venture fund.
Gupta 是区块链和加密货币领域的投资者和企业家。她共同创立了价值 5000 万美元的区块链风险基金 ConsenSys Ventures,并担任管理合伙人。
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