从VC投资到Web3启动板

Venture Capital Investing描述了一个纯粹的财务流程，但是多年来，VC模型已经发展到远远超过资本。

Venture capital investing describes a purely financial process, and yet, over the years, the VC model has evolved into so much more than capital. Marc Andreessen and Ben Horowitz are often credited with ushering in an approach that involves managing a VC firm more like a talent agency than an investment fund – and their successes with a16z speak for themselves.

Venture Capital Investing描述了一个纯粹的财务流程，但是多年来，VC模型已经发展到远远超过资本。马克·安德森（Marc Andreessen）和本·霍洛维茨（Ben Horowitz）经常以迎来一种方法来归功于一种方法，该方法涉及管理风险投资公司（VC公司）比人才机构更像是一家人的投资基金，而他们在A16Z方面的成功为自己说话。

While a financial transaction remains at the core of the VC relationship, VC partners are also increasingly acting as mentors and trusted partners, offering guidance on areas as broad as strategy and product development, marketing, personnel management, and more. Even if they don’t have specific expertise in these areas, they bring a network of professional contacts they can call on when required.

尽管金融交易仍然是VC关系的核心，但VC合作伙伴也越来越多地充当导师和受信任的合作伙伴，为战略和产品开发，市场营销，人事管理等等领域提供指导。即使他们在这些领域没有特定的专业知识，他们也会在需要时携带他们可以要求的专业联系网络。

When Web3 became popularized, it didn’t just embrace the concept of VC investing – it put it on steroids. The idea of crowdfunding using tokens took off among communities of everyday people who were interested in innovation but were locked out of the VC investing market, as well as startups eager to explore a new channel of fundraising.

当Web3普及时，它不仅包含VC投资的概念，还包括类固醇。众筹使用代币的想法在对创新感兴趣但被锁定在风险投资市场上​​的日常人们的社区中，以及渴望探索新的筹款渠道的创业公司。

However, the challenges of decentralized funding quickly became evident. Left unchecked, it’s too easy for scammers to set up token sales as a rug pull operation. On the other side, many Web3 projects have learned the hard way that large hoards of short-term buyers are no substitute for building a community of investors who care about the long-term future of the project.

但是，分散资金的挑战很快就显而易见。剩下的未选中，骗子很容易将令牌销售设置为地毯拉力操作。另一方面，许多Web3项目已经学会了艰难的方式，即短期买家的大型ho积无法代替建立一个关心该项目的长期未来的投资者社区。

Another key challenge with the token funding model is that a decentralized group of investors can’t offer the same targeted support and expertise as a VC. Therefore, without addressing this gap, there’s a risk that Web3 projects will always be at a disadvantage compared to their Web2 counterparts.

令牌资金模型的另一个主要挑战是，一个分散的投资者群体不能提供与VC相同的目标支持和专业知识。因此，在没有解决这一差距的情况下，与他们的Web2同行相比，Web3项目总是处于不利地位。

The Launch of Launchpads

发射台的发布

Initially, launchpads such as the Binance Launchpad or THENA’s WARP Launchpad emerged to address these core challenges. The launchpad model provides a platform for new projects, offering a way for them to match with people who are interested in being involved at the early stage.

最初，诸如Binance LaunchPad或THEA的Warp Launchpad之类的发射台出现了，以应对这些核心挑战。 LaunchPad模型为新项目提供了一个平台，为他们提供了一种与有兴趣参与早期阶段的人相匹配的方式。

Launchpads can provide valuable intermediary services to facilitate the decentralized fundraising process. For example, they typically screen projects to ensure that they are legitimate and can support transparency by requiring that projects publish supporting documents such as white papers and tokenomic structure. They may also offer screening for token buyers, for example, to carry out KYC or check accreditation.

LaunchPads可以提供有价值的中介服务，以促进分散的筹款过程。例如，他们通常会筛选项目，以确保它们是合法的，并且可以通过要求发布支持文档（例如白皮书和象征性结构）的项目来支持透明度。他们还可以为代币买家提供筛选，例如，进行KYC或检查认证。

It’s also no coincidence that many of the most successful and sought-after launchpads are run by exchanges and platforms with experienced teams offering expertise and networking opportunities. Binance was one of the first to create a launchpad, and as a flagship exchange, it went on to become one of the industry’s leading platforms for up-and-coming projects.

许多最成功，最受欢迎的发射台都是由经验丰富的团队提供专业知识和网络机会的交流和平台运营的，这并非偶然。 Binance是最早创建LaunchPad的人之一，作为旗舰交易所，它继续成为该行业的新兴项目领先平台之一。

Over time, faced with the unique challenges of the Web3 space, launchpads have also come to play a more critical role. Web3’s strength derives from networking and communities – the most important factor in maintaining liquidity and thus achieving success and further investment. The strongest platforms and apps in DeFi are the ones with the largest and most engaged communities and the greatest depth of liquidity. Think Uniswap, PancakeSwap, or Curve, which have become flagship projects within the DEX domain.

随着时间的流逝，面对Web3领域的独特挑战，发射台也开始起着更为关键的作用。 Web3的优势来自网络和社区，这是维持流动性，从而获得成功和进一步投资的最重要因素。 DEFI中最强的平台和应用程序是最大，最参与的社区，并且流动性最大的平台。想想已成为DEX域内的旗舰项目的UNISWAP，PANCAKESWAP或曲线。

THENA, an all-in-one DeFi ecosystem on the BNB Chain, stands out as a project tackling the launchpad challenges holistically, fostering the growth and success of new projects. It offers the tools and infrastructure projects needed for a sustainable launch, including a business development hub and modular liquidity layer.

Thana是BNB链上的一个多合一的Defi生态系统，它是一个针对Launchpad的项目，可以全面地挑战，从而促进了新项目的增长和成功。它提供可持续启动所需的工具和基础设施项目，包括业务发展中心和模块化流动性层。

THENA’s WARP Launchpad Accelerator provides strategic support and resources to help projects scale effectively – which benefits the growth and diversity of the broader BNB Chain ecosystem, fertilizing the ground for future launches. Along with the launchpad, THENA’s modular liquidity layer enables seamless trading and efficient capital allocation, attracting more users and liquidity to the BNB ecosystem. This liquidity is essential for the success of both new and existing projects, providing a more stable financial basis for future growth.

THENA的WARP LaunchPad Accelerator提供了战略支持和资源，以帮助项目有效扩展 - 这有利于更广泛的BNB连锁生态系统的增长和多样性，从而为未来的发射施肥。与Launchpad一起，THENA的模块化流动性层可实现无缝交易和有效的资本分配，从而吸引了更多用户和流动性到BNB生态系统。这种流动性对于新项目和现有项目的成功至关重要，为未来增长提供了更稳定的财务基础。

The project makes use of Andre Cronje’s influential and widely adopted ve(3,3) tokenomics structure, which is designed to convey governance power in proportion to the tokens held by a user weighted towards those who offer long-term commitment. This structure is extremely flexible for managing on-chain liquidity.

该项目利用了安德烈·克罗尼（Andre Cronje）的有影响力和广泛采用的VE（3,3）令牌结构，该结构旨在以用户对那些提供长期承诺的用户的代币成比例地传达治理能力。这种结构非常灵活地管理链上流动性。

THENA’s package combined aims to deliver similar results to the evolved VC model – sustainable financial support from an engaged community invested in the project’s future success.

THENA的包装组合旨在与进化的VC模型提供类似的结果 - 从事该项目未来成功的参与社区的可持续财务支持。

Decentralized funding was established as an unrefined, radical Web3 alternative to the relatively closed shop of traditional VC investing. Several years later and with many lessons learned along the way, launchpads are now shaping themselves to deliver similar benefits while addressing the inherent challenges involved in token-based startup funding. For projects and users, the evolution represents a win on both sides.

分散的资金被建立为一种未精制的，激进的Web3替代传统风险投资商店的替代品。几年后，在此过程中吸取了许多教训，Launchpads现在正在塑造自己的优势，同时解决了基于代币的启动资金所涉及的固有挑战。对于项目和用户，进化代表双方的胜利。