Memecoins-不可避免的途径是主流采用或系统损坏的症状？

作为区块链的主持人，我最近主持了有关Memecoins的讨论，这个主题引发了整个行业的激烈争议。

Hot Topic: Memecoins - Blessing or Curse in the Crypto World?

热门话题：Memecoins-加密世界中的祝福还是诅咒？

Original Title: "Memecoins - The inevitable path to mainstream adoption or the symptom of a broken system?"

原始标题：“ Memecoins - 不可避免的主流采用途径或系统破裂的症状？”

Author: Jen Albert

作者：詹·艾伯特（Jen Albert）

Translation by: Baihua Blockchain

翻译作者：Baihua区块链

As the host of Blockchain Banter, I recently led a discussion on memecoins—a topic that has sparked intense controversy throughout the industry. Whether you love them or hate them, their impact cannot be denied. Some believe they are ruining the crypto industry, while others see them as a natural evolution of decentralized market development.

作为区块链的主持人，我最近主持了有关Memecoins的讨论，这个主题引发了整个行业的激烈争议。无论您是爱他们还是恨他们，它们的影响都无法否认。有些人认为他们正在破坏加密货币行业，而另一些人则认为它们是分散市场发展的自然发展。

To delve deeper into this debate, I invited Justin Havens (Head of Ecosystem Growth at Polygon DeFi) and Dr. Mark Richardson (Head of Bancor & Carbon DeFi projects) to explore the topic together. We had an in-depth discussion around the following core topics:

为了深入研究这场辩论，我邀请了贾斯汀·赫文（Polygon Defi的生态系统增长负责人）和马克·理查森（Mark Richardson）博士（Bancor＆Carbon Defi Projects的负责人）一起探索这个话题。我们围绕以下核心主题进行了深入的讨论：

This conversation revealed the multifaceted impact of memecoins in the crypto market, and you are welcome to join the discussion!

这次对话揭示了Memecoins在加密市场中的多方面影响，欢迎您加入讨论！

1. The Memecoin Controversy

1。Memecoin争议

Memecoins have caused significant division in the crypto space. Some view them as a fun and community-driven way to participate in the market, while others believe they undermine the legitimacy of the industry. On one hand, prominent figures like Benjamin Cowen have bluntly stated, "Memecoins are ruining the crypto industry."

内存已在加密货币空间中引起了重大划分。有些人认为他们是一种有趣且以社区为导向的方式参与市场，而另一些人则认为他们破坏了行业的合法性。一方面，像本杰明·考恩（Benjamin Cowen）这样的著名人物直言不讳地说：“成员正在破坏加密货币行业。”

On the other hand, we also see some industry leaders taking the opposite stance, such as CZ (Changpeng Zhao), co-founder and former CEO of Binance, who seems to encourage (or perhaps not 😏) the birth of more memecoins by posting a picture of his pet dog Broccoli along with an entire backstory.

另一方面，我们还看到一些行业领导者采取了相反的立场，例如Binance的联合创始人兼前首席执行官CZ（Changpeng Zhao），他们似乎鼓励（或可能不是😏）通过发布更多成人的诞生他的宠物狗西兰花的照片以及整个背景故事。

"I just posted a photo and the name of my dog. I did not issue a memecoin myself; whether to create one is entirely up to the community (or not to create one is fine too). However, I might interact with some popular memecoins on the BNB Chain (BSC). The BNB Foundation may provide rewards for top memecoins on the BNB Chain, such as LP support or other incentives. The details are still under discussion, so stay tuned."

“我只是张贴了一张照片和狗的名字。我自己没有发出一个成员；是否创建一个完全取决于社区（或者也不创建一张，也很好）。但是，我可能会与某些受欢迎的人互动BNB链（BSC）上的模因可以为BNB链上的顶级成员提供奖励，例如LP支持或其他激励措施。

Justin believes that memecoins are not a random phenomenon but rather a necessary outcome of regulatory crackdowns on structured token issuance. Due to concerns about legal risks, project teams have had to choose from the following options:

贾斯汀（Justin）认为，纪念物不是一个随机现象，而是对结构性令牌发行的监管镇压的必要结果。由于对法律风险的担忧，项目团队必须从以下选项中进行选择：

So, what happens when the only viable way to issue public tokens is through tokens with no actual utility? The answer is—the rise of memecoins.

因此，当发布公共令牌的唯一可行方式是通过没有实际效用的代币时会发生什么？答案是 - 模因的兴起。

Mark further points out, "Market incentives determine the final outcome." Regulators have created an environment where utility tokens fall into a legal gray area, while tokens that explicitly claim to be "useless" face almost no compliance risks. The result is that memecoins quickly dominate the market.

马克进一步指出：“市场激励措施决定了最终结果。”监管机构创造了一个环境，公用事业令牌属于合法的灰色区域，而明确声称“无用”几乎没有合规风险的代币。结果是，纪念物迅速占据了市场。

2. Investor or Gambler? The Subtle Line in the Crypto Market

2。投资者还是赌徒？加密市场中的微妙线条

One of the biggest misconceptions in the crypto space is the belief that there is a clear line between investing and gambling. But does this line really exist?

加密货币领域中最大的误解之一是相信投资和赌博之间存在明确的界限。但是这条线真的存在吗？

Investors research fundamentals, assess risks, and make decisions with a long-term perspective.

投资者研究基本面，评估风险并以长期的观点做出决定。

Gamblers chase trends, trade impulsively, and accept extreme risks.

赌徒追逐趋势，冲动贸易并接受极端风险。

Justin points out that many retail traders are forced into a "gambling mentality" because they cannot participate in traditional early-stage investments. Unless you are an accredited investor, your only option is speculative trading—which includes memecoins.

贾斯汀指出，许多零售商人被迫陷入“赌博心态”，因为他们无法参加传统的早期投资。除非您是认可的投资者，否则您唯一的选择是投机性交易，其中包括Memecoins。

Mark believes that this line is blurrier than most people think. After all, some of the historically best-performing crypto assets have been obvious scams. As he puts it:

马克认为，这条线比大多数人想象的要模糊。毕竟，一些历史上最好的加密资产是显而易见的骗局。正如他所说：

"People will warn you not to invest in this, calling it a scam. While others will say, 'I know it is.'"

“人们会警告您不要对此进行投资，称其为骗局。而其他人会说，'我知道是。'”

It is this paradox that fuels the frenzy around memecoins—projects that appear most like scams sometimes yield the greatest returns.

正是这种悖论使围绕Memecoins的疯狂燃烧 - 看起来最像骗局的项目有时会产生最大的回报。

3. Do KOLs Fuel the Frenzy of Memecoins?

3。kols会助长纪念物的疯狂吗？

The conversation naturally turned to KOLs (Key Opinion Leaders) and paid influencers—important drivers in the memecoin ecosystem. So, is the root of the problem memecoins themselves, or those who promote them for profit?

对话自然而然地转向了KOLS（主要意见领袖）和有影响力的人，这是Memecoin生态系统中最重要的驱动因素。那么，问题的根源是模因本身还是促进盈利的人？

This also explains another side of the memecoin hype—are they created by market demand, or are they artificially inflated?

这也解释了Memecoin炒作的另一面 - 它们是由市场需求创造的，还是人为地膨胀？

4. Is the Term KOL Misused in the Crypto Space?

4。在加密货币空间中滥用了KOL一词吗？

Mark believes that the term "KOL" is often misused in the crypto field. Many so-called "opinion leaders" are essentially just advertisers flipping token shares behind the scenes. If a project needs to pay someone to talk about it, it raises the question: why does it need to do so?

马克认为，“ KOL”一词在加密货币领域经常被滥用。许多所谓的“意见领导者”本质上只是广告商在幕后翻转代币的股票。如果一个项目需要付钱给某人谈论它，它就提出了一个问题：为什么需要这样做？

What is the core issue? Questioning the incentive mechanisms. If someone is pushing a token hard, ask yourself—what do they stand to gain from it?

什么是核心问题？质疑激励机制。如果有人努力推动一个令牌，请问自己 - 他们能从中受益什么？

5. DYOR: Is It Really Feasible?

5。染料：真的可行吗？

The phrase "Do Your Own Research (DYOR)" is repeatedly emphasized in the crypto space, but the reality is often much more complex than the slogan suggests. As audience member Mike pointed out, DYOR is easier said than done.

在加密空间中反复强调“做自己的研究（染料）”一词，但现实通常比口号所建议的要复杂得多。正如观众迈克（Mike）指出的那样，染料说起来容易做起来难。

Most people

大多数人