据 The DeFi Edge，2025 年发行的代币中，85% 的价格已跌破发行价。风投支持项目收益率下降，部分 项目亏损严重。2022 年 Q2，加密风投单季度募资近 170 亿美元，新设基金超过 80 支。自 2022 年以 来，风投投资回报持续下滑，新基金数量降至五年最低，上一季度募资仅为 2022 年 Q2 的 12%。尽管 上一季度风投投资额达 85 亿美元，环比增长 84%，但主要为 2022 年资金投入，非新增资本。报告指 出，传统"风投入场—代币发行—抛售零售"模式正在衰退。随着风投影响力减弱，未来项目成功关键在 于真实用户和实际收入，预计将带来更公平发行与减少内部抛售情况。 （来源：吴说） ...

Core Viewpoint - The optimal capital formation model for early-stage projects should include mechanisms for long-term holders, such as staking, and a token release strategy that minimizes investor involvement at the Token Generation Event (TGE) [1] Group 1 - Toly suggests that over 20% of tokens should be released on the day of TGE [1] - It is recommended to avoid introducing investors, and if they are included, their tokens should be unlocked 100% after one year post-TGE [1] - The distribution of tokens should ideally be conducted through core user airdrops or fair auctions rather than immediate unlocks for teams and investors [1] Group 2 - A one-year lock-up period for investors may appear daunting but allows the market to reprice between those cashing out and those accumulating [1] - The staking mechanism is proposed to continuously incentivize long-term holders, similar to how long-term funds receive returns in early funding rounds [1]

Core Insights - The altcoin market is facing a significant crisis due to an oversupply of tokens released from projects that were heavily funded during the 2021-2022 financing bubble, leading to a fundamental imbalance between supply and demand [1][3] - The mechanisms that caused this oversupply have not changed, with many projects continuing to issue tokens regardless of market demand, treating token issuance as a necessary step rather than a strategic choice [1][3] Group 1: The Four-Loss Dilemma - The low circulation model has created a situation where all participants in the market are losing, including centralized exchanges, token holders, project teams, and venture capitalists [3][4] - Centralized exchanges are caught in a dilemma, as they face backlash from the community for poor token performance while trying to protect retail investors through low circulation requirements [3][4] - The strategy of maintaining low circulation to support high valuations has backfired, leading to a distorted market where early supporters suffer losses [3][4] Group 2: Market Reactions - The market has attempted to break the cycle through two major experiments: Meme coins and the MetaDAO model, both of which revealed the complexities of token design [4][5] - Meme coins aimed to provide a fairer distribution by offering 100% circulation at launch, but resulted in a market flooded with low-quality tokens, leading to significant losses for participants [4][5] - The MetaDAO model sought to protect token holders by giving them control, but it also led to issues such as founders losing too much control and a lack of effective liquidity [6][7] Group 3: Proposed Balancing Solutions - Centralized exchanges should stop extending lock-up periods that hinder price discovery and instead focus on predictable token release schedules tied to performance metrics [8] - Token holders need to avoid overreaching control that could deter quality projects and should demand transparency and accountability from project teams [9][10] - Project teams should refrain from issuing tokens without clear market fit and should maintain the authority to make strategic decisions without excessive oversight [10][11] - Venture capitalists should be more discerning in their approach to token issuance, ensuring that only suitable projects are encouraged to issue tokens [14][12] Group 4: Future Outlook - The next 12 months are expected to be challenging as the market faces the final wave of oversupply from the previous funding cycle [16][25] - By the end of 2026, projects from the last cycle will either have completed their token issuance or failed, leading to a more rational market environment [16][25] - The long-term threat remains that the altcoin market could devolve into a "lemon market," where only failing projects continue to issue tokens, driving away quality participants [18][24] - Despite the challenges, there are signs of market self-correction, with exchanges tightening their listing criteria and communities exploring better governance structures [22][23]

Core Insights - The article discusses the evaluation of success and growth in crypto protocols, emphasizing the need for tailored marketing strategies in the crypto space compared to traditional Web2 approaches [1][2][3] Group 1: Growth Metrics - Key growth metrics for crypto protocols include user count, transaction volume, and Total Value Locked (TVL), which reflects the total value of assets deposited in smart contracts [2][3] - Active Monthly Addresses (MAA) and the number of applications built on Layer 1 (L1) and Layer 2 (L2) networks are crucial for assessing growth, ideally showing synchronized growth [1][2] - The concept of "active TVL" and its capital cost is introduced, indicating the rewards needed to achieve a certain level of locked value [2] Group 2: Customer Metrics - Customer Acquisition Cost (CAC) is defined as the total cost to acquire a customer, which includes both paid marketing and organic growth costs [5][6] - Lifetime Value (LTV) measures the present value of a customer's net profit contribution over their lifecycle, which is more complex in crypto due to pseudonymous wallets [7][8] - The LTV:CAC ratio is essential for understanding the cost-effectiveness of customer acquisition, with no established benchmark in the crypto space yet [10] Group 3: Marketing Funnel - The marketing funnel in crypto differs from traditional models, with unique strategies and behaviors at each stage, including on-chain actions and community-driven dynamics [11] - Awareness generation is the first stage, where brand visibility is crucial, and metrics like reach and CAC are measured [14] - Influencer marketing can be effective when aligned with project values, while traditional advertising faces challenges due to policy ambiguities [15][16] Group 4: User Engagement and Retention - Post-conversion engagement is vital for understanding user retention and community health, with metrics tracking online and offline interactions [24][25] - Retention rates measure the percentage of users remaining active over time, with a focus on distinguishing between long-term and short-term behaviors [27][28] - Churn rates indicate the percentage of users lost, with alternative metrics like inactive wallets providing insights into user engagement [29][30] Group 5: Wallet Share and Market Dynamics - Wallet share tracks the proportion of customer spending allocated to a specific product, revealing insights into user behavior and potential marketing opportunities [31] - The article emphasizes that growth measurement in crypto requires adapting effective strategies while discarding ineffective ones, focusing on the unique advantages of blockchain technology [32]

Core Viewpoint - BNB Chain's growth executive director emphasizes the importance of community-driven meme culture while encouraging participants to engage with a focus on entertainment [1] Group 1 - The director expresses a desire for BSC to have a native, grassroots culture that genuinely originates from the community [1] - The director clarifies that despite having an understanding of the online community, there will be no participation in any token sales [1]

Core Insights - A significant majority of new tokens launched in 2025 have seen a decline in their fully diluted valuation (FDV) post-token generation event (TGE), with 84.7% of tokens experiencing a drop, and a median decrease of 71% in FDV [1] - The analysis indicates that traditional metrics such as high funding, active communities, and exchange listings do not correlate with token performance, suggesting a shift in evaluation criteria for projects [1][2] - The average return on investment (ROI) for tokens at TGE is alarmingly low, with many tokens failing to maintain value beyond the initial launch [4][7] Funding and Token Performance - There is a negligible correlation (0.04) between funding amounts and token performance, indicating that higher funding does not guarantee better outcomes [7] - Projects with funding between $300,000 and $5 million tend to have higher ROI compared to those with larger funding amounts, suggesting that smaller projects may execute more effectively [8] - Tokens priced between $0.01 and $0.05 show the best survival rates, while those priced above $0.50 tend to perform poorly [15][16] Community and Market Dynamics - The size of a project's community does not predict token performance, with no significant correlation between follower count and ROI [9][11] - Community engagement appears to be driven more by speculative interest rather than genuine product support, leading to volatility in follower numbers [13] - The current market environment indicates that many projects are failing to retain users, with community metrics being unreliable indicators of long-term success [27] Industry Trends and Recommendations - The analysis suggests a need for a paradigm shift in project development, emphasizing the importance of product viability over speculative metrics [28][30] - Companies are advised to focus on realistic funding goals, effective product development, and genuine community engagement to improve chances of success in the evolving market landscape [28][30][32] - The industry must adapt to the realities of market dynamics, with a call for consolidation and strategic partnerships as a means of survival [32][34]

一姐觉得官推小编的角度都不行，还得是一姐来 $DOYRYi He (@heyibinance):@fanqiege168 币安的官推用什么称呼自己，发帖的风格，是他们的日常工作的自由，但币安的员工不能参与任何代币项目的发行与推广。目前社区以币安官推、我的言论、发帖中截取词汇进行发币是社区行为和币安无关。但我们不能因为有人会来找角度就不发推。 ...

Core Insights - The Bank of Ghana has released a policy document outlining the country's first regulatory framework for virtual assets, including cryptocurrencies and tokens, establishing a Virtual Asset Regulatory Office (VARO) to enhance oversight [1][2] - The new regulatory approach marks a significant shift from previous warnings against cryptocurrencies, moving towards a risk-based regulatory framework that aligns regulatory intensity with the risks associated with different virtual asset services [2] Group 1: Regulatory Framework - The VARO will act as a bridge between government regulation and the virtual asset industry, collaborating with various institutions such as the SEC, FIC, GRA, and NCA to enforce anti-money laundering and counter-terrorism financing standards [1][2] - The policy emphasizes that virtual assets are not recognized as legal tender in Ghana, aiming to promote innovation, protect consumer rights, and maintain financial stability while mitigating risks of money laundering, fraud, and terrorism financing [2] Group 2: Public Awareness and Education - A National Virtual Asset Literacy Initiative (NaVALI) will be developed in collaboration with the SEC and the Ministry of Education to enhance public awareness and financial literacy, particularly among the youth who constitute the majority of cryptocurrency users in Ghana [2] - Ghana's regulatory direction aligns with international standards set by organizations such as FATF, IMF, and BIS, positioning the country among a select few African nations that have implemented systematic measures to regulate digital assets while supporting innovation [2]

Cryptocurrency Listing - Binance's "Binance Life" token is trading on Aster DEX under a Chinese name [1] - This marks the first listing of a Chinese-named token [1]

Core Insights - Developing a blockchain Web3 project is a complex process that requires multidisciplinary expertise and high security standards [1][2] - The project lifecycle can be divided into five core stages, each with specific requirements and costs [5] Market Research and Positioning - Initial market research is crucial to identify target users, core problems to solve, and differentiation from existing Web3 products [2] - Defining functional requirements for the DApp, such as NFT minting, token staking, or decentralized trading, is essential [2] Tokenomics Design - Tokenomics is a critical aspect that involves designing the token's utility, value capture mechanisms, distribution models, and incentive structures [2] - A well-structured token economy is fundamental for project sustainability and community engagement [2] Technical Foundation - Selecting the appropriate blockchain (e.g., Ethereum, Solana) is vital as it influences the development language and gas fees [2] - Smart contract development requires adherence to strict security principles and involves using frameworks like Hardhat or Truffle [3] User Interface Development - Building a user-friendly interface for blockchain interaction is key, utilizing frameworks like React or Vue.js [3] - Integration with wallets such as MetaMask and WalletConnect is necessary for seamless user experience [3] Security Audits - Smart contract security audits are a significant cost and are essential for identifying vulnerabilities [3][4] - Professional audits typically range from tens of thousands to hundreds of thousands of RMB, depending on code complexity [4] Project Delivery - The final step involves deploying audited contracts to the mainnet and promoting the DApp on various platforms [4] - Costs for Web3 projects are generally higher than traditional software projects due to talent scarcity and security requirements [4] Cost Estimates - Simple MVP projects are estimated to cost between 150,000 to 350,000 RMB, with a timeline of 2 to 3 months [6] - Medium complexity projects range from 400,000 to 1,000,000 RMB, taking 4 to 8 months [6] - Highly complex protocols exceed 1,000,000 RMB and require over 8 months [6] - Security audits and tokenomics design are indispensable investments for long-term project viability [6]