我们所经历的陷阱和我们无法避免的教训

据说当前的业务环境不好。失业者找不到工作，就业很容易解雇

In the rapidly evolving landscape of Web3, where new opportunities and challenges emerge at every turn, it is crucial for investors to stay vigilant and make informed decisions. As we navigate this exciting domain, we must be aware of the common pitfalls that can lead to disappointment and financial setbacks.

在迅速发展的Web3景观中，新的机遇和挑战都在不断出现，对于投资者保持警惕并做出明智的决定至关重要。当我们浏览这个令人兴奋的领域时，我们必须意识到可能导致失望和财务挫折的常见陷阱。

In the realm of Web3 investment, many fall into the trap of viewing project success as a mere "horse race bet," believing that as long as they select a winning project, they will be guaranteed substantial returns. However, this approach, driven solely by luck, often pushes investors into the abyss of failure. Having witnessed the blockchain industry from close quarters for the past six years, I have encountered numerous projects that shimmered on the surface but concealed a "minefield" of problems. Their ultimate failure not quickly brought losses to investors but also sounded a profound warning for the entire industry.

在Web3投资领域中，许多人落入了将项目成功视为“赛马赌注”的陷阱，他们认为只要他们选择一个获胜的项目，他们就会获得可观的回报。但是，这种方法仅由运气驱动，经常使投资者陷入失败的深渊。在过去的六年中，我目睹了区块链行业的近距离，我遇到了许多在表面上闪闪发光但掩盖了问题的项目。他们的最终失败并没有迅速给投资者带来损失，而是对整个行业发出了深刻的警告。

Hot spot chasers: Hot concepts but no real implementation

热点追逐者：热门概念，但没有真正的实现

In the sphere of Web3, market hot spots are continually emerging, such as "AI+Web3" and "RWA (real asset tokenization)," which have been particularly prominent this year. Some projects seize the opportunity and quickly attract attention and capital through skillful packaging. However, their technical capabilities and market strategies often fail to stand up to close scrutiny.

在Web3领域，市场热点不断出现，例如“ AI+Web3”和“ RWA（真正的资产令牌化）”，这是今年特别突出的。一些项目抓住了机会，并通过熟练的包装迅速吸引了关注和资本。但是，他们的技术能力和市场策略通常无法受到审查。

Take a specific "AI+Web3" project that emerged in early 2024. The team engaged in high-profile publicity, combining artificial intelligence and blockchain to launch the world's first decentralized AI content creation platform. The project painted a grand vision of "decentralized storage and efficient edge computing" in its white paper and secured over $20 million in early financing. Nevertheless, the subsequent development progress lagged far behind the plan, and the team's technical capabilities, particularly in assessing the feasibility of real application scenarios, came into question. Ultimately, the project announced that it would be shutting down due to a broken capital chain after just six months, and its token price plummeted 90% from its high point, causing substantial losses for investors.

采取一个特定的“ AI+Web3”项目，该项目于2024年初出现。该团队从事备受瞩目的宣传，结合了人工智能和区块链，以启动世界上第一个分散的AI内容创建平台。该项目在其白皮书中描绘了“分散存储和有效的边缘计算”的宏伟愿景，并在早期融资中获得了超过2000万美元的愿景。然而，随后的发展进步远远落后于计划，团队的技术能力，尤其是在评估实际应用程序方案的可行性时受到质疑。最终，该项目宣布，由于仅六个月后的资本链破损，它将关闭，其代币价格从高点起就下降了90％，这给投资者造成了巨大的损失。

Rapid coin issuance: From dream to harvest, the Web3 scam

快速硬币发行：从梦想到收获，Web3骗局

As the saying goes, "a project that does not issue tokens is not a good project." However, in some domains, issuing tokens has become synonymous with cutting leeks. Some project teams mobilize funds by quickly issuing tokens, view token issuance as their core goal, and quickly withdraw after achieving short-term capital gains, with little actual development progress to show for it. This myopic behavior has led to many investors being reaped in the fantasy of overnight riches, while the project team turns around and starts a new venture, repeating the same routine.

俗话说：“一个不发出代币的项目不是一个好项目。”但是，在某些领域，发行令牌已成为切割韭菜的代名词。一些项目团队通过快速发行代币，将令牌发行视为其核心目标，并在获得短期资本收益后迅速撤离，从而动员了资金，几乎没有实际的开发进展可以显示出来。这种近视行为导致许多投资者在一夜之间的财富的幻想中获得了收获，而项目团队转过身来开始了一家新的冒险，重复了相同的常规。

Take the popular MEMECoin project in 2024. This token, with the theme of "Trump's victory," attracted a large influx of speculators in a short span, raising over $10 million. However, this token's white paper was largely empty, using meme culture and political events as marketing gimmicks and lacking any product landing or technical support. As the news of Trump's victory subsided, the market heat dropped sharply, and the token price plummeted more than 95% in just a few days. Many investors failed to even recover their initial costs, whereas the project team quickly profited at the time of listing through a high proportion of pre-sale shares.

以2024年流行的Memecoin项目为例。这个令牌以“特朗普的胜利”为主题，在短短的时间内吸引了大量投机者，筹集了超过1000万美元。但是，该令牌的白皮书在很大程度上是空的，它使用模因文化和政治事件作为营销gi头，缺乏任何产品降落或技术支持。随着特朗普胜利的消息平息，市场的热量急剧下降，几天之内代币的价格下降了95％以上。许多投资者甚至没有收回其初始成本，而项目团队在上市前销售中很大的股票时很快获利。

The illusion of high valuation: Pseudo-prosperity in the bubble

高估的幻想：气泡中的伪繁殖

Web3's highly valued projects are often packaged as "future unicorns" by exaggerating the market size, inflating user data or fabricating revenue sources to create an illusion that investment opportunities are slipping away. However, the actual operational capabilities of such projects often seriously out of line with their high valuations, leading to a rapid decline in market value after launch and heavy losses for investors.

Web3的高度价值项目通常通过夸大了市场规模，夸大用户数据或制造收入来源，以产生一种幻想，即投资机会正在消失。但是，此类项目的实际运营能力通常与他们的高估值不平衡，从而导致推出后市场价值迅速下降，投资者造成了巨大的损失。

The most direct example is the dispute between market value and FDV. In the past two years, many projects have set their total token amount to billions or even tens of billions when issuing coins, and then publicized their total market value to be millions or even tens of millions. However, this data is often calculated using FVD, which is calculated based on the total token amount. On average, a single token may not even have 0.1 US dollars, not to mention the market circulation. Therefore, many investors are criticizing whether the so-called market value is calculated based on the amount of tokens that have been unlocked, the market circulation, or the total issuance. If it is calculated based on FDV, it often causes a large information error.

最直接的例子是市场价值与FDV之间的争议。在过去的两年中，许多项目在发行硬币时将其总额设定为数十亿甚至数十亿美元，然后将其总市场价值宣传为数百万甚至数千万。但是，此数据通常是使用FVD计算的，FVD是根据总代币数量来计算的。平均而言，一个令牌甚至可能没有0.1美元，更不用说市场流通了。因此，许多投资者正在批评所谓的市场价值是根据已解锁的令牌，市场流通还是总发行的数量来计算的。如果根据FDV进行计算，则通常会导致较大的信息错误。

Despite the chill of the external environment, the future of Web3 does not seem to have stopped.

尽管外部环境寒冷，但Web3的未来似乎并没有停止。

As macroeconomic uncertainty continues and the crypto market experiences another round of decline, there are signs that the pace of capital reduction in the Web3 industry is slowing down. After a period of rapid development, the investment enthusiasm in emerging tracks such as RWA and ZK technology is gradually cooling down, and the proportion of new projects receiving large-scale financing is also decreasing

随着宏观经济不确定性的持续，加密市场经历了另一轮衰落，有迹象表明，Web3行业的资本减少速度正在放缓。经过一段快速的发展，RWA和ZK技术等新兴轨道的投资热情正在逐渐冷静下来，并且获得大规模融资的新项目的比例也在下降