书名：The Cure 作者：Arthur Hayes 译者：Ismay、BlockBeats

在这篇文章中，Arthur Hayes 以敏锐的视角分析了 ICO 在加密货币行业的兴衰，洞察了 ICO 为何能够重回巅峰。

The Spot.dog team plans to integrate with Web2 influencers, NFT marketplaces, and decentralized autonomous organizations (DAOs) to attract a new generation of crypto users. I am optimistic about this project because it aligns with the broader goal of onboarding more users into the Web3 ecosystem.

Spot.dog 团队计划与 Web2 影响者、NFT 市场和去中心化自治组织 (DAO) 整合，以吸引新一代加密货币用户。我对这个项目持乐观态度，因为它符合让更多用户加入 Web3 生态系统的更广泛目标。

Technology:

技术：

The last ICO boom was mainly driven by Ethereum and concluded with the launch of decentralized finance (DeFi) protocols in 2020. During this period, ICOs were largely limited to the Ethereum ecosystem. However, with the rise of multi-chain and cross-chain technologies, ICOs can now be conducted on multiple blockchains simultaneously.

上一次 ICO 热潮主要是由以太坊推动的，并以 2020 年去中心化金融（DeFi）协议的推出而结束。在此期间，ICO 很大程度上局限于以太坊生态系统。然而，随着多链和跨链技术的兴起，ICO现在可以在多个区块链上同时进行。

For example, a team can launch an ICO on Ethereum, BNB Chain, Polygon, Avalanche, Solana, and Near simultaneously. This approach allows teams to tap into the liquidity and user base of each chain, potentially raising more funds and attracting a wider range of investors. Additionally, cross-chain technology enables investors to participate in ICOs on different blockchains without incurring high gas fees or needing to bridge assets manually.

例如，团队可以同时在以太坊、BNB Chain、Polygon、Avalanche、Solana 和 Near 上启动 ICO。这种方法允许团队利用每个链的流动性和用户群，有可能筹集更多资金并吸引更广泛的投资者。此外，跨链技术使投资者能够参与不同区块链上的 ICO，而无需支付高额 Gas 费用或需要手动桥接资产。

Another technological advancement that could benefit ICOs is the introduction of modular blockchains. These blockchains, such as Celestia and Sui, separate the execution and data availability layers, allowing for greater scalability and lower costs. As a result, ICOs on modular blockchains could become more accessible and efficient.

另一项有利于 ICO 的技术进步是模块化区块链的引入。这些区块链，例如 Celestia 和 Sui，将执行层和数据可用性层分开，从而实现更大的可扩展性和更低的成本。因此，模块化区块链上的 ICO 可能会变得更加容易访问和高效。

Finally, the development of zk-Rollups and optimistic Rollups is also expected to contribute to the growth of ICOs. These Layer 2 scaling solutions offer lower fees and faster transaction times, making on-chain capital formation more appealing to both teams and investors.

最后，zk-Rollups 和乐观 Rollups 的发展也有望促进 ICO 的增长。这些第 2 层扩展解决方案提供更低的费用和更快的交易时间，使链上资本形成对团队和投资者都更具吸引力。

Conclusion

结论

The cryptocurrency industry is cyclical. After experiencing the mania of ICOs, the authoritarian control of venture capital and centralized exchanges, and the absurdity of meme coins, we are finally returning to the essence of ICOs. This time, however, the timing, liquidity, and technology are all ripe for a grand return of ICOs. I believe that in 2024, we will witness a new wave of ICOs that will redefine the landscape of the cryptocurrency industry once again.output:

加密货币行业是周期性的。在经历了ICO的狂热、风投和中心化交易所的专制控制、迷因币的荒诞之后，我们终于回归了ICO的本质。然而这一次，ICO 盛大回归的时机、流动性和技术都已经成熟。相信2024年，我们将见证新一轮的ICO浪潮，将再次重新定义加密货币行业的格局。输出：

Original Title: The Cure Author: Arthur Hayes Translator: Ismay, BlockBeats

原标题：The Cure 作者：Arthur Hayes 译者：Ismay、BlockBeats

Editor's Note:

编者注：

In this article, Arthur Hayes analyzes the rise and fall of ICOs in the cryptocurrency industry with a sharp perspective, offering insights into why ICOs could return to their peak. He points out that the over-reliance on centralized exchanges and venture capital-backed high-valuation projects has become a shackle for the industry's development, comparing the capital formation mechanisms of meme coins and ICOs, and advocating for a return to the decentralized and high-risk, high-reward essence of crypto projects. Through his interpretation of technological potential and viral dissemination, Arthur Hayes once again demonstrates his foresight regarding the future development of the industry.

在这篇文章中，Arthur Hayes 以敏锐的视角分析了 ICO 在加密货币行业的兴衰，洞察了 ICO 为何能够重回巅峰。他指出，过度依赖中心化交易所和风投支持的高估值项目已经成为行业发展的桎梏，对比了meme币和ICO的资本形成机制，主张回归去中心化和高估值。 - 加密项目的风险、高回报本质。 Arthur Hayes通过对技术潜力和病毒式传播的解读，再次展现了他对行业未来发展的预见。

Here is the original content:

以下是原文内容：

Tension and stress can sometimes infect men and women, leading to irrational behavior. Unfortunately, many companies in the Maelstrom portfolio have contracted a "CEXually Transmitted Disease" propagated by centralized exchanges. The affected founders believe they must fully comply with the directives of certain well-known centralized exchanges, or else the road to massive returns will be blocked. These centralized exchanges demand: pump this metric, hire this person, allocate me this portion of tokens, launch your token on this date… etc., never mind, just wait for us to notify you to launch. These "patients" obsessed with the desires of trading platforms have almost completely forgotten the original intention of users and cryptocurrencies. Come to my clinic, I can cure you. The prescription is ICO. Let me explain…

紧张和压力有时会影响男性和女性，导致非理性行为。不幸的是，Maelstrom 投资组合中的许多公司都感染了由中心化交易所传播的“CEX 传播疾病”。受影响的创始人认为，他们必须完全遵守某些知名中心化交易所的指令，否则巨额回报之路将被堵塞。这些中心化交易所的要求是：提高这个指标、雇用这个人、分配给我这部分代币、在这个日期启动你的代币……等等，没关系，只需等待我们通知你启动即可。这些沉迷于交易平台欲望的“病人”几乎完全忘记了用户和加密货币的初衷。来我的诊所，我可以治愈你。处方是ICO。让我解释一下……

I have a three-point theory on why cryptocurrency has become one of the fastest-growing networks in human history:

关于为什么加密货币成为人类历史上增长最快的网络之一，我有一个三点理论：

Governments Captured

政府被俘

Large corporations, big tech, big pharma, the military-industrial complex, and other "big XX" have used their wealth and power to control most major governments and economies. Since the end of World War II, although living standards and life expectancy have risen rapidly and consistently, this improvement has slowed for the 90% of the population who hold very few financial assets and have almost no political voice. Decentralization is the antidote to the concentration of wealth and power.

大公司、大科技、大制药、军工联合体和其他“大XX”已经利用他们的财富和权力控制了大多数主要政府和经济体。自二战结束以来，尽管生活水平和预期寿命持续迅速提高，但对于持有很少金融资产且几乎没有政治发言权的90%人口来说，这种改善速度已经放缓。去中心化是财富和权力集中的解药。

Miraculous Technology

神奇科技

The Bitcoin blockchain and the many subsequent blockchains are epoch-making miraculous technologies. From a humble beginning, Bitcoin has at least proven itself to be one of the most resilient monetary systems. For anyone who can break the Bitcoin network, that nearly $2 trillion in Bitcoin could be double-spent, like a massive bug bounty.

比特币区块链以及后续的诸多区块链都是划时代的神奇技术。从一开始，比特币就至少证明了自己是最具弹性的货币体系之一。对于任何能够破坏比特币网络的人来说，近 2 万亿美元的比特币都可能被双重花费，就像巨额漏洞赏金一样。

Greed

贪婪

The growth in the fiat and energy value of blockchain-driven cryptocurrencies and their tokens has made users wealthy. The wealth of the cryptocurrency community was evident in the November elections in the U.S. The U.S. (and most other countries) is a political system where "money buys power." The "bandits" of cryptocurrency are among the industries that donate the most to political candidates, helping pro-crypto

区块链驱动的加密货币及其代币的法定和能源价值的增长使用户变得富有。加密货币社区的财富在美国 11 月的选举中显而易见。美国（以及大多数其他国家）是一个“金钱购买权力”的政治体系。加密货币“强盗”是向政治候选人捐赠最多的行业之一，帮助支持加密货币