达尔文进化论应用于加密货币生态系统：关注网络，而不是价格

达尔文的进化论表明，最能适应环境的生物体是最能成功生存的。

Darwin’s theory suggests that living organisms best adjusted to their environment are the most successful at surviving. Organisms struggle against each other in competition for resources that are necessary for existence within their environment. The same principle can be applied to cryptocurrencies. In a volatile, decentralized world characterized by competition among networks, only the healthiest, most well-structured ecosystems survive. Developers should, therefore, focus on developing a ‘healthy’ underlying network for crypto to ensure they stand the best chance of surviving the next evolutionary cycle.

达尔文的理论表明，最能适应环境的生物体是最能成功生存的。生物体为了争夺其环境中生存所必需的资源而相互斗争。同样的原理也适用于加密货币。在一个以网络竞争为特征的不稳定、去中心化的世界中，只有最健康、结构最完善的生态系统才能生存。因此，开发人员应该专注于为加密货币开发一个“健康”的底层网络，以确保他们有最好的机会在下一个进化周期中生存。

What makes a crypto ‘healthy’?

是什么让加密货币“健康”？

The nature of cryptocurrencies is vastly different from that of living organisms, so the resources that make a crypto ecosystem ‘healthy’ differ from those that make a living organism ‘fit.’

加密货币的性质与生物体的性质有很大不同，因此使加密生态系统“健康”的资源与使生物体“健康”的资源不同。

Cryptocurrencies are decentralized virtual assets existing in the web3 space, so they rely on many individual users to interact within this ecosystem to create a healthy store of value. Like fiat currencies, without this social network made up of token holders, a cryptocurrency asset has no value. Each cryptocurrency can represent its own ‘culture’ through a transactive coin, where value is rooted in the psychology of its holders. This is mirrored by the fact that social events, user perception, and supply often impact the value of the token.

加密货币是存在于 web3 空间中的去中心化虚拟资产，因此它们依赖于许多个人用户在这个生态系统中进行交互，以创建健康的价值存储。与法定货币一样，如果没有由代币持有者组成的社交网络，加密货币资产就没有价值。每种加密货币都可以通过交易硬币来代表自己的“文化”，其价值植根于其持有者的心理。社会事件、用户认知和供应通常会影响代币的价值，这一事实反映了这一点。

Since all cryptocurrencies derive value from community and user interactions within the web3 environment, they compete within the same web3 parameters for user attention and transactions. The parameters used to define a ‘healthy’ crypto network relate to token holder activity and include the principles of distribution, variety of holders, variety of transactions, and token flow, where there must be a sustainable number of diverse transactions.

由于所有加密货币都从 web3 环境中的社区和用户交互中获取价值，因此它们在相同的 web3 参数内竞争用户注意力和交易。用于定义“健康”加密网络的参数与代币持有者活动相关，包括分配原则、持有者的多样性、交易的多样性和代币流，其中必须有可持续数量的多样化交易。

It is not just about having user activity, but the right kind. If one individual lived in a nation-state as its sole citizen with a bank account of $100 million, the GDP per capita of that nation would be the best in the world—yet its chances of survival would be non-existent. Since there is only one holder, there would be no scope for transactions or a variety of holders, rendering it defunct and with no value.

这不仅涉及用户活动，还涉及正确的类型。如果一个人作为唯一公民生活在一个民族国家，银行账户有1亿美元，那么这个国家的人均GDP将是世界上最好的，但它的生存机会将不存在。由于只有一个持有人，因此没有交易范围或多种持有人，从而使其失效且没有价值。

Whilst living organisms may be competing for things like food and resources in the real world, cryptocurrency tokens are competing for transactions and user attention in the web3 world.

虽然生物体可能在现实世界中争夺食物和资源等东西，但加密货币代币在 web3 世界中争夺交易和用户注意力。

Since cryptocurrencies rely on blockchain, an open-source ledger storing all transactions, it is possible to map all transactions between wallets within an ecosystem and measure the parameters that determine a ‘healthy’ network. In practice, we can see which token ecosystems are developing ‘healthy’ networks and which ones are slowly becoming extinct. Over time, any patterns that align with network failure, including manipulation or crime, like any other asset class, can increase the risk relating to a token. With this data, we can rate and rank ecosystems, determining which ones are winning the competition for survival.

由于加密货币依赖于区块链（一种存储所有交易的开源分类账），因此可以映射生态系统内钱包之间的所有交易，并测量确定“健康”网络的参数。在实践中，我们可以看到哪些代币生态系统正在发展“健康”网络，哪些代币生态系统正在慢慢灭绝。随着时间的推移，任何与网络故障相关的模式，包括操纵或犯罪，就像任何其他资产类别一样，都可能增加与代币相关的风险。有了这些数据，我们可以对生态系统进行评级和排名，确定哪些生态系统在生存竞争中获胜。

Bitcoin & Matic: A success story

比特币和 Matic：成功故事

Bitcoin (BTC) has been able to construct a healthy network. It is estimated that 106 million people around the globe own Bitcoin, making it the most widely held token. Significantly, Bitcoin now represents 58% of the total value of crypto, showing that amongst web3 users, Bitcoin is overwhelmingly the most popular store of wealth. Not only is it widely held, but it is also widely transacted. Throughout the first half of 2024, Bitcoin’s blockchain regularly had over 400,000 transactions a day. This sustainable and high transaction volume is reflected in Bitcoin’s pricing. Whilst it has experienced several devaluations, it has been sitting above $50,000 for the past nine months, and it is one of the most stable cryptocurrencies in the market, having recently surpassed 90,000 USD.

比特币（BTC）已经能够构建一个健康的网络。据估计，全球有 1.06 亿人拥有比特币，使其成为持有最广泛的代币。值得注意的是，比特币现在占加密货币总价值的 58%，这表明在 web3 用户中，比特币绝对是最受欢迎的财富储存手段。它不仅被广泛持有，而且也被广泛交易。 2024 年上半年，比特币区块链每天的交易量经常超过 40 万笔。这种可持续的高交易量反映在比特币的定价中。虽然它经历了几次贬值，但过去九个月一直保持在 50,000 美元以上，并且是市场上最稳定的加密货币之一，最近突破了 90,000 美元。

Similarly, Polygon (MATIC), has constructed a healthy network. Around 633,588 wallets hold Matic, making it a widely held token. It is also widely transacted, in varying amounts and for a variety of reasons, making it robust. Throughout 2024, Matic has regularly had over 4100 transactions a day. This sustainable and high transaction volume is reflected in Matic’s 24-hour trading volume, which sits at 7.76m USD.

同样，Polygon（MATIC）也构建了一个健康的网络。大约 633,588 个钱包持有 Matic，使其成为广泛持有的代币。由于各种原因，它的交易量也各不相同，因此非常稳健。 2024 年全年，Matic 每天的交易量通常超过 4100 笔。这种可持续的高交易量体现在 Matic 的 24 小时交易量为 776 万美元。

Dogecoin: A rapid unraveling

狗狗币：快速瓦解

Although Dogecoin (DOGE) has rallied hard in recent years, it has failed to establish a ‘healthy’ network. At certain times, it has experienced a large amount of user activity, which has driven up prices momentarily. This includes early 2021, when Dogecoin’s price increased dramatically by 23,000%. However, the number of transactions that drove this price increase was not sustainable. The user activity here was driven by short-term hype, and the transactions taking place were not diverse. The majority of users were interacting with the network purely to ‘pump and dump‘ rather than for any long-term, sustainable utility. This was fuelled primarily by Elon Musk simply tweeting about the token

尽管狗狗币（DOGE）近年来强劲反弹，但它未能建立一个“健康”的网络。在某些时候，它经历了大量的用户活动，从而暂时推高了价格。其中包括 2021 年初，当时狗狗币的价格大幅上涨了 23,000%。然而，推动价格上涨的交易数量是不可持续的。这里的用户活动是由短期炒作驱动的，并且发生的交易并不多样化。大多数用户与网络交互纯粹是为了“拉高和转储”，而不是为了任何长期、可持续的效用。这主要是由埃隆·马斯克（Elon Musk）在推特上发布有关代币的推文推动的