风险投资支持的代币与 Memecoins：散户投资者的中立观点

据 Foresight News 报道，散户投资者对 Memecoin 的兴趣与日俱增，但重要的是不要完全忽视风险投资支持的代币。

Retail investors are increasingly interested in Memecoins, but it's crucial not to overlook VC-backed tokens entirely. This article aims to present a neutral perspective based on observed data, avoiding misconceptions and the influence of a few key opinion leaders (KOLs).

散户投资者对 Memecoin 越来越感兴趣，但重要的是不要完全忽视风险投资支持的代币。本文旨在基于观察到的数据提出中立的观点，避免误解和少数关键意见领袖（KOL）的影响。

VC tokens are defined as those with more than 51% of their supply allocated to the team and investors. These tokens are usually linked to infrastructure projects like EIGEN, SUI, APT, AVAIL, ZK, and SEI, where a significant portion of the token supply is dedicated to community and ecosystem growth. This allocation is key to the health of the ecosystem, as good incentives attract decentralized applications (DApps) to new chains. Projects like Sui and Aptos have effectively used their token supply to incentivize ecosystem development, leading to noticeable growth and increased visibility through marketing efforts. This creates a feedback loop where incentives drive marketing, attracting retail investors who follow the hype.

VC 代币被定义为 51% 以上的供应量分配给团队和投资者的代币。这些代币通常与 EIGEN、SUI、APT、AVAIL、ZK 和 SEI 等基础设施项目相关，其中代币供应的很大一部分致力于社区和生态系统的发展。这种分配对于生态系统的健康至关重要，因为良好的激励措施会将去中心化应用程序（DApp）吸引到新的链上。 Sui 和 Aptos 等项目有效地利用其代币供应来激励生态系统发展，通过营销努力实现显着增长并提高知名度。这就形成了一个反馈循环，激励推动营销，吸引追随炒作的散户投资者。

VC-backed tokens are designed for long-term growth, with investors unlocking their tokens as planned. Venture capital firms aim for substantial returns, similar to retail investors, and are unlikely to exit easily when a significant portion of the supply is dedicated to long-term project growth. These firms understand how to create positive feedback loops, as seen with Sui, where initial frustrations among retail investors turned into enthusiasm following treasury grants and announcements that boosted token prices.

风险投资支持的代币旨在实现长期增长，投资者按计划解锁其代币。与散户投资者类似，风险投资公司的目标是获得丰厚的回报，当很大一部分供应用于长期项目增长时，它们不太可能轻易退出。这些公司了解如何建立积极的反馈循环，正如 Sui 所见，散户投资者最初的沮丧在财政拨款和公告推高代币价格后转变为热情。

On the other hand, Memecoins are fully circulated at the time of their token generation event (TGE) and are often perceived as fairer. However, the hype around Memecoins is driven by snipers who acquire cheap tokens, leaving retail investors as their exit liquidity. Influential KOLs buy large amounts of tokens from the open market, creating a narrative to support their positions. Retail investors may exit at a 2x profit, while KOLs hold for a 10x return, eventually leading to a liquidity exit from decentralized exchanges, leaving retail investors unaware of the shift.

另一方面，Memecoin 在其代币生成事件 (TGE) 时已完全流通，并且通常被认为更公平。然而，围绕 Memecoins 的炒作是由狙击手购买廉价代币推动的，让散户投资者成为他们的退出流动性。有影响力的 KOL 从公开市场购买大量代币，创造一个故事来支持他们的立场。散户投资者可能会以2倍的利润退出，而KOL则持有10倍的回报，最终导致去中心化交易所的流动性退出，而散户投资者却浑然不觉。

The strategy for retail investors should involve participating in both VC-backed tokens and Memecoins without becoming emotionally attached to any token. It is essential to remain vigilant and be prepared to exit at the right time, as most tokens eventually lose their value. Balancing investments in both types of tokens can help mitigate risks and capitalize on potential gains.

散户投资者的策略应该包括参与风险投资支持的代币和 Memecoin，但不要对任何代币产生情感依恋。保持警惕并准备在正确的时间退出至关重要，因为大多数代币最终都会失去价值。平衡两种类型代币的投资有助于降低风险并利用潜在收益。