模因硬币和ICO：从市场缺陷中出生？

Synthetix和Infinex的澳大利亚创始人Kain Warwick说，当前的Meme Coin Frenzy使他想起了2017 - 2018年最初的硬币产品（ICO）狂热。

Kain Warwick, founder of Synthetix and Infinex, has likened the present meme coin mania to the initial coin offering (ICO) frenzy of 2017-2018. In a post on X (formerly Twitter), the crypto entrepreneur highlighted the similarities between the two phenomena in an attempt to pique investors' attention regarding the state of the market.

Synthetix和Infinex的创始人Kain Warwick将当前的Meme Coin Mania比作2017 - 2018年最初的硬币发行（ICO）Frenzy。在X（以前为Twitter）的一篇文章中，加密企业家强调了这两个现象之间的相似之处，试图引起投资者对市场状况的关注。

This feels like ICOs again. What is absolutely clear from every conversation rn is that something needs to change. I’m a fan of markets and I think we can shift the incentives, people are now realising there are negative reputational externalities.

这再次感觉像ICO。从每个对话中可以清楚的是，需要改变某些事情。我是市场的粉丝，我认为我们可以改变激励措施，人们现在意识到有负面的外部性。

Warwick pointed out that both trends, meme tokens and ICOs, emerged due to structural inefficiencies within the industry — ICOs thrived because of the high barriers to traditional fundraising, while meme coins have risen as a counter to venture capital (VC) manipulation in crypto funding rounds throughout 2021.

沃里克（Warwick）指出，由于行业内部的结构性低效率，这两个趋势，模因令牌和ICO都出现了 - ICO蓬勃发展，因为对传统筹款的障碍很高，而Meme硬币则作为对Crypto资金资金管理中的风险投资（VC）操纵的反击。整个2021年的回合。

According to Warwick, the problem lies not with the meme coins themselves but rather in the lack of control over how they are launched, leading to a space dominated by bad actors. He noted that ICOs were eventually shut down by regulators, preventing further damage but also stifling innovation. However, meme coins are unlikely to face the same regulatory crackdown, presenting a unique opportunity for self-regulation within the ecosystem.

根据沃里克（Warwick）的说法，问题不是在于模因硬币本身，而是缺乏对它们的发射方式的控制权，导致一个由坏演员主导的空间。他指出，ICO最终被监管机构关闭，以防止进一步损害，但也扼杀了创新。但是，模因硬币不太可能面临相同的监管镇压，这为生态系统中的自我调节带来了独特的机会。

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One of Warwick’s primary concerns is the co-opting of essential crypto infrastructure by bad actors, which he described as a recurring pattern in crypto history:

沃里克（Warwick）的主要关注点之一是不良演员对基本加密基础设施的选择，他将其描述为加密历史上的一种反复出现的模式：

According to him, paid influencers played a significant role in promoting scam projects during the ICO era. Now, a similar tactic is emerging with meme coins, where high-follower accounts are being compensated to advertise contract addresses (CAs), essentially operating modern-day pump-and-dump schemes.

据他说，有薪影响者在ICO时代促进骗局项目中发挥了重要作用。现在，有类似的策略正在采用模因硬币，在该硬币中，正在对高级顾问帐户进行补偿以宣传合同地址（CAS），本质上是在现代运行的泵送泵送计划。

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Warwick ultimately advocates for self-regulation as the only viable path forward. He suggested that the crypto community — particularly within the Solana ecosystem, where meme coins are highly prevalent — must differentiate between genuine innovation and exploitative schemes.

沃里克最终提倡自我调节，这是唯一可行的途径。他建议，加密社区，尤其是在模因硬币高度普遍的索拉纳生态系统中，必须区分真正的创新和剥削性计划。

I think Kaito could be a vector here. If a good platform can capture all the yappers and meme itself into existence as the venue to use instead of getting rugged repeatedly that is one possible way of capturing market awareness.

我认为Kaito可能是这里的矢量。如果一个好的平台可以将所有的Yappers和Meme本身作为使用场所的存在而不是反复耐用，那是一种捕捉市场知名度的可能方法。

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He proposed the creation of a platform capable of monitoring market awareness and providing a structured environment for fairer launches. Among the potential candidates, he mentioned Kaito, although he acknowledged the challenge of persuading influential figures to adopt more ethical practices.

他提出了一个能够监测市场意识并为更公平的发射提供结构化环境的平台。在潜在的候选人中，他提到了凯托，尽管他承认说服有影响力的人物采用更具道德实践的挑战。

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