模因硬币并没有破坏这个周期，而是加速了该行业作为市场催化剂的成熟度

尽管我大部分时间都在呼吁“技术叙事 +长期主义”，但我仍然想客观地演唱不同的音调

input: I saw someone in the English community saying that Meme Coin ruined this cycle. Although I have been calling for “technical narrative + long-termism” most of the time, I still want to objectively sing a different tune: Meme Coin did not “ruin” this cycle, but instead accelerated the maturity of the industry as a market catalyst:

意见：我看到英国社区中的某人说Meme硬币破坏了这个周期。尽管我大部分时间都在呼吁“技术叙事 +长期主义”，但我仍然想客观地演唱不同的音调：Meme Coin并没有“毁了”这个周期，而是加快了行业作为市场催化剂的成熟：

1) The market has transitioned from “technology is king” to “attention is king”, and Meme Coin has become the most intuitive embodiment of this transformation.

1）市场已从“技术是国王”过渡到“关注是国王”，而Meme Coin已成为这种转变的最直观的体现。

Most technology-narrative projects have a roadmap delivery cycle of three to five years. The market has lost the patience to wait, believe, and entrust, so it has given Meme Coin a time window to attract liquidity through the short-term wealth Fomo effect.

大多数技术叙事项目的路线图交付周期为三到五年。市场失去了耐心等待，相信和委托的耐心，因此它通过短期财富FOMO效应使Meme Coin一个时间窗口吸引流动性。

2) Meme Coin forces the technology narrative to innovate itself.

2）模因硬币迫使技术叙事进行创新。

The past VC coin “technology packaging” involution model has reached a dead end. The era of harvesting leeks by financing valuation, technology packaging, and concept stacking is over. Technology projects are forced to return to real delivery, because investors have tasted the sweetness of “simple and straightforward, clear wealth effect” in Meme Coin, and can no longer accept those “technically complex but long-term no delivery” projects.

过去的VC硬币“技术包装”互动模型已经达到了终点。通过融资估值，技术包装和概念堆积来收获韭菜的时代已经结束。技术项目被迫重返真实交付，因为投资者在模因硬币中品尝了“简单明了，清晰的财富效应”的甜味，并且无法再接受那些“技术复杂但长期的无交付”项目。

3) Meme Coin has expanded the boundaries and foundation of the entire market.

3）模因硬币扩大了整个市场的边界和基础。

No matter how sophisticated the technical narrative is, it can only attract a small elite group who can understand it. Mass Adoption requires an interactive method that is simple, easy to understand and can quickly generate consensus.

无论技术叙事多么复杂，它都只能吸引一个可以理解它的小精英群体。批量采用需要一种简单，易于理解并可以快速产生共识的交互方法。

When a large number of ordinary users enter the market due to Meme Coin, some of them will inevitably conduct deeper ecological exploration, which will bring an unprecedented incremental user pool to technology projects and solve the long-standing dilemma of “no one using” technology projects.

当大量普通用户因模因硬币而进入市场时，其中一些人将不可避免地进行更深入的生态探索，这将为技术项目带来前所未有的增量用户池，并解决“没有人使用”技术项目的长期困境。

4) The meme craze will not cover the entire cycle, but its overflowing market vitality will benefit most of the crypto ecosystem.

4）模因热潮将无法覆盖整个周期，但其溢出的市场活力将使大多数加密生态系统受益。

The nature of hot money seeking profits determines that Meme Coin cannot continue to generate wealth effects. When most people have seen the two sides of short-term wealth and zero return, they will naturally look for more balanced investment targets (tend to be more stable investors).

寻求利润的热钱的性质决定了模因硬币不能继续产生财富影响。当大多数人看到短期财富和零回报的两面时，他们自然会寻找更平衡的投资目标（往往是更稳定的投资者）。

At that time, technology projects that have truly solved practical problems, established user stickiness, and have a clear business model will usher in valuation reconstruction and complete the transformation from concept to value. Therefore, for the technology narrative, this is not the end, but the beginning of nirvana rebirth.

当时，真正解决了实践问题，建立用户粘性并具有清晰业务模型的技术项目将迎来估值重建，并完成从概念到价值的转变。因此，对于技术叙事，这不是终结，而是涅rv式重生的开始。

5) Meme Coin is a complete reshuffle of the high FDV and low circulation model of VC coins.

5）模因硬币是VC硬币的高FDV和低循环模型的完整改组。

In the past, the VC-dominated financing model created a deformed market structure of “high valuation and low circulation”, which led to a general decline after TGE. This market structure left almost no room for ordinary investors to increase their holdings, and killed the Crypto dream of retail investors to get rich by holding coins.

过去，以VC为主的融资模式创造了“高估值和低流通”的变形市场结构，这导致TGE之后的总体下降。这种市场结构几乎没有给普通投资者增加其持股的空间，并杀死了散户投资者的加密梦想，以通过持有硬币为致富。

On the contrary, although the risks are huge, Meme Coin, with its transparent, simple and equal participation of everyone, has reawakened the vitality of the market and returned the market to a more fair and transparent competition environment. It is hard to say that the shrinking market space and forced withdrawal of some VC institutions are related to the increasing mainstreaming of MEME coins.output: people often discuss how quickly the cryptocurrency market is changing, but I think the past six months have been particularly interesting. We've seen a clear shift in investor preferences, and with it, a new stage in the development of the industry.

相反，尽管风险是巨大的，但模因硬币却以其透明，简单和平等的参与而重新唤起了市场的活力，并将市场恢复到更公平，更透明的竞争环境。很难说，某些风险投资机构的市场空间不断缩小和撤离与模因硬币的主流化有关。出口：人们经常讨论加密货币市场的变化速度，但我认为过去六个月特别有趣。我们已经看到了投资者偏好的明显转变，随之而来的是该行业发展的新阶段。

I've been a strong advocate for focusing on the technical narrative and the long-term vision for blockchain projects. However, I also believe in being objective and open to different perspectives.

我一直是专注于技术叙事和区块链项目的长期愿景的强烈倡导者。但是，我也相信是客观的，并且对不同的观点开放。

Recently, I've seen some members of the English community discussing how they believe meme coins "ruined" this cycle. While I largely disagree with that assessment, I do think it highlights an important point: meme coins have certainly accelerated the maturity of the industry as a market catalyst.

最近，我看到英国社区的一些成员讨论了他们认为模因硬币如何“毁了”这个周期。尽管我在很大程度上不同意该评估，但我确实认为这重点介绍了一个重要的观点：模因硬币肯定会加速行业作为市场催化剂的成熟度。

Here's how I see it:

这是我看到的：

1. The market has transitioned from "technology is king" to "attention is king," and meme coins have become the most logical embodiment of this transformation. Most technology projects have a roadmap delivery cycle of three to five years, which feels like an eternity in the fast-paced crypto market.

1。市场已经从“技术国王”过渡到“关注是国王”，而模因硬币已成为这种转变的最合乎逻辑的体现。大多数技术项目的路线图交付周期为三到五年，这在快节奏的加密货币市场上感觉就像是永恒的。

With technology projects, there's an element of trust and patience required that investors have largely lost interest in. Instead, they've flocked to meme coins, granting them a time window to attract liquidity through the short-term wealth Fomo effect. This shift in investor focus has pushed technology projects to innovate and adapt.

借助技术项目，有一个信任和耐心的元素要求投资者在很大程度上失去了兴趣。相反，他们蜂拥而至，涌向Meme硬币，为他们提供了通过短期财富FOMO效应吸引流动性的时间窗口。投资者重点的这种转变推动了技术项目进行创新和适应。

2. The past model of VCs heavily investing in promising technology projects, which are then packaged and sold to the wider market, has largely run its course. In the early days of crypto, there was an involutionary aspect to this model, with projects becoming increasingly focused on securing large amounts of funding and presenting their projects in the best possible light

2.过去的风险投资模型大量投资有希望的技术项目，然后将其包装并出售给更广泛的市场，在很大程度上开展了其路线。在加密早期，该模型有一个可行的方面，项目越来越重点是确保大量资金并以最佳的方式呈现其项目