这一切都很有趣，也很有收获，直到你的开发者发推文：“Oh Fuck”

Solana 的 DeFi 生态系统最近激增带来了一波令人兴奋的浪潮，尤其是围绕 memecoin。虽然这些代币提供了巨大收益的潜力，但它们也带来了巨大的风险。本文重点介绍了投资 Solana memecoin 之前需要考虑的五个关键风险：无能的创建者、假名身份、地毯拉动、有风险的预售以及大多数 memecoin 缺乏实用性。投资者应谨慎对待这些投资，认识到可能造成重大损失。

It’s all fun and gains until your developer tweets: “oh fuck.”

这一切都很有趣，也很有收获，直到你的开发者发推文：“哦操。”

Solana’s latest boom and its DEX developments have brought on a new wave of excitement to its decentralized applications.

Solana 的最新繁荣及其 DEX 的发展为其去中心化应用程序带来了新一波的兴奋。

At the forefront of the network’s DeFi resurgence are memecoins.

处于 DeFi 网络复兴前沿的是 memecoin。

More than 19,000 new Solana tokens with some form of liquidity launched in the past week alone, according to trading data platform Birdeye.

根据交易数据平台 Birdeye 的数据，仅过去一周就推出了超过 19,000 个具有某种形式流动性的新 Solana 代币。

The reason these tokens are so popular is they offer the slim chance to deliver life-changing gains for a relatively small outlay, leading some to dub the memecoin movement a “lottery” on Solana.

这些代币如此受欢迎的原因是它们提供了以相对较小的支出带来改变生活的收益的微小机会，导致一些人将 memecoin 运动称为 Solana 上的“彩票”。

But unlike the traditional lottery concept, where hopefuls purchase cheap tickets in hopes of winning millions of dollars, memecoin investors can lose everything they own — and more.

但与传统的彩票概念不同的是，有希望的人购买廉价彩票希望赢得数百万美元，而模因币投资者可能会失去他们拥有的一切，甚至更多。

Here are five risks you should consider before joining the Solana sweepstakes.

在参加 Solana 抽奖活动之前您应该考虑以下五个风险。

1. Memecoin creators are often totally inept

Memecoins are often set up by the very same people who invest in them — immature degens who don’t have a clue what they’re doing. A recent fat finger incident that burned investors is a perfect example of just that.

1. Memecoin 的创造者通常是完全无能的 Memecoin 通常是由投资它们的同一个人创建的——不成熟的人，他们不知道自己在做什么。最近令投资者焦头烂额的“胖手指”事件就是一个很好的例子。

On March 18, the developer of memecoin Slerf burned $10 million worth of investors’ presale tokens instead of distributing them.

3 月 18 日，memecoin Slerf 的开发商烧毁了价值 1000 万美元的投资者预售代币，而不是分发它们。

While it was a nightmare for presale investors, it quickly flipped into a win for Slerf, as media coverage helped spread awareness and centralized exchange listings stormed in.

虽然这对预售投资者来说是一场噩梦，但随着媒体报道帮助传播意识以及集中交易所上市的涌入，它很快就变成了 Slerf 的胜利。

Several exchanges, including HTX and Bitget, announced that trading fees earned from Slerf transactions on their platform would be used to help refund presale investors. It’s cold comfort to presale investors that Magazine has spoken with, though.

包括 HTX 和 Bitget 在内的多家交易所宣布，其平台上 Slerf 交易赚取的交易费用将用于帮助退还预售投资者。不过，对于《杂志》所采访的预售投资者来说，这并不算什么安慰。

“I don’t feel satisfied even if my money comes back,” says one investor who spoke to Magazine on the condition of anonymity.

“即使我的钱回来了，我也不会感到满意，”一位不愿透露姓名的投资者对杂志表示。

“You see, Slerf did a 10x on the presale, and I missed the opportunity,” he adds.

“你看，Slerf 的预售价格是 10 倍，但我错过了这个机会，”他补充道。

Slerf’s dramatic turnaround prompted industry participants to question the motive behind the “accidental” fat finger incident, with some raising the possibility of it being a marketing stunt.

Slerf 预售销毁后的性价比。 (CoinGecko)Slerf 的戏剧性转变促使行业参与者质疑“意外”肥手指事件背后的动机，一些人认为这可能是一种营销噱头。

Slerf maintains that it was a mistake, and many noted the crying dev in a Spaces event after the incident certainly sounded genuine. 

Slerf 坚称这是一个错误，许多人指出，事件发生后在 Spaces 活动中哭泣的开发人员听起来确实是真的。

Winston Ma, an adjunct professor of law at New York University, tells Magazine that if such a mistake occurred in a regulated environment, the case might fall under tort law. In such cases, a mistake that constitutes “gross negligence” may require the entity to compensate investors for their losses.

纽约大学法学兼职教授温斯顿·马（Winston Ma）告诉《杂志》，如果这样的错误发生在受监管的环境中，该案可能会受到侵权法的管辖。在这种情况下，构成“重大过失”的错误可能会要求实体赔偿投资者的损失。

“In certain situations, people would say that monetary compensation is not the perfect contractual remedy,” says Ma. 

“在某些情况下，人们会说金钱补偿并不是完美的合同补救措施，”马说。

“Instead, they would plead for specific performance.”

“相反，他们会请求具体的表现。”

In a plea for specific performance, a party asks a court to order the other party to fulfill their contractual obligations as agreed, rather than pursuing monetary compensation.

在请求具体履行时，一方请求法院命令另一方按照约定履行合同义务，而不是寻求金钱赔偿。

2. Pseudonyms mean you never know which scammer created the coin

Memecoin creators and investors often operate under pseudonyms. There are legitimate reasons for this, such as protecting themselves from $5 wrench attacks or from disgruntled investors who lost money when the price plunged.

如果您确实在 Solana memecoins 上被骗，机器人会尝试进一步欺骗您，并提供帮助。 （交易员特拉维斯）2。假名意味着您永远不知道哪个骗子创建了硬币Memecoin 的创建者和投资者经常使用假名进行操作。这样做是有正当理由的，例如保护自己免受 5 美元扳手攻击，或防止因价格暴跌而蒙受损失的心怀不满的投资者。

“People can win a lot, and people can also lose a lot, and this might create bad emotions,” Roman Big_Cat, pseudonymous product chief at Solana-based memecoin project Laika, tells Magazine.

“人们可能会赢很多，也可能会输很多，这可能会产生不良情绪，”Solana 模因币项目 Laika 的化名产品负责人 Roman Big_Cat 告诉杂志。

“Someone can come to your house [and] that’s why I’m also keeping my pseudonymity,” he adds.

“有人可以来你家，这就是为什么我也保留我的化名，”他补充道。

But while it’s a way to safeguard one’s identity, pseudonymity also presents new opportunities for scammers. 

虽然这是保护个人身份的一种方式，但假名也为诈骗者提供了新的机会。

Anyone can create an online persona and disappear after conducting a successful memecoin scam. The same person can return the next day under a different pseudonym and a fresh memecoin. There were 19,000 new memecoins created this week. It seems unlikely they were all created by first-timers.

任何人都可以创建一个在线角色，并在成功实施模因币骗局后消失。同一个人可以在第二天以不同的笔名和新的模因币返回。本周创造了 19,000 个新模因币。它们似乎不太可能都是由新手创建的。

DeFi is largely pseudonymous and has limited regulation. This allows scammers to execute schemes without easily being identified or held accountable.

DeFi 很大程度上是匿名的，监管有限。这使得诈骗者能够在不轻易被识别或追究责任的情况下执行骗局。

Big_Cat estimates that about 95% of the contracts on Solana are built by malicious actors.

Big_Cat 估计 Solana 上约 95% 的合约是由恶意行为者构建的。

“This is the harsh reality,” he says.

“这就是残酷的现实，”他说。

3. Rug Pulls are more likely than your memecoin going to the moon

A rug pull is a type of scam that can take many forms. Generally, it occurs when developers disappear with the project’s funds, leaving their community with nothing or worthless assets.

3. 地毯拉动比你的模因币更有可能登上月球地毯拉动是一种骗局，可以采取多种形式。一般来说，当开发商带着项目资金消失，让他们的社区一无所有或毫无价值的资产时，就会发生这种情况。

According to security firm Hacken, BNB Chain’s 149 reported rug pull incidents led the industry last year when Solana didn’t even crack the top 10.

根据安全公司 Hacken 的数据，BNB Chain 去年报告的 149 起地毯拉动事件在行业中处于领先地位，而 Solana 甚至没有进入前 10 名。

However, in its yearly security report published in February, Hacken said that the expected surge of rug pulls on Solana is “particularly concerning” due to the explosion of new tokens on the network — 100,000 in December alone.

然而，Hacken 在 2 月份发布的年度安全报告中表示，由于网络上新代币的爆炸式增长（仅 12 月份就增加了 100,000 个），Solana 的预期激增“尤其令人担忧”。

For memecoins, investors should keep an eye out for rug pulls on liquidity pools. 

对于模因币，投资者应密切关注流动性池的拉动。

In this instance, a developer creates a new token and lists it on a decentralized exchange. 

在这种情况下，开发人员创建一个新代币并将其列在去中心化交易所上。

This token can start trading if it has a liquidity pool, which the developer can create by pairing their new token with a more established cryptocurrency, such as Solana’s native token SOL or stablecoins.

如果该代币具有流动性池，则可以开始交易，开发人员可以通过将新代币与更成熟的加密货币（例如 Solana 的原生代币 SOL 或稳定币）配对来创建流动性池。

Investors can buy the new memecoin by trading in the paired tokens, raising the value of the liquidity pool in the process.

投资者可以通过交易配对代币来购买新的 memecoin，从而提高流动性池的价值。

At any point, the developer can execute the rug pull by withdrawing all the assets in the liquidity pool, disappearing into their pseudonymous void. 

突然、意外地从某人脚下拿走地毯可能会导致他们跌倒。 （Unslash 上的 Sina Saadatmand）在任何时候，开发商都可以通过撤回流动性池中的所有资产来执行地毯拉动，消失在他们的假名空间中。

Investors have ways to defend themselves from liquidity pool rugs by confirming that the project has locked liquidity, which ensures that developers cannot withdraw from the pool.

投资者有办法通过确认项目已锁定流动性来保护自己免受流动性池的影响，这确保了开发商无法从流动性池中撤出。

On Solana, investors can check a project’s liquidity status through bots that are accessible on various online channels like Discord and Telegram.

在 Solana 上，投资者可以通过 Discord 和 Telegram 等各种在线渠道上的机器人检查项目的流动性状态。

4. Presales are even riskier than investing in normal memecoins

Many of the most successful memecoin fundraisers on Solana recently have occurred through presales. In DeFi, this can refer to when investors send their funds to an account and hope to receive new tokens in return. This can be even riskier and more prone to the devs running off with the funds.

4. 预售比投资普通 memecoin 的风险更大 Solana 预售很火爆，但其中一些可能是骗局。 (ZachXBT)Solana 上许多最成功的 memecoin 筹款活动最近都是通过预售进行的。在 DeFi 中，这可以指投资者将资金发送到账户并希望收到新代币作为回报。这可能风险更大，也更容易导致开发者卷走资金。

According to on-chain detective ZachXBT’s calculations, as of March 19, 33 Solana projects raised around 796,000 SOL ($149.2 million at the time) through presales.

根据链上侦探 ZachXBT 的计算，截至 3 月 19 日，33 个 Solana 项目通过预售筹集了约 796,000 SOL（当时为 1.492 亿美元）。

At least four of those projects resulted in rug pulls and scams.

其中至少有四个项目导致了诈骗和诈骗。

New York University’s Ma says a potential case under the contract law would look at whether these investment contracts should be viewed as securities based on the Howey test.

纽约大学的马云表示，合同法下的一个潜在案件将根据豪伊测试来研究这些投资合同是否应被视为证券。

According to Ma, the presale campaigns advertised on social platforms such as X can be viewed as public solicitation.

马云表示，在X等社交平台上宣传的预售活动可以被视为公开征集。

“The public solicitation is very obvious, and that will help the Howey test very easily,” Ma says.

“公开征集非常明显，这将非常容易地帮助豪伊测试，”马说。

The United States Securities and Exchange Commission may require public presales to be registered if the asset is a security.

This is great to know, but as most memecoin investors don’t have the funds to take legal action, it’s a bit of a moot point.

如果资产是证券，美国证券交易委员会可能会要求公开预售进行登记。这很高兴知道，但由于大多数 memecoin 投资者没有资金采取法律行动，所以这是一个有争议的问题。

Presales present opportunities for investors to dab into the asset before it hits the market, often at a cheaper price.

预售为投资者提供了在资产上市之前介入该资产的机会，而且通常价格更便宜。

The allure of quick profits often overshadows due diligence for investors in the Solana memecoin frenzy, and it has drawn comparisons to the ICO boom of 2017.

在 Solana memecoin 热潮中，快速获利的诱惑往往掩盖了投资者的尽职调查，人们将其与 2017 年 ICO 热潮进行比较。

The ICO, or initial coin offering, is a method for blockchain startups to raise capital. During the ICO boom seven years ago, many startups raised substantial amounts of money, often within minutes of launching their ICOs. The boom also attracted scrutiny and criticism due to its unregulated nature.

ICO（首次代币发行）是区块链初创公司筹集资金的一种方法。在七年前的 ICO 热潮期间，许多初创公司通常在推出 ICO 后几分钟内筹集了大量资金。由于其不受监管的性质，这种繁荣也引起了审查和批评。

A 2018 study by the advisory firm Satis Group found that 80% of ICOs during the boom were scams.

咨询公司 Satis Group 2018 年的一项研究发现，繁荣时期 80% 的 ICO 都是骗局。

5. Memecoins only have sentiment; there’s no utility in most cases

Although memecoins present overnight millionaire opportunities to the retail sector, industry veterans are highly critical of them.

5. Memecoin 只有情感；在大多数情况下没有任何效用尽管模因币为零售行业提供了一夜成为百万富翁的机会，但行业资深人士对它们持高度批评态度。

Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, has been an outspoken critic of the memecoin movement, stating that the allure of “easy money” could draw developing talent away from building valuable products and overshadow legitimate projects.

CryptoQuant 首席执行官打破了公众对模因币的看法。 (Ki Young Ju) 区块链分析公司 CryptoQuant 的首席执行官 Ki Young Ju 一直是 memecoin 运动的直言不讳的批评者，他表示“轻松赚钱”的诱惑可能会吸引开发人才远离创造有价值的产品，并使合法项目蒙上阴影。

“Memecoins are fun for sure, but it won’t progress this industry, as they don’t have a product,” Ju tells Magazine.

“Memecoin 确实很有趣，但它不会推动这个行业的发展，因为他们没有产品，”Ju 告诉杂志。

On the other hand, the sheer dumb fun and money-making opportunities they present attract more people to crypto.

另一方面，它们提供的纯粹的愚蠢乐趣和赚钱机会吸引了更多的人进入加密货币。

Laika’s Big_Cat says that the intangible utility of memecoins is the mass onboarding of retail traders into the crypto market.

Laika 的 Big_Cat 表示，memecoin 的无形效用是散户交易者大规模进入加密货币市场。

Laika aims to woo investors with its primary mission, which is to send a helium balloon to low Earth orbit and stream footage there.

Laika 的主要任务是吸引投资者，即向近地轨道发送氦气球并在那里传输视频。

It then plans to launch its own layer-1 blockchain to build an ecosystem of memecoins. 

然后，它计划推出自己的第一层区块链，以构建模因币生态系统。

Ju concedes that new investors that get introduced to the industry through memecoins may often have a “very bad experience.”

Ju承认，通过模因币进入该行业的新投资者可能经常会有“非常糟糕的经历”。

“However, if there’s a legit founder who can lead a memecoin project for a long time, it won’t be a problem,” Ju adds.

“但是，如果有一个合法的创始人可以长期领导一个 memecoin 项目，那就不成问题了，”Ju 补充道。

Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.

CryptocurrenciesinvestingmemecoinScamssecuritySolana Share Share Share Share Yohan Yun 自 2017 年以来一直是一名报道区块链的多媒体记者。他曾担任加密货币媒体 Forkast 的编辑，并作为 Bloomberg BNA 和福布斯的助理记者报道亚洲科技故事。他利用空闲时间做饭并尝试新食谱。另请阅读