VC Short-Sightedness and Long-Term Pain: Why Over-Betting on Public Blockchains Has Plunged the Crypto World into an "Empty Block" Crisis?
原文标题:Are VCs Limiting Crypto's Future?
原文作者:Anthony DeMartino
原文编译:深潮 TechFlow
对公链过度投资
在过去两年中,加密风投压倒性地优先投资于公链,而非其他协议。这一转变导致了新的 Layer 1 (L1) 和 Layer 2 (L2) 网络的激增,但却使生态系统缺乏高质量协议。
从财务角度来看,这种策略带来了显著回报,因为许多链的市值远远超过了其锁仓总价值 (TVL)。相比之下,领先的协议估值甚至难以达到其 TVL 的 20%。
基础服务的瓶颈
这种过度投资为其他基础服务提供商制造了瓶颈。
具体而言,跨链桥、钱包、预言机、交易平台集成,以及吸引顶级稳定币和协议的能力都落后了。因此,新链往往依赖于次级替代方案,从而增加了开发者和用户的摩擦。
目前,FireBlocks 是唯一一家规模化的机构钱包,因此缺乏集成使得吸引机构资本变得困难。
当新公链不兼容 EVM 时,这个问题会更加严重,因为 FireBlocks 的交付时间会更长。
对于使用 MOVE 语言的链来说,这个问题尤为突出,这些链缺乏机构支持的现象显而易见。
像 Layer Zero 这样的顶级跨链桥也面临同样的挑战。一个能够让机构和用户都感到放心使用的顶级桥对于吸引其他链的资本和资产至关重要。
由于顶级跨链桥有大量且不断增长的交易积压,新链们必须使用较弱的替代方案或支付高昂费用以提高优先级。一些链乐于支付更多费用加快交易速度,而资金较少的链则不得不使用次级跨链桥,这将限制它们的上升空间。
协议方面的问题
当谈到协议时,问题尤为严重。
一些顶级的新协议,如 ETHENA 和 Kamino,其 TVL 是许多新链的 5 到 20 倍,但它们的估值却相形见绌。
这导致了对可用协议的投资不足,从而造成了巨大的短缺。
为了应对这一问题,公链的基金会被迫孵化业余团队,这些团队通常只是复制现有的代码库,而不是构建强大、经过实战考验的解决方案。这在两个主要领域引入了重大风险:
吸引资本:由资金不足的团队开发的协议难以获得信誉、投资者支持和 TVL。
安全性与稳定性:复制像 AAVE 这样的现有协议很容易,但有效运行它并确保用户资金的安全需要经验和专业知识。
货币市场危机
货币市场(Money Market) 是任何顶级公链的命脉。然而,将这些关键协议交给缺乏经验的团队托管,削弱了这些链的可用性和信任度。
虽然任何人都可以使用 ChatGPT 来复制 AAVE 的代码,但成功运行一个借贷协议需要深厚的风险管理知识。
许多这些复制版本的一个重大疏忽是缺乏外部风险管理者(如 Chaos Labs),这些管理者对 AAVE 无与伦比的安全记录至关重要。
仅仅复制代码而不实施相同的风险控制,会使这些协议注定失败。
事实证明,在本周期中,我们已经看到几个新的货币市场协议遭到攻击。
此外,当公链的基金会必须自己资助协议开发时,这意味着外部投资者兴趣变小。由于缺乏支持新协议的财务支持者,他们在早期很难吸引重要的 LP,这对成功至关重要。
DEX 困境
虽然去中心化交易平台 (DEX) 的重要性不如货币市场,但它们的缺失或质量不佳会阻碍公链的成功。无论是现货还是永续合约 DEX,都由于以下原因难以吸引资本:
· 缺乏熟练的团队:许多这些交易平台是由缺乏经验的团队运行的复制品。
· 滑点和差劲的 UI/UX:缺乏设计良好的界面和深度流动性阻止了流动性提供者 (LP) 的参与。
其结果是交易体验不佳、大滑点、TVL 增长缓慢,以及整体生态系统的弱化。
改变激励结构
尽管存在这些挑战,经济激励仍然偏向于投资新的 L1 和 L2,而非协议。
可以通过以下三种方式来解决这种不平衡:
· 协议估值必须上升:市场需要反映顶级协议的实际价值和效用。
· L1/L2 投资必须减少:如果链的估值下降,资本分配将自然转向协议。
· 协议变成它们自己的链:这一趋势始于 HyperLiquid 和 Uniswap 最近的行为。
虽然协议和链之间的估值需要趋同是显而易见的,但协议是否应该成为链则不那么明确。
这一趋势开始出现,部分原因是为了应对估值不平衡。不仅顶级协议吸引的 TVL 超过大多数新链,它们还获得了成倍增加的费用,但仍未受到 VC 的青睐。
尽管创建一个出色的协议复杂且罕见,但建立一个新的链变得越来越简单,并更多地依赖于营销团队的质量,而不是开发人员的技能。
此外,这些团队可能会因构建低价值技术以提升估值而分散注意力,从而忽视了协议层的建设。
如果这一趋势获得外力推动,它只会加剧协议质量的缺失并延续这一循环。
关键问题是,在为时已晚之前,VC 是否会认识到并纠正这种不平衡,
行业未来岌岌可危
如果这些问题得不到解决,整个加密行业将面临停滞的风险。
如果没有强大、资金充足的协议,新链将难以提供主流采用所需的无缝用户体验。
快速进入该领域的机构玩家将被迫撤退或资助自己的协议,从而迫使行业变得更加中心化。
最终,VC 需要重新调整投资优先级以打破停滞,否则加密货币的未来将岌岌可危。
—Anthony DeMartino,Trident Digital 首席执行官兼创始人,Istari Ventures GP。
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