DePIN 需要放弃对原生代币的不健康执着

对原生代币的不健康执着，加上安装在需求低的地区的硬件，意味着太多的 DePIN 项目缺乏可持续性。

The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

本文所表达的观点和意见仅属于作者本人，并不代表crypto.news社论的观点和意见。

Decentralized physical infrastructure networks—also known as DePINs for short—are ambitious projects that represent a huge undertaking. They involve so much more than launching a flash-in-the-pan memecoin in a couple of clicks.

去中心化物理基础设施网络（也简称为 DePIN）是一项雄心勃勃的项目，代表着一项艰巨的任务。它们涉及的不仅仅是通过点击几下就可以推出一个昙花一现的模因币。

The goal of connecting real-world assets, such as energy grids and transport networks, to blockchains is one that takes time, resources, and scale. Because of this, it’s little wonder that The Block Research suggests funding has now hit a new all-time high of $1.91 billion.

将能源网和运输网络等现实世界资产连接到区块链的目标需要时间、资源和规模。正因为如此，The Block Research 表示资金现已达到 19.1 亿美元的历史新高也就不足为奇了。

Deepening interest in artificial intelligence has given the burgeoning DePIN sector another boost—but not all projects are born equal, and those that survive in this competitive landscape need to overcome sizable structural issues to reach their full potential. 

人们对人工智能的兴趣不断加深，给蓬勃发展的 DePIN 行业带来了又一次推动——但并非所有项目生来都是平等的，那些在这种竞争格局中生存下来的项目需要克服相当大的结构性问题，才能充分发挥其潜力。

Transfixed on tokens

被代币迷住了

One particular issue relates to the mistaken notion that startups need to launch a native token to be successful. This can be a fatal error, as it means the value of a network is tied to the wider market and macroeconomic events that are completely out of its control. 

一个特殊的问题与一种错误的观念有关，即初创公司需要推出原生代币才能成功。这可能是一个致命的错误，因为这意味着网络的价值与更广泛的市场和完全不受其控制的宏观经济事件挂钩。

Helium (HNT) is a good example of what this looks like in practice. This blockchain-based platform was created with the vision of cultivating a people-powered wireless internet network, meaning those who operate hotspots would be rewarded with HNT tokens.

氦气（HNT）是实践中的一个很好的例子。创建这个基于区块链的平台的愿景是培养以人为本的无线互联网网络，这意味着那些运营热点的人将获得 HNT 代币奖励。

But in reality, the project’s success lay in how this digital asset launched at an opportune time—right in the middle of a huge bull run that generated FOMO among investors. Huge rises in this token’s value weren’t a reflection of this network’s resilience or how many clients it had. This essentially stripped HNT back to a mere memecoin with little utility.

但实际上，该项目的成功在于这种数字资产如何在适当的时机推出——就在一场引发投资者“错失恐惧症”的巨大牛市之中。该代币价值的大幅上涨并不能反映该网络的弹性或其拥有的客户数量。这实质上将 HNT 剥离回纯粹的模因币，几乎没有什么用处。

In fact, when you look at Helium’s annual recurring revenue, a sobering statistic emerges. Even with $1 billion worth of hardware, it would take the Internet of Things close to 1,000 years to break even. 

事实上，当您查看 Helium 的年度经常性收入时，就会出现一个发人深省的统计数据。即使拥有价值 10 亿美元的硬件，物联网也需要近 1000 年才能实现收支平衡。

Other contenders in the space include peaq, a network that says it’s home to more than 50 DePINs. Healthy scrutiny is needed here, as it’s difficult for most blockchains to handle the transaction volumes of a single decentralized physical infrastructure network, let alone 50.

该领域的其他竞争者包括 Peak，该网络自称拥有 50 多个 DePIN。这里需要进行健康的审查，因为大多数区块链都很难处理单个去中心化物理基础设施网络的交易量，更不用说 50 个交易量了。

And that brings us to the biggest lesson that up-and-coming DePIN brands need to learn: you don’t need a token of your own as long as rewards for users are liquid. We’ve already seen how such digital assets can even land projects in hot water, with Pollen Mobile facing lawsuits in the US after being accused of “minting coins from thin air” and flogging them for cash.

这给我们带来了新兴 DePIN 品牌需要学习的最大教训：只要用户的奖励具有流动性，您就不需要自己的代币。我们已经看到，此类数字资产甚至会让项目陷入困境，Pollen Mobile 在被指控“凭空铸造硬币”并通过鞭笞换取现金后，在美国面临诉讼。

DePIN delivers one of the poorest returns on capital employed across any industry on Earth—and its decentralized nature means that the financial burden is passed on to those who invest in a project rather than the founders. And for this sector to really make an impact, founders should be focusing on creating demand-driven solutions, shifting their efforts to attracting more clients rather than making their networks bigger.

DePIN 是地球上所有行业中资本回报率最差的行业之一，其去中心化性质意味着财务负担转嫁给了项目投资人而不是创始人。为了让这个行业真正产生影响，创始人应该专注于创建需求驱动的解决方案，将他们的努力转向吸引更多客户，而不是扩大他们的网络。

Let’s explain what this means in practice. Instead of adopting a “build it and they will come” model, a demand-driven approach would mean hotspots pop up in the areas where there are already paying customers who want them.

让我们解释一下这在实践中意味着什么。需求驱动的方法不是采用“构建它，他们就会来”的模式，而是意味着热点会出现在已经有需要它们的付费客户的区域。

India is a prime example of a market where there’s an insatiable demand for internet connectivity, but 600 million people lack access. By severing ownership from installation, a DePIN investor could purchase hardware that it is then put to use where it is actually needed—in some cases halfway around the world.

印度是一个典型的市场例子，该市场对互联网连接的需求永无止尽，但仍有 6 亿人无法接入互联网。通过将所有权与安装分离，DePIN 投资者可以购买硬件，然后在实际需要的地方使用——有时甚至跨越半个地球。

Rethinking DePINs

重新思考 DePIN

Of course, hardware is a crucial element when creating DePINs—but right now, the incentives are misaligned. Too many projects have sold equipment at inflated prices, all while becoming reliant on shifting more units to bolster their revenues. Others have allocated a share of each purchase to token burning in an attempt to make these digital assets more palatable. While this may inflate their price in the short run, it means such cryptocurrencies violate the Howey Test, which determines whether an asset is a security. Worse still, it often means that investors enter a project for all the wrong reasons—putting financial interest first instead of benefiting others.

当然，硬件是创建 DePIN 时的关键要素，但目前激励措施并不一致。太多项目以高价出售设备，同时变得依赖转移更多设备来增加收入。其他人则将每次购买的一部分分配给代币销毁，试图让这些数字资产更容易被接受。虽然这可能会在短期内抬高其价格，但这意味着此类加密货币违反了豪伊测试，该测试决定资产是否为证券。更糟糕的是，这通常意味着投资者出于各种错误的原因进入一个项目——将经济利益放在第一位，而不是造福他人。

The “build it and they will come” method creates an environment where DePIN hardware lies gathering dust and unused, but aggrieved investors continue to demand a return. But generous payouts can prove unsustainable, creating high levels of apathy when rewards dwindle. Insisting on distributing compensation in the form of a volatile native token can also be exceptionally off putting to corporations, who would prefer to be paid using digital dollars instead.

“构建它，他们就会来”的方法创造了一个环境，其中 DePIN 硬件积满灰尘且未使用，但心怀不满的投资者继续要求回报。但事实证明，慷慨的支付可能是不可持续的，当奖励减少时，就会产生高度冷漠。坚持以不稳定的原生代币形式分配薪酬也可能会让企业感到非常反感，因为企业更愿意使用数字美元来支付。

Going demand first means that a native token’s value is of secondary concern, and the focus can rightly return to ensuring that a DePIN does the most good. The first step is to find consumers who would benefit from

需求第一意味着原生代币的价值是次要的，焦点可以正确地回归到确保 DePIN 发挥最大作用。第一步是找到可以从中受益的消费者