风险投资家对加密货币的影响引发了人们对可行性和市场表现的担忧

风险资本家对新加密货币的影响被视为对其可持续性和市场表现有害。分析师 Route 2 FI 强调了未经许可的代币上市和急需资金的风险投资的问题，通过高完全稀释估值（FDV）导致价值稀释和估值膨胀，从而导致价格大幅下跌和社区信任度下降。

Venture Capitalists' Influence on Cryptocurrencies Raises Concerns About Sustainability and Market Performance

风险投资家对加密货币的影响引发了人们对可持续性和市场表现的担忧

The prominent role of venture capitalists (VCs) in the launch and development of cryptocurrencies has garnered scrutiny over its potential implications for their long-term viability and market performance. While VCs can provide essential liquidity and support during the early stages of a project, analysts argue that their influence may ultimately prove detrimental to the sustainability and value of the underlying asset.

风险投资家 (VC) 在加密货币的推出和开发中发挥的重要作用，因其对其长期生存能力和市场表现的潜在影响而受到密切关注。虽然风险投资可以在项目的早期阶段提供必要的流动性和支持，但分析师认为，它们的影响最终可能会损害基础资产的可持续性和价值。

In a comprehensive Substack post published on April 22, popular crypto analyst Route 2 FI voiced concerns regarding the negative impact of permissionless token listing and the excessive reliance on VC funding. According to Route 2 FI, the unchecked issuance and listing of new tokens on exchanges dilutes the value of existing assets and creates a competitive landscape where numerous projects vie for scarce liquidity.

在 4 月 22 日发布的 Substack 综合文章中，受欢迎的加密货币分析师 Route 2 FI 表达了对无需许可的代币上市和过度依赖风险投资的负面影响的担忧。根据 Route 2 FI 的说法，在交易所不受限制地发行和上市新代币会稀释现有资产的价值，并造成众多项目争夺稀缺流动性的竞争格局。

The analyst further criticized the practice of setting inflated fully diluted valuations (FDV) for tokens at launch. While high FDVs may entice early adopters with the prospect of substantial airdrops, they can also lead to significant price drops later on due to the substantial unlocking schedules for early VC investors. Route 2 FI expressed skepticism about the long-term viability of such investments, suggesting that many new VC-backed tokens may ultimately experience a sharp decline in value.

该分析师进一步批评了在发行时为代币设定夸大的完全稀释估值（FDV）的做法。虽然高 FDV 可能会以大量空投的前景吸引早期采用者，但由于早期风险投资者的大量解锁时间表，它们也可能导致随后价格大幅下跌。 Route 2 FI 对此类投资的长期可行性表示怀疑，这表明许多新的风险投资支持的代币最终可能会经历价值急剧下跌。

Data from TradingView indicates that the total market capitalization of altcoins, excluding Bitcoin, has increased by 38% year-to-date to reach $1.05 trillion. However, this growth is overshadowed by the potential risks associated with large VC unlocks. The increased circulating supply of tokens, without a corresponding increase in demand, can exert significant downward pressure on prices.

TradingView 的数据显示，除比特币外，山寨币的总市值今年迄今已增长 38%，达到 1.05 万亿美元。然而，这种增长被大规模风险投资释放相关的潜在风险所掩盖。代币流通供应量的增加，如果需求没有相应增加，可能会给价格带来巨大的下行压力。

Route 2 FI emphasized the negative consequences that can arise when early buyers and developers exit projects, eroding community trust and reducing the total value locked (TVL) in the underlying protocols. This can create a downward spiral, where the oversupply of tokens leads to a decline in demand, resulting in further price drops and a loss of confidence among investors.

Route 2 FI 强调了早期买家和开发商退出项目时可能产生的负面后果，这会削弱社区信任并减少底层协议中锁定的总价值 (TVL)。这可能会造成螺旋式下降，代币供应过剩导致需求下降，导致价格进一步下跌并失去投资者的信心。

In light of these concerns, the analyst questioned the likelihood of a traditional "altseason," where altcoins typically experience a surge following Bitcoin's cyclical peaks. Despite the existence of numerous noteworthy projects, Route 2 FI argued that the lack of sufficient liquidity could signal the end of this recurrent trend.

鉴于这些担忧，分析师质疑传统“山寨币季节”的可能性，在传统“山寨币季节”中，山寨币通常会在比特币的周期性峰值之后经历飙升。尽管存在许多值得注意的项目，但 Route 2 FI 认为，缺乏足够的流动性可能标志着这种反复趋势的结束。

"We hear a lot about altseason, but this time around I think things will be different," Route 2 FI wrote. "But ask yourself who is going to buy all these tokens. Unless institutions or retail are coming in masses, it will just be a forever PvP fight."

Route 2 FI 写道：“我们听到了很多关于山寨季的消息，但我认为这一次情况会有所不同。” “但问问你自己，谁会购买所有这些代币。除非机构或散户大量涌入，否则这将只是一场永远的 PvP 战斗。”

The analyst's observations and criticisms highlight the complex and often paradoxical nature of the cryptocurrency market. While VCs and other early investors can provide essential support to new projects, their influence can also introduce risks and challenges that may ultimately undermine the long-term sustainability of the assets they invest in. As the cryptocurrency industry continues to evolve, it remains to be seen how these dynamics will play out and whether a more balanced and sustainable model can emerge in the future.

分析师的观察和批评凸显了加密货币市场的复杂性和常常自相矛盾的性质。虽然风险投资和其他早期投资者可以为新项目提供必要的支持，但他们的影响力也会带来风险和挑战，最终可能会破坏他们所投资资产的长期可持续性。随着加密货币行业的不断发展，它仍然有待解决。看看这些动态将如何发挥作用，以及未来是否会出现更加平衡和可持续的模式。