Emin Gun Sirer 对加密货币投资者的危险信号警告：谨防 Layer 2 项目中被忽视的风险

Emin Gun Sirer's Cautionary Tales for Crypto Investors

Emin Gun Sirer 对加密货币投资者的警示故事

Are We Overlooking Red Flags in Layer 2 Projects?

我们是否忽视了 Layer 2 项目中的危险信号？

Emin Gun Sirer, the mastermind behind Ava Labs, recently took to the digital realm to shed light on potential pitfalls in the evolving landscape of Layer 2 (L2) crypto projects. His insights, shared in a thought-provoking piece on the X platform, serve as a beacon of guidance for investors navigating the volatile waters of the cryptocurrency market, urging them to learn from the mistakes of those who blindly followed Sam Bankman-Fried's misguided path.

Ava Labs 背后的策划者 Emin Gun Sirer 最近进入数字领域，揭示了第 2 层 (L2) 加密项目不断发展的前景中的潜在陷阱。他的见解在 X 平台上一篇发人深省的文章中分享，为投资者在加密货币市场的动荡水域中航行提供了指导，敦促他们从那些盲目追随 Sam Bankman-Fried 错误道路的人的错误中吸取教训。

Beware of Misaligned Narratives

谨防错位的叙述

Sirer raises a red flag regarding the mismatch between the technology promoted by new L2 projects and their purported capabilities. He contends that solutions centered around centralized sequencers or lacking fraud proofs deviate from the decentralized ethos of blockchain technology, rendering them unsustainable.

Sirer 对新 L2 项目推广的技术与其声称的功能不匹配提出了危险信号。他认为，以集中式排序器为中心或缺乏欺诈证明的解决方案背离了区块链技术的去中心化精神，导致它们不可持续。

Tokens: A Trap or a Catalyst for Innovation?

代币：创新的陷阱还是催化剂？

Sirer's analysis also delves into the practice of organizations issuing tokens to fund future technological advancements, a tactic he likens to a form of securities trading under the scrutiny of the Howey Test. He warns that this behavior mirrors the speculative bubbles that have plagued the financial industry for centuries.

Sirer 的分析还深入研究了组织发行代币来资助未来技术进步的做法，他将这种策略比作豪伊测试审查下的一种证券交易形式。他警告说，这种行为反映了几个世纪以来困扰金融业的投机泡沫。

Founder Behavior: A Harbinger of Trouble?

创始人行为：麻烦的预兆？

With an unsettling parallel, Sirer draws comparisons between founders who unload their tokens prior to a project's launch and Bankman-Fried's notorious practices. He implies that such actions may signal the potential for future mismanagement and betrayal of investor trust. Similarly, he questions the rationale behind pre-launch token sales intended to reward the team, equating them to Bankman-Fried's diversion of funds under the guise of charitable endeavors.

Sirer 将在项目启动前抛售代币的创始人与 Bankman-Fried 臭名昭著的做法进行了比较，这令人不安。他暗示，此类行为可能预示着未来可能出现管理不善和背叛投资者信任的情况。同样，他质疑旨在奖励团队的预发行代币销售背后的理由，将其等同于班克曼-弗里德以慈善事业为幌子转移资金。

Low-Float Tokens: A Breeding Ground for Manipulation

低流通量代币：操纵的温床

Sirer also casts a critical eye on low-float tokens, highlighting their vulnerability to manipulation. He points to instances where individuals like Bankman-Fried exploited these tokens to inflate valuations and secure loans by pledging them as collateral. Additionally, he urges caution regarding the peculiar behavior of founders, citing complaints of substance abuse as a glaring red flag.

Sirer 还对低流通量代币持批评态度，强调了它们容易受到操纵的脆弱性。他指出，像班克曼-弗里德这样的个人利用这些代币来抬高估值，并通过将其作为抵押品来获得贷款。此外，他敦促对创始人的特殊行为保持警惕，并指出滥用药物的投诉是一个明显的危险信号。

Navigating the Perilous Waters

航行在危险的水域

To help investors steer through these treacherous waters, Sirer proposes a framework for evaluating new crypto projects. He reflects on the challenges of the previous cycle, including scalability and performance, where solutions like Avalanche and Solana emerged as game-changers. For the current cycle, Sirer believes the true test lies in a project's ability to simultaneously cater to multiple use cases and bridge the gap with traditional finance (TradFi).

为了帮助投资者渡过这些危险的水域，Sirer 提出了一个评估新加密货币项目的框架。他反思了上一个周期的挑战，包括可扩展性和性能，其中 Avalanche 和 Solana 等解决方案成为游戏规则改变者。 Sirer 认为，对于当前周期，真正的考验在于项目是否有能力同时满足多个用例并弥合与传统金融 (TradFi) 的差距。

Key Takeaways

要点

• Misaligned narratives in L2 projects can signal technological limitations.
• Token sales for future innovation should be scrutinized under securities regulations.
• Founder behavior and token distribution patterns can indicate potential risks.
• Low-float tokens are susceptible to manipulation and should be approached with caution.
• A comprehensive evaluation framework, considering past challenges and future opportunities, is crucial for informed investment decisions in the evolving crypto landscape.

L2 项目中不一致的叙述可能表明技术局限性。未来创新的代币销售应受到证券监管机构的审查。创始人行为和代币分配模式可能表明潜在风险。低流通量代币容易受到操纵，应谨慎对待。考虑到过去的挑战和未来的机遇的评估框架对于不断发展的加密货币领域的明智投资决策至关重要。