我们目睹了政策的曙光吗？

在有关Memecoins为什么重要的一篇文章中，我认为Memecoins通过形成投机市场，在公民参与的新时代迎来了公民参与时代，公民能够交易与政府政策相关的硬币。

The convergence of a meme administration, a meme citizenry and meme advocacy has created fertile conditions for PolicyFi and, perhaps counter-intuitively, for better policy making.

模因管理，模因公民和模因倡导的融合为政策中的政策造成了肥沃的条件，并可能在违反直觉上为更好的政策制定。

When I wrote about why memecoins matter in an earlier piece, I suggested that they were ushering in a new era of civic engagement by forming speculative markets in which citizens traded coins tied to government policies. I argued that holder distributions and market caps in those markets would signal popular support for underlying policies to lawmakers, who would then take them into account when crafting public policy, fostering a new form of political dialogue between citizen and state.

当我写关于Memecoins为何在早期文章中很重要的原因时，我建议他们通过形成投机市场来迎来一个新的公民参与时代，公民交易与政府政策相关的硬币。我认为，这些市场中的持有人的分布和市值将表明对立法者的基本政策的普遍支持，后者随后在制定公共政策时会考虑到这些政策，从而促进公民与州之间的政治对话形式。

I called this dynamic PolicyFi and presented it as a constructive use of memecoins.

我称这种动态政策FI，并将其作为对模因的建设性使用。

With the Trump administration coming into office and the President-Elect and First Lady launching memecoins, it is a good time to ask if we are entering the PolicyFi era and, if so, whether we should welcome it.

随着特朗普政府上任，当选总统和第一夫人发起了纪念物，现在是问我们是否进入政策法时代的好时机，如果是这样，我们是否应该欢迎它。

I believe the answer to each of these questions is yes. The convergence of a meme administration, a meme citizenry and meme advocacy has created fertile conditions for PolicyFi and, perhaps counter-intuitively, for better policy making.

我相信每个问题的答案是肯定的。模因管理，模因公民和模因倡导的融合为政策中的政策造成了肥沃的条件，并可能在违反直觉上为更好的政策制定。

Meme Admin, Meme Citizenry, Meme Advocacy

模因管理，模因公民，模因倡导

PolicyFi requires the installation of meme-sensitive government actors, or a “meme admin.” In the original piece, I suggested that the incoming administration fit the bill because it understood and respected the power of memes. When I wrote that, I was thinking mainly of Elon Musk and his affinity for dogecoin but also of Trump’s own adeptness at creating and harnessing memes on the campaign trail and while in office.

Policyfi要求安装对模因敏感的政府演员或“模因管理员”。在原始作品中，我建议即将到来的政府符合该法案，因为它理解并尊重模因的力量。当我写这篇文章时，我主要是考虑埃隆·马斯克（Elon Musk）和他对狗狗（Dogecoin）的亲和力，但也是特朗普（Trump）自己在竞选过程中以及在任职期间创造和利用模因的善良。

Admittedly, the President-Elect’s issuance of his own Solana memecoin (Trump), soon followed by his wife’s (Melania), a few days before he took the oath of office surprised even me. (I suspect the timing was driven by concerns over the Emoluments Clause.)

诚然，当选总统发行了自己的索拉纳（Solana Memecoin）（特朗普），不久之后是妻子的（梅拉尼亚），几天前，他上任宣誓就让我感到惊讶。 （我怀疑时间安排是由对埃默洛（Emoluments）条款的担忧驱动的）。

The Trump memecoins immediately soared, draining liquidity from every crypto ecosystem and almost breaking the Solana blockchain. If you are a crypto-native, you will always remember where you were when the President-Elect and soon-to-be First Lady announced the launch of their memecoins.

特朗普的模因立即飙升，从每个加密生态系统中耗尽流动性，几乎打破了Solana区块链。如果您是一个加密本地人，您将永远记住当选总统和即将成为第一夫人的第一夫人宣布发起他们的成员时的位置。

The Trump coins sharply divided the crypto industry. But, more importantly for present purposes, they put beyond doubt that Americans had elected a “meme admin” that was prepared to engage with financialized memes, and was therefore more likely to engage with them while in office.

特朗普硬币急剧划分了加密货币行业。但是，更重要的是，出于目前的目的，他们毫无疑问地认为，美国人选择了一个准备与财务模因互动的“模因管理员”，因此在任职期间更有可能与他们互动。

The Trump coins contributed another essential ingredient for PolicyFi: the en masse onboarding of the citizenry to memecoins and, in particular, political coins. The stats around the Trump and Melania memecoins, which were explicitly marketed as a form of political expression, are staggering and telling. Most holders were new retail buyers. Around 50% had never bought a Solana altcoin (i.e. tokens on the Solana blockchain excluding SOL and stablecoins) before. Nearly half of buyers created their wallets on the day that they purchased the tokens, and more than 80% of Trump and Melania holders hold less than $1,000 worth of assets on Solana, further suggesting retail popularity.

特朗普硬币为政策Fi提供了另一种重要组成部分：大批对成员，尤其是政治硬币的登机。特朗普和梅拉尼亚纪念物周围的统计数据被明确销售为政治表达的一种形式，令人震惊和讲述。大多数持有人都是新的零售买家。大约有50％的人从未购买过以前购买了Solana Altcoin（即Solana区块链上的代币（不包括SOL和StableCoins）。在购买代币的那天，将近一半的买家制作了钱包，而超过80％的特朗普和梅拉尼亚持有人在Solana上持有价值不到1,000美元的资产，进一步表明零售价。

Many of these meme recruits seem puzzled about what to do next with their crypto. (I expect they’ll figure it out.)

这些模因新兵中有许多似乎对下一步的加密货币感到困惑。 （我希望他们会弄清楚。）

Alongside this meme admin and meme citizenry is the proliferation of more (and more innovative) policy-focused memecoins. Many of the policy memecoins that I mentioned in the original piece, such as D.O.G.E. (Department of Government Efficiency) and SBR (Strategic Bitcoin Reserve), attracted substantial trading volume as the new admin took office and investors began to speculate on its initial policy steps.

除了这个模因管理和模因公民之外，还有更多（和更具创新性的）以政策为中心的成员的扩散。我在原始作品中提到的许多政策成员，例如Doge（政府效率）和SBR（战略比特币储备），吸引了大量的交易量，因为新管理员上任并开始推测其最初的政策步骤。

However, these policy tokens are still relatively primitive from the perspective of PolicyFi because they place more emphasis on attention flows or prediction (like a prediction market) than on engagement with government actors.

但是，这些政策代币从政策的角度仍然相对原始，因为它们更着重于关注流或预测（例如预测市场），而不是与政府参与者的互动。

Another token, MILK, fits the PolicyFi thesis better. The express purpose of the MILK meme token is to change U.S. food policy to allow for the sale of unpasteurized milk. The MILK community advances that tangible policy position through its token holdings (2,000 people hold MILK), the market cap of the token (as high as USD $1M) and the community’s production of MILK memes on social media (constant). In an era of PolicyFi, we would expect to see a Cambrian explosion of tokens in the mold of MILK.

牛奶的另一个象征性更适合政策论文。牛奶模因令牌的明确目的是改变美国食品政策，以允许出售未经省心的牛奶。牛奶社区通过其代币控股（2,000人持有牛奶），代币的市值（高达100万美元）以及社区在社交媒体上生产牛奶模因（Constant）。在一个政策时代，我们希望看到牛奶模具中的寒武纪爆炸。

A Dialogue with Leviathan

与利维坦的对话

The expression of political will through meme policy markets is necessary but not sufficient for PolicyFi. Governments must also begin conversing with those markets when crafting policy. We may be seeing early indicators of this as well.

通过模因政策市场的政治意志的表达是必要的，但对于政策方面来说还不够。制定政策时，政府还必须开始与这些市场交流。我们可能还会看到这一点的早期指标。

President Trump has long viewed public markets and especially the stock market as a barometer of his performance and has tried to satisfy them. More recently, he has adopted a similar stance towards the price of bitcoin (which is itself a brand of financial policy) and is doubtless monitoring the price of his own memecoin, which represents the majority of his net worth on paper.

特朗普总统长期以来一直将公共市场，尤其是股票市场视为其表现的晴雨表，并试图满足它们。最近，他对比特币价格（本身就是财务政策品牌）采取了类似的立场，毫无疑问地监控了自己的成员的价格，这代表了他在纸上的大部分净资产。