VC硬币和模因硬币的过去，现在和未来

不仅是VC硬币和模因硬币现象引起了更多思考

Fu Shaoqing, SatoshiLab, Wanwudao BTC Studio

1. Preface

1。序言

It is not just the VC coin and meme coin phenomenon that has aroused more thinking. Many well-known people in the industry have also raised similar questions and are trying to find solutions. For example, in the Twitter space event where He Yi answered questions about girlfriend coins, Jason (Chen Jian) asked whether the tokens launched on Binance have a mechanism to solve the problem that the project team sells the tokens as soon as they are listed and then lies flat. There is also the "A Crazy Idea for Token Issuance" recently published by CZ, which is trying to find solutions to related problems.

不仅是VC硬币和模因硬币现象引起了更多思考。该行业中的许多知名人士也提出了类似的问题，并试图找到解决方案。例如，在Twitter太空活动中，他回答了有关女友硬币的问题，Jason（Chen Jian）询问了Binance上推出的令牌是否具有解决项目团队在列出后立即出售代币然后撒谎然后平坦的问题的机制。 CZ最近发表的“令牌发行的疯狂想法”也有一个试图找到相关问题的解决方案。

I think all teams that are truly working hard on projects hope that the market will reward real contributors, rather than allowing Ponzi schemes, scammers, speculators, etc. to take away the dividends of this industry and disrupt its development.

我认为，所有在项目上真正努力工作的团队都希望市场将奖励真正的贡献者，而不是允许庞氏骗局，骗子，投机者等奖励市场，以消除该行业的股息并破坏其发展。

Because VC coins and meme coins serve as good case studies, this article will analyze these two phenomena.

由于VC硬币和模因硬币是良好的案例研究，因此本文将分析这两种现象。

2. The past and present of VC coins

2。VC硬币的过去和现在

VC coin did not come out of thin air. Its emergence has historical reasons. Although VC coin does not seem perfect now, it played a relatively important role in the beginning, and important projects in the industry have the participation of VC.

VC硬币并没有稀薄。它的出现有历史原因。尽管VC硬币现在看起来并不完美，但它在开始时起着相对重要的作用，并且行业中的重要项目具有VC的参与。

2.1. The chaos of ICO in 2017 - a riot of demons

2.1。 2017年ICO的混乱 - 恶魔的骚乱

2017 was a key year for the initial coin offering (ICO) in the blockchain field. According to statistics, the amount of ICO financing that year exceeded 5 billion US dollars. In addition to the classic ICO projects introduced below, the author also participated in the ICO of some small projects, and fully felt the madness at that time. It is not an exaggeration to describe it as a swarm of demons. At that time, as long as a project's token was to be ICO, someone would give a platform, and the white paper was well written. It would be immediately snapped up when thrown into some groups. People were crazy and irrational at that time. To exaggerate, even if a pile of shit was thrown into the group, it would be snapped up. If you don'99t believe it, search for the token situation of MLGB (Malego Coin). (This also reflects the powerful power of ICO)

2017年是区块链领域初始硬币产品（ICO）的关键年。根据统计，当年的ICO融资金额超过50亿美元。除了下面介绍的经典ICO项目外，作者还参加了一些小型项目的ICO，并在当时完全感到疯狂。将其描述为一群恶魔并不是夸张的。当时，只要一个项目的令牌是ICO，就会有人给出一个平台，而白皮书写得很好。当扔进一些小组时，它会立即被抢购。当时人们疯狂和不合理。夸张，即使一堆狗屎被扔进了小组，也会被抢购。如果您不相信它，请搜索MLGB（Malego Coin）的令牌情况。 （这也反映了ICO的强大力量）

As for the cause of the outbreak , I summarized it as follows through communication with DeepSeek and Chatgpt, as well as my own understanding:

至于爆发的原因，我通过与DeepSeek和Chatgpt的沟通以及我自己的理解来总结如下：

(1) The maturity of coin issuance technology: In particular, the launch of Ethereum has enabled developers to easily create smart contracts and decentralized applications (DApps), which has promoted the rise of ICOs.

（1）硬币发行技术的成熟度：特别是，以太坊的推出使开发人员能够轻松创建智能合同和分散应用程序（DAPP），该应用程序促进了ICO的兴起。

(2) There are several other reasons: market demand, the concept of decentralization has gained popularity, people have good expectations, and there is a low threshold for investment.

（2）还有其他几个原因：市场需求，权力下放的概念已越来越受欢迎，人们有良好的期望，并且投资门槛较低。

Several classic cases occurred during this period

在此期间发生了几个经典案件

(1) Ethereum: Although Ethereum's ICO was conducted in 2014, in 2017, Ethereum's smart contract platform was widely used in the ICO of many new projects. At the same time, this project was also conducted through ICO. Overall, this project is still very good and has now grown into the second largest cryptocurrency in the world of Crypto.

（1）以太坊：尽管以太坊的ICO于2014年在2017年进行，但以太坊的智能合同平台被广泛用于许多新项目的ICO中。同时，该项目也通过ICO进行。总体而言，该项目仍然非常好，现在已经发展成为加密世界中第二大加密货币。

(2) EOS: EOS raised nearly $4.3 billion through a year-long, phased ICO in 2017, becoming one of the largest ICOs of the year. This project has now almost disappeared, partly because of the wrong technical route and partly because of insufficient control over market demand.

（2）EOS：EOS于2017年通过一年的一年，分阶段的ICO筹集了近43亿美元，成为年度最大的ICO之一。现在，该项目几乎消失了，部分原因是技术途径错误，部分原因是对市场需求的控制不足。

(3) TRON: TRON also raised a lot of money in its ICO in 2017. During the period, it was accused of exchanging coins with other projects and plagiarizing them. However, it developed rapidly afterwards and attracted a lot of attention. From this point of view, compared with those projects that ran away, is Sun Ge doing quite well? He has a very accurate grasp of market demand, for example, the revenue of Tron stablecoin. Tron's control of technical implementation and market demand is in sharp contrast to EOS. The development results of Tron are still quite good. If HSR (Hshare, nicknamed "braised pork"), who exchanged coins at the beginning, had kept the share of Tron, the income would be higher than his own project.

（3）Tron：Tron在2017年还在其ICO中筹集了很多资金。在此期间，它被指控与其他项目交换硬币并窃。但是，随后它迅速发展，引起了很多关注。从这个角度来看，与那些逃跑的项目相比，太阳盖（Sun Ge）做得很好吗？他非常准确地了解了市场需求，例如Tron Stablecoin的收入。 Tron对技术实施和市场需求的控制与EOS形成了鲜明对比。 TRON的开发结果仍然相当不错。如果HSR（Hshare（Hshare）在一开始就交换硬币的Hshare（Hshare）保留了Tron的份额，那么收入将高于他自己的项目。

(4) Filecoin: Filecoin successfully raised more than $250 million in 2017. Its concept of distributed storage has attracted widespread attention. The founding team, including Juan Benite, is a very prestigious team. This project cannot be said to be a success or a failure, but whether it can develop healthily is a question.

（4）Filecoin：Filecoin在2017年成功筹集了超过2.5亿美元。其分布式存储概念引起了广泛关注。包括胡安·贝尼特（Juan Benite）在内的创始团队是一支非常享有声望的团队。不能说这个项目是成功或失败，但是它是否可以健康发展是一个问题。

The author personally feels that there are more non-classic cases and they have a greater impact, which is also a major historical reason for the emergence of VC coins.

作者本人认为存在更多的非经典案例，并且它们的影响更大，这也是VC硬币出现的主要历史原因。

Problems Exposed

暴露的问题

(1) Lack of supervision:

（1）缺乏监督：