纪念因素的下降和向更安全的赌注转变

加密货币的世界以闪电速度移动。在过去的几年中，加密社区一直由玩家与玩家的心态主导，这是由投机，炒作和寻求快速利润的追求所驱动的。

The world of cryptocurrency has been moving at lightning speed, and for the past few years, the crypto community has been engaged in a Player vs. Player mentality. This mentality, driven by speculation, hype, and the quest for quick profits, has defined the industry's rapid evolution.

加密货币的世界一直以闪电般的速度发展，在过去的几年中，加密货币社区一直从事玩家与玩家的心态。这种心态是由投机，炒作和寻求快速利润的追求驱动的，它定义了行业的快速发展。

However, an emerging consensus suggests that the era of PvP might be over for now. The race for memecoins, which was once an arena for the unfettered pursuit of massive gains (often with no underlying value), seems to be hitting a wall. With market conditions changing, a new approach—focused more on capital preservation—is starting to take hold.

但是，新兴的共识表明，PVP时代可能暂时结束了。 Memecoins的竞赛曾经是不受限制地追求巨大收益的舞台（通常没有基本价值），似乎正在撞墙。随着市场状况的变化，一种新的方法（更多地关注资本保存）正在开始实现。

The Decline of Memecoins and a Shift Toward Safer Bets

纪念因素的下降和向更安全的赌注转变

Data now available shows a dramatic shift in investor behavior. Pump.fun, a platform that once rode high on the memecoin wave, has seen an astonishing 90% drop in 24-hour revenue since its peak on January 25, when it took in $15.38 million. This sharp decline signals the cooling of what, until now, could be considered the last “pedal-to-the-metal” moment in the memecoin golden age.

现在可用的数据显示了投资者行为的急剧转变。自1月25日达到1538万美元的高峰以来，曾经在Memecoin Wave上骑高高的Pump.Fun，曾经在Memecoin Wave上骑高达Memecoin Wave的24小时收入下降了90％。这种急剧下降的标志表明，到目前为止，人们可以将其视为Memecoin黄金时代的最后一个“踏板到金属”时刻。

With memecoin mania winding down, what will investors focus on next? Will the coins that celebs just have to endorse still attract as much capital?

随着Memecoin Mania的结束，投资者将关注什么？名人只能认可的硬币仍然会吸引那么多资本吗？

The saga of $LIBRA, which added further chaos to the memecoin space, may have marked the end of the memecoin era—symbolical though it may be. As attention shifts from the meme coin’s explosive potential to the next hot pump-and-dump, the mindset of players has evolved. Investors who once engaged in speculative PvP battles seem to be searching for stability and preservation instead. The new regime of ‘survival first’—which, in my mind, applies equally to projects, tokens, and the infrastructure in and around them—pushes grand ambitions to the backseat.

$ libra的传奇使人可能标志着纪念时代的终结 - 尽管可能是混乱的。随着注意力从模因硬币的爆炸潜力转变为下一个热水泵和雨，玩家的心态也在发展。曾经从事投机PVP战斗的投资者似乎正在寻找稳定和保存。在我看来，“生存首先”的新政权同样适用于项目，代币和基础设施及其周围的基础设施，这是对后座的宏伟野心。

Yield and DeFi: The New Playground for Crypto Investors

产量和defi：加密投资者的新操场

As the market shifts from speculative volatility to careful investment, it’s clear the mood is moving toward yield farming and other relatively stable, risk-averse strategies. High-yield DeFi protocols are emerging as a kind of safe haven for investors looking to make somewhat steady returns in a market that isn’t going up. While DeFi pioneer Andre Cronje has claimed that enthusiasts of memecoins don’t care about DeFi or blockchains, the post-PvP crowd is very clearly interested in safer, more sustainable strategies these days. This new batch of investors is definitely hunting for yield, and the DeFi ecosystem is more than happy to oblige.

随着市场从投机性的波动转变为仔细的投资，很明显，情绪正在朝着产量耕作和其他相对稳定的规避风险的策略发展。对于希望在不上涨的市场中获得稳定回报的投资者来说，高收益Defi协议正在成为一种避风港。尽管Defi Pioneer Andre Cronje声称Memecoins的爱好者并不关心Defi或Blockchains，但后PVP的人群对如今的更安全，更可持续的策略非常感兴趣。这批新的投资者肯定是在追求收益，而Defi生态系统非常乐意承担义务。

An excellent instance of this shift is Sonic, a DeFi protocol that has experienced stunning growth in a brief stint of time. Since it launched in late December, the total value locked (TVL) in Sonic has skyrocketed from zero to almost $700 million in only two months. One big reason for this impressive growth is Shadow Exchange, Sonic’s decentralized exchange (DEX), which has lured lots of capital through seemingly attractive high-yield mining opportunities. Another reason for Sonic’s growth is its governance token, which has surged from a few bucks to hundreds, and which success, by the way, has become an instance that other nascent DeFi projects point to as a model they might emulate.

这种转变的一个很好的实例是Sonic，这是一种Defi协议，在短暂的时间内经历了惊人的增长。自12月下旬推出以来，Sonic锁定的总价值（TVL）在两个月内从零飙升至近7亿美元。这种令人印象深刻的增长的一个重要原因是Sonic的分散交易所（DEX）Shadow Exchange，它通过看似有吸引力的高收益开采机会吸引了大量资本。 Sonic增长的另一个原因是它的治理令牌，它从几美元飙升至数百美元，顺便说一句，成功已成为其他新兴Defi项目指出的一个实例，它们可能是他们可能效法的模型。

The Shadow Exchange is based on a modification of the ve(3,3) model and uses $xSHADOW tokens as “membership cards” that share in the profits. Users can use these tokens to vote on platform decisions (presumably, the ones that would make profit-sharing more advantageous to them) and can earn rewards the longer they keep them locked up in the system. Now, the APR payouts on $xSHADOW in the early days of the Shadow Exchange are very good. So good, in fact, that I, too, am thinking of using the model and proposing Shadow governance when I mention the protocol to my banking friends.

影子交换基于对VE（3,3）模型的修改，并将$ Xshadow代币用作分享利润中的“会员卡”。用户可以使用这些代币对平台决策进行投票（大概是那些会使利润分担更有优势的代币），并且可以将奖励付出的时间越长，他们将其锁定在系统中。现在，在影子交换的早期，$ Xshadow的APR支出非常好。事实上，我也是如此，以至于我也在考虑使用该模型并提出阴影治理时，当我向银行朋友提及协议时。

New DeFi Projects Rise Amidst the Market Dip

新的Defi项目在市场下降中上升

Despite a downturn in the broader crypto market, emerging chains that focus on DeFi are growing quickly. Berachain, Sei, and Soneium saw their TVL climb significantly. These protocols promise better returns than most services you can find in CeFi. Their capital-acquisition strategies are compelling: they pay high yields, use soulbound governance tokens, and otherwise do what they must to entice you to give them your money.

尽管更广泛的加密货币市场下滑，但专注于DEFI的新兴连锁店仍在迅速发展。 Berachain，Sei和Soneium看到了他们的TVL攀登。这些协议有望比您在CEFI中找到的大多数服务更好。他们的资本收购策略令人信服：他们支付高收益，使用灵魂治理令牌，否则他们必须尽其所能吸引您给他们钱。

Berachain’s Infrared staking protocol is amongst the standout players. In just 20 days after its mainnet launch, the protocol has drawn in over $1.4 billion in total value locked (TVL). Its APY pools are totaling 120% and drawing in liquidity. Berachain is incentivizing us to participate and lock our assets in the system with the BGT governance token. And Berachain has partnerships that are snugly positioning it in the DeFi space.

贝拉辛（Berachain）的红外赌注协议是杰出的球员之一。在主网发布后的短短20天内，该协议的总价值锁定为14亿美元（TVL）。它的APY池总计120％，并吸引了流动性。 Berachain正在激励我们参与并将我们的资产锁定在BGT治理令牌中。贝拉辛（Berachain）的合作伙伴关系将其贴合在Defi空间中。

Yei Finance from Sei has also turned out to be a real contender in the space. Yei

SEI的YEI金融也是该空间中真正的竞争者。 yei