随着整个加密货币市场的下跌，一些令牌的价格从其顶峰下降了80％-90％。

Bortscrunch已根据16个特定指标的不同权重，使用AI算法建立了200万个令牌的评估系统

As the overall cryptocurrency market declines, the prices of some tokens have dropped by 80%-90% from their peak. bitsCrunch has established an evaluation system for 2 million tokens in the market using AI algorithms based on the different weights of 16 specific indicators, serving as an important tool for measuring project credibility and market health.

随着整个加密货币市场的下跌，一些令牌的价格从其顶峰下降了80％-90％。 Bitscrunch已根据16个特定指标的不同权重，使用AI算法建立了200万个令牌的评估系统，这是衡量项目信誉和市场健康的重要工具。

Through the analysis of the latest data, we found that the token reputation scores exhibit a significant pyramid structure, with the vast majority of tokens concentrated in the "Average" and "Fair" ranges, while high-scoring tokens are extremely scarce. This phenomenon not only reflects the high differentiation in the market but also reveals deep differences in token quality across different public chains. This article will explore the driving factors behind this phenomenon and the future market trends in conjunction with the influencing factors of reputation scores.

通过对最新数据的分析，我们发现令牌声誉得分表现出重要的金字塔结构，绝大多数令牌集中在“平均”和“公平”范围内，而高分的代币则极为稀缺。这种现象不仅反映了市场上的高分化，而且还揭示了不同公共连锁店的代币质量的巨大差异。本文将探讨这种现象背后的驱动因素以及未来市场趋势与声誉分数的影响因素。

Token Reputation Index: Only 14 Tokens Rated Excellent

代币声誉指数：只有14个令牌额定值优秀

From the overall data, most tokens are still issued on Ethereum. According to bitsCrunch data, the number of token addresses issued on Ethereum accounts for 54.56% of the total, far exceeding Polygon (451,349, accounting for 21.88%) and third-place Base (336,616, accounting for 16.32%). Avalanche (120,587, 5.85%) and Linea (28,264, 1.37%) are relatively behind.

从总体数据中，大多数令牌仍在以太坊上发行。根据Bortcrunch数据，以太坊发布的令牌地址的数量占总数的54.56％，远远超过多边形（451,349，占21.88％）和第三名基础（336,616，占16.32％）。雪崩（120,587，5.85％）和Linea（28,264，1.37％）相对落后。

From the token reputation score table, the overall data trend presents a pyramid shape. From the perspective of reputation scores, the vast majority of tokens hover in the "Average" and "Fair" mid-low rating segments. Among all tokens issued on Ethereum, approximately 116,347 tokens are at an average level, and 573,739 tokens are at a poor level. In the excellent and good ratings, the number of tokens across various blockchain platforms is extremely limited. Ethereum has 7 tokens rated excellent and 310 tokens rated good.

从令牌声誉得分表中，总体数据趋势呈现出金字塔形状。从声誉得分的角度来看，绝大多数代币悬停在“平均”和“公平”中低级级别中。在以太坊发布的所有代币中，大约116,347个令牌的平均水平为，573,739个令牌的水平较差。在优秀和良好的评分中，各种区块链平台的令牌数量极为有限。以太坊具有7个代币，评分为出色，310个令牌评分为好。

Polygon and Base rank second and third in total token numbers, respectively. For example, among Polygon's 450,000 tokens, 5 are rated "Excellent," while the proportion of tokens in the "Fair" and "Terrible" ranges is as high as 96.7%. In Base's 336,000 tokens, the "Fair" range accounts for 75.6% (254,482), with 67 tokens in the "Average" range.

多边形和基本排名分别为总令牌数中的第二和第三。例如，在Polygon的450,000个令牌中，有5个被评为“极好”，而“公平”和“可怕”范围的代币比例高达96.7％。在基本的336,000个令牌中，“公平”范围占75.6％（254,482），在“平均”范围内有67个令牌。

It is worth noting that although the total number of Avalanche tokens is only 10.7% of Ethereum's (120,587), the proportion of tokens in the "Average" range (4,865) reaches 4.03%, significantly higher than Ethereum's 0.34% (116,347).

值得注意的是，尽管雪崩代币的总数仅占以太坊（120,587）的10.7％，但“平均”范围（4,865）中令牌的比例达到4.03％，高于以太坊的0.34％（116,347）。

The Ethereum ecosystem has attracted a large influx of projects, but it has also led to a serious "long tail effect"—the coexistence of a few high-quality projects with a massive number of low-quality tokens. In contrast, emerging chains like Polygon and Avalanche perform reasonably well in the "Average" range.

以太坊的生态系统吸引了大量项目，但它也导致了严重的“长尾巴效应”，这是一些具有大量低质量标记的高质量项目的共存。相比之下，多边形和雪崩等新兴连锁店在“平均”范围内表现出色。

Reputation Score Influencing Factors: Common Defects of Low-Scoring Tokens

信誉评分影响因素：低分令牌的常见缺陷

The token reputation index is composed of multiple dimensions, including token issuance time, liquidity pool size, holder distribution, and 16 other influencing factors. By comparing the characteristics of high and low-scoring tokens, we can identify common issues among low-scoring tokens:

令牌声誉指数由多个维度组成，包括令牌发行时间，流动性池规模，持有人分布以及其他16个影响因素。通过比较高分和低分令牌的特征，我们可以在低分标记中确定常见问题：

1. Insufficient Liquidity and Low Market Participation

1。流动性不足和市场参与度较低

Low-scoring tokens generally have low liquidity pool sizes and liquidity participant scores. For example, the median liquidity pool size of "Fair" range tokens on the Ethereum chain is only 1/5 of that of high-scoring tokens, with a low number of participants. Insufficient liquidity directly leads to severe price fluctuations of tokens, further undermining market confidence.

低得分令牌通常具有低流动性池大小和流动性参与者分数。例如，以太坊链上“公平”范围令牌的中位流动性池大小仅为高标记令牌的1/5，参与者数量较低。流动性不足直接导致代币的严重价格波动，进一步破坏了市场信心。

2. High Concentration of Holders

2。持有人的高浓度

Holder distribution is a core indicator of the decentralization of tokens. Data shows that the top 10 holders of tokens in the "Terrible" range on Ethereum account for a significantly higher proportion than those under the "Excellent" rating. A highly concentrated holder structure is prone to market manipulation risks, which is one of the main reasons low-scoring tokens are avoided by investors.

持有人的分布是代币分散化的核心指标。数据表明，以太坊在“可怕”范围内的前十名持有人的比例明显高于“优秀”评级。高度集中的持有人结构容易出现市场操纵风险，这是投资者避免低得分令牌的主要原因之一。

3. Insufficient Trading Activity and Profitability

3。交易活动和盈利能力不足

In terms of trading, low-scoring tokens significantly lag in trading volume scores and profitable trader scores. High-scoring tokens attract more long-term investors through stable trading volumes and positive profit expectations.

在交易方面，低得分令牌在交易量评分和盈利交易者分数方面显着滞后。高分令牌通过稳定的交易量和积极的利润预期吸引了更多的长期投资者。

Market Share and Ecological Strategy

市场份额和生态策略

The correlation between the number of tokens and reputation scores reveals differences in ecological strategies across different blockchain platforms. As one of the most mature blockchains, Ethereum has both ecological advantages and disadvantages. On one hand, Ethereum, with its comprehensive development tools, large user base, and rich DeFi infrastructure, has become the preferred platform for

令牌数量和声誉分数之间的相关性揭示了不同区块链平台之间生态策略的差异。作为最成熟的区块链之一，以太坊具有生态优势和缺点。一方面，以太坊凭借其综合开发工具，大型用户群和丰富的Defi基础架构已成为首选平台