加密僵尸暴露：给投资者敲响警钟

福布斯公布了 20 个“加密货币十亿美元僵尸”名单，这些都是估值高但实用性有限的 Layer 1 (L1) 代币。其中最突出的是 Ripple (XRP)、Ethereum Classic (ETC)、Tezos (XTZ)、Algorand (ALGO) 和 Cardano (ADA)。 《福布斯》以 XRP 背后的公司 Ripple Labs 为例，声称尽管 XRP 交易量活跃，但其效用仍然主要是投机性的，缺乏有意义的采用。

Cryptocurrency Market's Hidden Zombies: A Wake-Up Call for Investors

加密货币市场隐藏的僵尸：给投资者敲响了警钟

A Controversial Exposé Unveils the Shadowy World of "Crypto Zombies"

备受争议的曝光揭开了“加密僵尸”的阴暗世界

In a groundbreaking report published by Forbes, the cryptocurrency industry has been shaken to its core by the revelation of a chilling reality: the prevalence of "crypto billion-dollar zombies," a class of Layer 1 (L1) tokens characterized by inflated valuations and a startling lack of utility beyond speculative trading. These crypto projects, once hailed as game-changers, are now being called into question, raising concerns about the true value underpinning the industry's market capitalization.

在《福布斯》发布的一份开创性报告中，加密货币行业因一个令人不寒而栗的现实而受到了彻底的动摇：“加密货币十亿美元僵尸”的盛行，这是一类以估值膨胀为特征的第一层 (L1) 代币，除了投机交易之外，其效用惊人地缺乏。这些加密货币项目曾经被誉为游戏规则改变者，但现在却受到质疑，引发了人们对该行业市值支撑的真实价值的担忧。

Ripple's XRP: A Speculative Giant with Limited Substance

Ripple的XRP：实质有限的投机巨头

Ripple Labs, the company behind XRP, has been identified as a prime example of a crypto zombie. Despite XRP's substantial trading volume, Forbes asserts that its primary function remains speculative, lacking any meaningful real-world applications. This revelation has cast a shadow over XRP's legitimacy, prompting investors to reconsider its true worth.

XRP 背后的公司 Ripple Labs 被认为是加密货币僵尸的典型例子。尽管 XRP 的交易量很大，但《福布斯》声称其主要功能仍然是投机性的，缺乏任何有意义的现实应用。这一消息给 XRP 的合法性蒙上了阴影，促使投资者重新考虑其真正价值。

Ethereum Classic: A Relic of the Past, Struggling to Keep Up

以太坊经典：过去的遗迹，努力跟上

Ethereum Classic (ETC), once considered the original Ethereum chain, has also fallen under Forbes' critical gaze. While ETC boasts a market value of $4.6 billion, its fee generation in 2023 was a paltry $41,000, raising serious doubts about its viability as a functional blockchain. This stark contrast between valuation and usage has raised red flags, suggesting that ETC's market capitalization may be artificially inflated.

曾经被认为是以太坊原始链的以太坊经典（ETC）也受到了福布斯的批评。虽然 ETC 拥有 46 亿美元的市值，但其 2023 年的费用仅为 41,000 美元，这引发了人们对其作为功能性区块链的可行性的严重怀疑。估值和使用量之间的鲜明对比引发了危险信号，表明 ETC 的市值可能被人为夸大。

Tezos: An ICO darling that has failed to live up to its promise

Tezos：ICO 宠儿，却未能兑现其承诺

Tezos (XTZ) emerged as a darling of the cryptocurrency world in 2017, raising an impressive $230 million through an initial coin offering (ICO). However, subsequent years have seen a sharp decline in its fortunes. Tezos' fee earnings have been meager, raising questions about its actual adoption and utility. This once-promising project has now joined the ranks of crypto zombies, its market capitalization a mere fraction of its former glory.

Tezos (XTZ) 于 2017 年成为加密货币世界的宠儿，通过首次代币发行 (ICO) 筹集了令人印象深刻的 2.3 亿美元。然而，随后几年，其财富急剧下滑。 Tezos 的费用收入微薄，引发了人们对其实际采用和效用的质疑。这个曾经前途无量的项目现在已经加入了加密僵尸的行列，其市值只是其昔日辉煌的一小部分。

Algorand: An "Ethereum Killer" that has fallen short

Algorand：一个未能达标的“以太坊杀手”

Algorand (ALGO) entered the cryptocurrency market with much fanfare, touted as an "Ethereum killer" due to its impressive transaction processing capabilities. Yet, despite a market capitalization of $2 billion and a treasury holding of $500 million, Algorand's blockchain transaction fees throughout 2023 amounted to a mere $63,000. This stark discrepancy between valuation and actual usage has raised serious doubts about Algorand's true value and its ability to compete with established blockchains like Ethereum.

Algorand（ALGO）大张旗鼓地进入加密货币市场，因其令人印象深刻的交易处理能力而被誉为“以太坊杀手”。然而，尽管市值为 20 亿美元，库存为 5 亿美元，但 Algorand 2023 年的区块链交易费用仅为 63,000 美元。估值与实际使用之间的明显差异引发了人们对 Algorand 的真实价值及其与以太坊等成熟区块链竞争的能力的严重怀疑。

The Growing Gap Between Valuation and Utility

估值与效用之间的差距日益扩大

Forbes' report highlights a growing disparity between the valuations of certain cryptocurrency projects and their actual utility and usage. This widening gap has led Forbes to aptly label these projects as "zombies," a chilling metaphor for their inflated market capitalizations and lack of real-world impact.

福布斯的报告强调了某些加密货币项目的估值与其实际效用和使用之间的差距越来越大。这种不断扩大的差距导致《福布斯》将这些项目恰当地贴上了“僵尸”的标签，这是对其膨胀的市值和缺乏现实世界影响的令人不寒而栗的比喻。

A Taxonomy of Crypto Zombies

加密僵尸的分类

Forbes has categorized these crypto zombies into two distinct groups: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. Spin-off zombies, such as Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic, emerged from disagreements among programmers regarding the governance and direction of their parent chains. These spin-offs, while collectively valued at $23 billion, often fail to offer any substantial advantages over their predecessors, leading to questions about their true value.

福布斯将这些加密僵尸分为两个不同的组：衍生品和比特币和以太坊等成熟区块链的直接竞争对手。比特币现金 (BCH)、莱特币 (LTC)、门罗币 (XMR)、比特币 SV (BSV) 和以太坊经典等衍生僵尸产品是由于程序员之间对其母链治理和方向的分歧而出现的。这些分拆公司虽然总价值达 230 亿美元，但往往无法比其前身提供任何实质性优势，从而导致人们对其真实价值产生疑问。

Direct competitors to established blockchains, such as Algorand, Cardano (ADA), and Tezos, were once hailed as potential challengers to the dominance of Bitcoin and Ethereum. However, their inability to gain significant market share or generate substantial fee revenue has cast doubt on their ability to compete effectively. As a result, these projects have found themselves labeled as crypto zombies, their valuations inflated by speculative trading rather than genuine utility.

Algorand、Cardano (ADA) 和 Tezos 等现有区块链的直接竞争对手曾被誉为比特币和以太坊主导地位的潜在挑战者。然而，他们无法获得重要的市场份额或产生大量的费用收入，这让人们对他们有效竞争的能力产生了怀疑。结果，这些项目发现自己被贴上了加密僵尸的标签，它们的估值因投机交易而不是真正的效用而膨胀。

A Call to Action for Investors

呼吁投资者采取行动

The Forbes report serves as a wake-up call for cryptocurrency investors, urging them to exercise caution when investing in projects with inflated valuations and limited real-world applications. The presence of crypto zombies in the market highlights the importance of conducting thorough due diligence and focusing on projects with a clear value proposition and a proven track record of adoption.

福布斯的报告给加密货币投资者敲响了警钟，敦促他们在投资估值过高且实际应用有限的项目时要谨慎行事。市场上加密货币僵尸的存在凸显了进行彻底的尽职调查并专注于具有明确价值主张和良好的采用记录的项目的重要性。

Conclusion

结论

The revelation of crypto billion-dollar zombies has sent shockwaves through the cryptocurrency industry, challenging the inflated valuations and exaggerated promises that have characterized many projects. As the market matures, investors are becoming increasingly discerning, seeking out projects with genuine utility and sustainable growth potential. The era of crypto zombies is coming to an end, as investors demand substance over hype. The future of the cryptocurrency industry lies in projects that create real value and solve real-world problems, not in inflated market capitalizations and empty promises.

加密货币价值数十亿美元的“僵尸”的曝光给加密货币行业带来了冲击，对许多项目所特有的估值过高和承诺夸大的现象提出了挑战。随着市场的成熟，投资者变得越来越挑剔，寻找具有真正实用性和可持续增长潜力的项目。加密货币僵尸时代即将结束，因为投资者要求的是实质内容而不是炒作。加密货币行业的未来在于创造真正价值并解决现实问题的项目，而不是夸大的市值和空洞的承诺。