原文作者：@Zixi41620514
Original author: @Zixi41620514
原文来源：X
Original source: X
一周过去了，感谢推友们给我的意见，我们完成了以下14个项目从0-1的时候，他们到底做了什么的总结，感谢@DGZbro@JimsYoung_对我的帮助，其中部分内容是这两位兄弟帮我贡献。我们选取了Avalanche, Fantom, Solana, Luna, Arbitrum, Merlin, Berachain, Celestia, Eigenlayer, Axie Infinity, Blur, FT, BAYC和小企鹅。横跨上个cycle和这个cycle的公链和产品。
One week later, thanks to the protagonists for their advice to me, we completed the following 14 projects from 0-1 and what they did, and thanked @DGZbro@JimsYoung for their help to me, part of which was the contribution of these two brothers. We picked Avalanche, Fantom, Solana, Luna, Arbitrum, Merlin, Berachain, Celestia, Eigenlayer, Axie Infinity, Blur, FT, BAYC, and Penguins.
我们先贴一个总结：
Let's start with a summary:
1.绝大多数项目的团队背景都不错，没有草根团队，要么是博士，要么是大学老师，要么是连续创业者。而且西方团队占据绝大部分。【优秀团队】
2.在现在或者未来的头部项目，他们最开始要做的事情，大概率是独一无二的，是大家可能没办法接受，听不懂的。【对市场的超前预判
3.拿到头部机构的融资，是起飞的必经之路。拿到不一定能成，但是没拿到，大概率天花板不高。【靠谱的机构背书】
4.对于做Infra的项目而言，跨越周期的核心竞争力，就是公链中是否能拿出一两个王牌项目。早期公链起盘不依靠生态，但是在浪潮退去，只有真正有生态的公链，才能跨越周期。Infra项目方，一定一定要重视生态建设。王牌项目才是真正让公链跨越周期的竞争力。对于做产品的项目方而言，一旦产品做大，可以向下拓展，让自己变成公链。【生态是最核心的中后期竞争力
5.不管是产品还是公链，一定要解决市场上的一个痛点，而且自己的解决手段，独一无二，绝对不是copycat。【创新】1. Avalanche: 团队背景不错+技术手段独树一帜，所以融资能力强，造就了不错的生态
2021年是不可否认的山寨季，尤其是下半年。由于以太坊达到了4000+，主网gas费用过高，当时没有L2，因此用户和资金开始溢出以太坊至其他L1。
The year 2021 is an undeniable winter season, especially the second half of the year. With the 4000+ in Ether, the cost of the main network gas was too high and there was no L2, users and funds began to spill out into the other L1.
当时拉盘拉的最猛的莫非是Solana，由于是牛市，市场还在寻找其他标的，因此市场的目光逐渐落在了Avax上，会因为：
At the time, Solana was the strongest of the lacquer, and since it was a cow market and the market was still looking for other targets, the market gradually fell on Avax because:
1.Avalanche团队不错。CEO Emin Gün Sirer：康奈尔大学计算机科学家、副教授。Sirer 开发了 Avalanche 区块链平台底层的 Avalanche 共识协议，目前是 Ava Labs 的首席执行官和联合创始人。他曾是康奈尔大学计算机科学副教授，并且是加密货币和智能合约倡议 (IC3) 的前联合主任。他以对点对点系统、操作系统和计算机网络的贡献而闻名。
1. Avalanche was a good team. CEO Emin Gün Sirer: Computer Scientist, Associate Professor, Cornell University. Sirer developed the Avalanche Consensus agreement at the bottom of the Avalanche block chain platform, currently the CEO and co-founder of Ava Labs. He was an associate professor of computer science at Cornell University and a former co-director of the Encrypted Currency and Smart Contract Initiative (IC3). He is well known for his contributions to point-to-point systems, operating systems and computer networks.
2.技术手段独树一帜。可以说是最早的“模块化”思路，利用XCP三链，X 链用于创建和交易资产，C 链用于创建智能合约，P 链用于协调验证者和子网，利用gossip雪崩来确认共识。在当时来看脑回路很大，很好的idea。
2. The technological tools are unique. The first “modularization” idea, , using the XCP 3 chain, the X chain for creating and trading assets, the C chain for creating smart contracts, the P chain for coordinating certifying officers and sub-networks, and the Gossip avalanche to confirm consensus.
3.因为1+2，所以融资能力很强。20年完成了12m的私募和46m的公募，21年9月基金会融了2.3亿美金，11月生态加速器融了18.5m。融资能力强配合上MM拉盘，让散户看到了，了解，并相信团队的背书，因此散户买盘极强。
3. Financing capacity is strong because of 1+2. completed 12 m private fundraising and 46 m public fund raising in 20 years. In September 21, the Foundation made $230 million, and in November, the ecological accelerator melted 18.5m.
4.当时的avalanche，生态中有王牌项目Defi kingdoms，这在当时是非常有创造力的DeFi+GameFi项目，用游戏（还不错的）精美画面表现出DeFi的含义，随后DFK又从生态项目变成了Avalanche的Appchain，这一个项目使得avalanche名声大噪。其次，还有不错的项目例如GMX，traderjoe等。
4. At the time, DFK was transformed from an ecological project to an Appchain of Avalanche, which made it famous. followed by a very creative DeFi+GameFi project, which displayed the meaning of DFI with the most beautiful (and good) video of the game.
2.Fantom: 灵魂人物带领公链走向巅峰，也走向谷底
2.Fantom: Souls lead the public chain to the peak and to the bottom of the valley
Fantom的灵魂人物是AC，AC是DeFi老OG，是Yearn Finance, Phantom等的创始人。YFI在牛市创造了千倍神话，因此社区对AC的期待非常高，以至于社区称他为DeFi之父。
Fantom’s soul figure is AC, AC, the old OG of DeFi, the founder of Yearn Finance, Phantom, etc. YFI created a thousand-fold myth in the cow market, so community expectations of AC were so high that the community called him the father of DeFi.
1.团队方面无需他言，AC就是Fantom的门面。
AC is Fantom's front door.
2.Fantom18年ICO融了4000万。在21年的牛市中，连续融资3轮，Alameda投了35m，Blocktower投了20m,Hyperchain投了15m。在经历了5月的大回调后， Ftm一路高歌猛进的原因是：
In the 21-year-old cattle market, Alameda spent 35 m, Blocktower 20 m, and Hyperchain 15 m. After a big turn back in May, the reason why Ftm sang:
1.AC一直在喊单，大家相信AC。2.融了很多钱，因此Fantom有底气拿出了3.7亿枚token（约等于2亿美金）来激励生态发展，链上的DeFi高速发展。
AC has been calling out the list, and everyone believes AC. 2. A lot of money has been amassed, so Fantom has a bottom line of 370 million tokens (approximately $200 million) to stimulate ecological development and high-speed DeFi development in the chain.
为什么Ftm在22开始暴跌：
Why did Ftm start falling in 22:
1.Ftm因为AC是cofounder而起盘，也会因为AC离去而归零。灵魂人物的缺失，导致社区对起失去信心；
The lack of a soul figure causes the community to lose faith;
2.生态非常普通，没有任何创新，基本全是defi，全部都是copycat。在币圈的大项目，都是独树一帜。只不过是丑的独树一帜还是美的独树一帜，但没有一个是copycat。
2. Ecology is very common. It's basically defi. It's all coppycat.
3.Solana：发展大起大落，黑客松创造项目奇迹，这个熊市起死回生，生态独树一格 3. Solana: Developments have come up and gone, hackers have created the miracle of the project, the bear market has come back to life, and the ecology is unique . Solana初期募资非常不易。尽管团队背景强大，但18-19年筹资并不容易。在对高性能公链故事越来越审慎的市场中，Solana不得不与其他项目竞争，那时的Solana不为市场广泛认识。然而，通过对产品的坚持和一个务实的态度，Solana逐渐吸引了投资者的注意。 In an increasingly cautious market for high-performance public-chain stories, Solana had to compete with other projects, when Solana was not widely known. However, by insisting on products and adopting a pragmatic approach, Solana gradually attracted the attention of investors. Solana的发展过程中，存在一个关键分歧，这涉及到Multicoin和Solana创始人的战略选择。Multicoin作为早期的投资者，坚持认为Solana需要尽快上所，从而建立品牌社区共识。与此同时，Solana的创始人希望能先上线一个稳定可靠的主网。这个决策最终证明是正确的，因为它为后来正在寻找合作高性能公链的SBF的合作打下了基础。 In the development of Solana, there was a key difference, which involved strategic choices by the founders of Multicoin and Solana. Multicoin, as an early investor, insisted that Solana needed to travel as quickly as possible to build a brand community consensus. 后续从0-1的的几个关键原因： Several key reasons for the follow-up from 0-1: 1.SBF参与对Solana的崛起起到了决定性作用。SBF不仅投资了Solana，还带领他的团队开发了基于Solana的Serum项目，大幅提升了Solana的可见度和正统性。后期甚至流传出Solana 70%的TVL都是靠SBF一个团队撑起来的。 SBF's involvement has been decisive in the rise of Solana.
2.Solana的黑客松项目创造了不少奇迹。通过黑客马拉松和各种激励措施，Solana培养了一个活跃的开发者社区，这为其生态系统的发展提供了动力。后续出现了Magic Eden, Stepn, Jito等Top项目。
Solana developed an active community of developers through hacker marathons and various incentives, which provided an impetus for the development of its ecosystems. This was followed by the Magic Eden, Stepn, Jito and other Top projects.
3.Solana在SBF手上，用拉盘创造奇迹，财富效应是最好的营销手段。
In the hands of the SBF, Solana creates miracles with a zipper, and the wealth effect is the best marketing tool.
4.尽管经历了后续FTX的倒下和价格的大幅波动，Solana依然保持着开发者生态和社区活动，通过持续激励措施和黑客马拉松，Solana持续完善基建并激发更多创新应用的开发，进一步推动生态系统的繁荣，展现出了其韧性，也是其能撑过这个熊市的关键。而且我们在Solana上看到了其生态发展逐渐和以太坊社区有所不同，尤其是DePIN集体迁移到Solana。
Despite the fall of the follow-up FTX and the high volatility of prices, Solana maintained developers' ecological and community activities and, through sustained incentives and hacker marathons, Solana continued to improve the infrastructure and stimulate the development of more innovative applications to further boost the prosperity of the ecosystem, demonstrating its resilience and the key to its ability to survive the bear market.
好的背书+拉盘的财富效应+SBF的存在吸引了很多开发者和生态项目。并且Solana因为本身的高性能，吸引了很多独一无二的生态项目。
The good endorsement of
4.Terra：因为生态的双代币螺旋结构+高息起飞，也因为生态的螺旋结构死亡归零
Terra在从0-1的几个关键原因：
There are several key reasons why Terra is from 0-1:
1.在团队方面，Do Kwon斯坦福毕业，团队背景还是不错的。而且个人在推特很活跃，很会搞事情。
1. On the team side, Do Kwon Stanford graduated with a good team background, and the individual was active on Twitter and good at things.
2.韩国国链，在韩国极其fomo。韩国VC，3AC等因为Terra起飞，也因为Terra归零。融资也相当不错，两轮融了7700万美金。
2. Korea’s national chain is extremely fumo in Korea. Korea VC, 3AC, etc. due to Terra taking off, and Terra’s zero. Financing is pretty good, with 77 million dollars in two rounds.
3.在生态方面，Luna+UST依靠套利机制和供求关系来调节和稳定价格，而LUNA则作为UST的稳定器，成为当时市场上最为亮眼的双币算法稳定币系统，两者相互作用形成正向螺旋。Terra后续还推出了重要的DeFi项目Anchor，提供了19%-20%的超高活期收益率，一度被吹捧为“Crypto被动收入的黄金标准”，作为一大亮点吸引了大量投资者，为后面暴雷埋下伏笔。大家每天都在算Terra的钱到底还能付几天20%的利息。在牛市期间，左脚踩右脚上天，UST成为第三大稳定币，市值高达180亿美元，LUNA的市值最高达到410亿美元。其生态支付项目Chai也相不错，chai一度拿到了软银4500万美金的投资。
3. Ecologically, Luna+UTT used arbitrage mechanisms and supply-and-demand relationships to regulate and stabilize prices, while LUNA, as a UST stabilizer, became the most visible double-currency stabilization system in the market at the time, and the two interacted in a spiral. Terra followed up with the launch of the important DeFi project, Anchor, which provided 19-20% of the over-time yield, once aired as the “gold standard of Crypto passive income”, attracted a large number of investors as a big light, laying a fall for the back thunderstorm.
一旦行情翻转，正向螺旋会变成死亡螺旋：
3.2022年，加密货币市场整体下跌，导致投资者将资金从其他加密货币转移到UST以获取高额利息，使得Anchor的存款规模远高于借款规模，产生巨大的收支差额。2022年5月8日凌晨，LFG正从 UST-3Crv 池中撤走了 1.5 亿美元的 UST 流动性为组建 4Crv 池做准备，有地址突然将 8400 万 UST 抛售，严重影响了 3Crv 池平衡，之后多个巨鲸帐户开始不断在 Binance 抛售 UST，导致UST出现了短暂的脱锚。
In the early hours of 8 May 2022, LFG was removing $150 million of UST liquidity from the UST-3Crv pool in preparation for the formation of the 4Crv pool, with the sudden sale of 84 million UST addresses, severely affecting the balance of the 3Crv pool, when several giant whale accounts began to sell UST in Binance.
随着储备金的逐渐耗尽，市场对UST的信心开始动摇，大量的UST被抛售，导致UST价格进一步脱锚。为了稳定UST价格，大量LUNA被增发，导致LUNA价格暴跌，形成了所谓的死亡螺旋。为了不让Luna和UST暴跌，LFG需要出售国库的BTC和其他token，导致大盘暴跌。Luna和UST带崩了整个市场。
As reserves run out, market confidence in UST starts to shake, and a large number of USTs are sold, causing UST prices to break down further. In order to stabilize UST prices, a large number of LUNAs have been boosted, resulting in LUNA prices falling sharply, creating so-called death spirals. In order to prevent Luna and UST from falling sharply, LPG would have to sell BTC and other tokens of the treasury, resulting in a massive collapse of the market.
好的tokenomics(其实就是牛市ponzi)+独一无二的生态，造就了Terra。但是Tokenomics也造就了Terra的崩盘，如果生态能跟上，Terra是否会不崩盘？
The good Tokenomics (in fact, ponzi of the cow market) plus a unique ecology created Terra. But Tokenomics also created Terra's crash, and if the ecology keeps up, will Terra not?
5.Arbiturm: 最早讲OPL2的团队+牛市获得了巨量融资，造就了出色生态
5. Arbiturm: The original OPL2 team + Cattle City received a huge amount of financing to create an excellent ecology
Arbitrum在从0-1的几个关键原因：
Arbitrum has several key causes from 0-1:
1.团队offchain labs在2018年就开始做L2，19年融完天使轮，是最早一批的L2团队。团队的先发优势极其明显。随后21年4月，21年8月连续完成两笔累计1.4亿美元融资。团队技术背景先发优势明显。
Team offchain labs started working as L2 in 2018, and in 19 it melted the Angel wheel as the first group of L2. The team's advantages were very clear. In April 21st 21st year, two successive financings totalling $140 million were completed. team's technical background had a clear advantages first.
2.最早最早的一批上线OP L2主网，21年9月正处在牛市，用户和生态积累相对容易，很容易积累生态的先发优势。
2. The earliest network of online OPL2 hosts, , was in the cattle market in September 21, with relatively easy user and ecological accumulation and easy accumulation of ecological advantages.
3.因为融了很多钱，因此有钱去干生态，吸引开发者。
3. . has money to do ecological work and attract developers.
4.空投发的非常好，在2022年3月的熊初创造了大量的财富效应。不同于starkware发了空投后DAU极速下降90%，Arbitrum发完空投后DAU并没有流失多少。
4. Airdrops were very good, creating a lot of wealth at first in March 2022. Unlike a 90% drop in DAU since the start of the strike by Starkware, DAUs have not lost much since the end of the drop by Arbitrum.
5.生态上有一个王牌项目，GMX。GMX有多牛逼不再赘述，在熊市期间，逆势上涨100%，用spot dex做perp dex的创新idea。GMX在早期给Arbitrum贡献了大量的用户和交易数。团队背景好+故事的引领者——》容易融资——》在“合适的时候”推出主网——》因为融了很多钱，所以能给开发者撒钱——》直到有一个王牌项目能站出来，给公链撑腰。
5. There's an ecological ace project, GMX. GMX is so powerful that, during the Bear City, the reverse rises by 100%, using spot dex as perp dex's innovative ideaa. GMX contributed a lot of users and transactions to Arbitrum at an early stage. team has a good background and lead story > > > > easy to finance > launched the main network > because of the amount of money saved > > < /strong > >.
6.Celestia：定位清晰，但生态薄弱
Celestia在从0-1的几个关键原因：
There are several key reasons why Celestia is from 0-1:
1.Celestia故事讲得好，作为首个提出模块化区块链网络的项目，Celestia采用模块化设计，将共识与执行分离，提供DA服务。在成立之初，模块化区块链和专注于DA的方案很少，因此 Celestia 几乎没有直接竞争对手。这为 Celestia 提供了一个独特的市场定位。
2.Celestia 的成立恰逢市场明确向更高可扩展性和效率迈进的时期，它通过提供一个专注于数据可用性的解决方案，满足了市场对于更高性能 Layer 2 解决方案的需求。Celestia非常适合作为 Rollups的数据可用性层。它允许 Rollups 将状态执行推离链，依赖 Celestia 来实现共识和数据可用性，从而提高整体的扩展性。
3.团队不错，Mustafa是UCL的博士，Chainspace的cofounder，后来被Facebook收购。
3. Mustafa was a good team. Mustafa was a doctor of UCL, a cofounder of Chainspace, and was later acquired on Facebook.
4.Celestia的生态构建较弱。但选择加入了cosmos ecosystem，后续staking tia的空投奖励非常丰富。因此tia有一定的价值支撑
Celestia's ecological structure is weak. However, it has chosen to add cosmos ecosystem, and the air drop reward for
7.Berachain：Luna2.0，三代币模型能否重塑Luna牛市增长奇迹
Berachain现在关注度很高（毕竟还没起飞），所以简单讲讲：
Berachain is now very concerned (after all), so to put it simply:
1.团队虽然是匿名团队，但是15年就在币圈的老OG。21年的时候发了个抽烟熊的NFT，在经历了defisummer后，深刻意识到流动性对公链的重要性，因此推出了Berachain。
1. The team is an anonymous team, but it is 15 years old in the currency circle.
2.也是因为团队背景应该不错，因此能在2023年4月深熊期间，拿到polychain和hackvc的42m融资。
2. Also because the team should have a good background, he was able to get 42m financing from Polychain and Hackvc during the April 2023 bear period.
3.整个链讲的故事虽然还是服务于defi（拿前朝的剑斩本朝的官），但是token设计非常精妙，三代币设计bera/honey/bgt有当年luna/terra左脚踩右脚的设计感。Luna/UST的利息设计非常虚，依赖于Anchor的借贷利息差。借鉴Luna/UST的失败，Berachain的三代币模型可能能够有效缓解（不是避免）双代币的死亡螺旋。参考Luna在牛市的狂热暴涨，市场理所当然对于Berachain给予很高的期待。
3. The whole chain of stories, while still serving Defi (the official who took the sword of the ex-Dynasty), was well designed by Token, with three-generation design bera/hoeney/bgt having a sense of design to step on the right foot. The interest design of Luna/UST was so vain that it relied on the loan interest differential of Ancor. Drawing on the failure of Luna/UST, Berachain’s three-generation model may be effective in mitigating (not avoiding) the death spiral of two-generation coins. The market rightly has high expectations for Berachain, referring to Luna’s frenzy surge in cattle.
8.Axie：疫情时代下的特殊产物，东南亚用户赖以生存的工具
Axie在从0-1的几个关键原因：
Axie has several key causes from 0-1:
1.当时疫情影响，导致东南亚用户日常收入很低。Axie其创造的P2E模式改变了玩家对游戏的期望，将其从消遣的活动转变为可能的收入来源，重点是收入还不低，得益于牛市到来的背景，越来越多的玩家加入游戏，币价上涨，每周的收益巅峰时可以达到300-400美金，在经济不稳定或受COVID-19疫情影响的地区，这种模式提供了一个新的收入机会。游戏不仅提供了娱乐，还通过让玩家参与经济活动，赋予了他们对生产工具的控制权，这一点对于发展中国家的玩家尤其具有吸引力。
1. The effects of the epidemic at the time led to low daily incomes for users in South-East Asia. The P2E model created by Axie changed players' expectations of the game from recreational activities to possible sources of income, with an emphasis on income not too low, benefited from the context of the arrival of the cattle market, an increasing number of players joined the game, increased currency prices, and a weekly peak of earnings of $300-400, providing a new income opportunity in areas of economic instability or affected by the COVID-19 epidemic. The game not only provided entertainment, but also gave players control over the means of production by involving them in economic activities, which was particularly attractive to players in developing countries.
2.作为当时区块链游戏龙头，在2021年，在各社群公会以及投资机构的强力加持之下， Axie Infinity的日收入和活跃用户数量达到了巅峰，市场份额占据了区块链游戏的近2/3。这一阶段，游戏收入和代币价值达到了历史高点。AXS市值巅峰100亿美金。
2. As the vanguard of the block chain game at the time, in 2021, the number of daily earnings and active users of Axie Infinity reached its peak, with market shares accounting for nearly two thirds of the block chain game. At this stage, the value of the games and the tokens reached an all-time high. The market value of AXS peaked at $10 billion.
归零也很简单，庞氏游戏没有正外部性，结果都是归零。
"Strange" is easy. The Ponzi game is not external. It's always zero.
9. Eigenlayer：符合用户资金加杠杆的大方向，并且DA很好的和restaking相结合
9. Eigenlayer: is in line with the general direction of leveraging user funds, and DA's good combination with restating
Eigenlayer从0到1的故事可以理解为：
The story of Eigenlayer from 0 to 1 can be understood as:
1.这个故事讲的足够清真，2022年年初整个ETH staking ratio还不足5%时，就敢讲一个细分赛道的细分赛道。
1. This story is sufficiently clear that when was less than 5 per cent in early 2022, the entire ETH standing ratio dared to tell a breakdown of the track.
2. Kannan作为PR型CEO，能吸引VC的目光。
2. Kannan, as a PR-type CEO, attracts VC eyes.
3. Eth staking ratio正在肉眼可见的逐渐增长，3年的时间从0到现在的30%eth staking。
3. Eth standing ratio is gradually growing, visible, from 0 to 30 per cent of the present three years.
4. Eigenlayer的明星生态项目是EigenDA，Restaking的故事后来还能和DA结合，模块化区块链的DA成为restaking最好的用例之一。
4. Eigenlayer's Star Ecology Project is EigenDA. Restaking's story can later be combined with the DA. DA from the modular block chain is one of the best examples of restaking.
5.因为1+2+3+4，所以VC愿意买单。并且这也符合Ethholder的需求，不停地加杠杆，提高资金流动性。
5. VC is willing to pay because of 1+2+3+4. And it also meets Ethholder's needs, constantly leveraging and increasing liquidity.
10.Merlin：核心人物+财富效应造就了社区团结，后续TVL起量也很巧妙。
Merlin现在基本起飞，可以简单讲讲因素：
Merlin is now basically taking off and can briefly say the factor:
1.创始人的背景很nice，在多次的线下沟通中能体会到对过去10年一次一次创业思考，过去融过大钱，自身认知很高，并且对社区的理解很深，在上升行情中会是非常非常好的团队。此外，创始人个人也很有人格魅力，2023年3月就下潜至ordinals生态，并且很早就积极看好。
1. The founder's background is very nice, and has been able to communicate under multiple lines to understand how to think about entrepreneurship once over the past 10 years, have been rich, have a high level of awareness and understanding of the community, and can be a very good team in the upswing. , in addition, the founder's personal charisma, dived into the Ordinals ecology in March 2023, and looked forward to it very early.
2.社区团结。BRC420/Merlin的社区确实非常团结，有信仰，但也确实因为在蓝盒子上赚到了钱。社区团结的因素还是因为在蓝盒子的奇迹拉盘造就了共识。后续的蓝水晶，以及音乐盒的财富效应都很不错。用财富效应完成了快速地冷启动，建立了用户群体。
2. Communities are united. BRC420/ Merlin's community is very united, believing, but it's also made money on the blue box. The community's unity is still based on the miraculous pull-off of the blue box. The subsequent blue crystals, and the wealth effect of the music box, are excellent. 3.生态支持。以新加坡某栋楼为核心，方圆几个地铁站为半径，集齐了一圈生态项目方，大家都在互相支持。因此生态起量很快。 3. Eco-support. A building in Singapore is at its core, several subway stations are at their radius, and a circle of eco-projects is gathering, and everyone is supporting each other. So ecology starts quickly. 4.选择TVL起量的方法非常巧妙。除了BTC Staking，头部铭文+420 NFT均可质押冲TVL，因此TVL book value很大。 4. The method of selecting the TVL number is very clever. , except for BTC Staking, the head sign +420 NFT can pledge TVL and therefore TVL book value is very large. 5.因为1+2+3，所以融资迅速。而且创始人很懂MKT和branding，因此在合适的时候推出，造就了目前市场上最大的BTC L2。 Financing is fast because of 1+2+3. and the founders know MKT and Branding, so it was launched at the right time, creating the largest BTC L2 in the current market. 11.Blur：想透彻了NFT市场的核心就是MM和巨鲸，通过不断地token incentive激励 11.Blur: Thinking through the core of the NFT market is the MM and the giant whale. 在理解Blur为什么能从0到1，需要理解NFT Mktplace或者是exchange的核心竞争力只有一个，不是产品好不好看，好不好用，就是看如何吸引Maker。有了Maker以后，才能有Taker用户，才配讲产品体验。 understands why Blur can go from 0 to 1 and needs to understand that there's only one core competitiveness for NFT Mktplace or exchange, whether it's a good product, good use, or how to attract Maker. If you have Maker, you can have Taker users to talk about the product experience. 因此Blur做了什么事： So what did Blur do? 1.利用挂单（Maker）和Bidding（Maker）吸引不同的maker，并且给予他们Token奖励。并且能用token incentive的，只有蓝筹NFT。这也很好理解。NFT绝大部分交易量就是蓝筹NFT，非蓝筹NFT最后的归宿都是归零。蓝筹NFT大量还是掌握在巨鲸和MM手里，散户手里其实没多少货。因此核心的核心，就是服务好蓝筹NFT的MM和巨鲸，散户压根不重要。 1. Harnessing the hangers and the Bidding (Maker) to attract different makers and give them the Token reward. And using token incentiv, only blue for NFT. This is understandable. The bulk of NFT deals are blue for NFT, and the final destination for non-blue NFT is zero. Blue for NFT is still in the hands of giant whales and MM. So the core is blue for NFT's MM and giant whales. 2.Token incentive模式和X2Y2和Looksrare不一样。X2Y2 Looksrare的直接吸血鬼空投是一次性的，意义真的不大。不断用token incentive来吸引巨鲸和MM来提供流动性，才是Blur胜出的最核心因素之一。 The Token Incentive model is different from X2Y2 and Looksrare. The direct vampire drop by X2Y2 Looksrare is one of the most important elements of Blur's victory. is the constant use of token incentivity to attract giant whales and MM to provide mobility. ?3.其他的都是小事，产品方面的，例如能够批量交易，做了聚合器等，但这不是关键。 ? 3. Other things are minor, product aspects, such as being able to deal in bulk, making polymers, etc., but that's not the point. 12.BAYC：最早的NFT会员俱乐部，通过名人效应建立共识 BAYC在上个cycle能从0-1可以理解为： BAYC at the last cycle can be understood from 0-1 as: 1. 有BAYC NFT的人自动成为一个专属俱乐部的成员，这个社区提供了一种新的社交方式，创造了强大的归属感；项目方强大的BD，吸引了大量的投资者和收藏家，其中包括许多名人，这进一步增加了项目的曝光度和吸引力；在NFT牛市背景下，BAYC推出独特的商业模式，将NFT所有者的IP权利下放，让持有者能利用自己的猿来创造并销售商品，进一步推广BYAC；BAYC凭借其独特的艺术风格和强大的社区效用，在当时NFT市场中短时间内获得了文化标志的地位。 People with BayC NFT automatically become members of an exclusive club, a community that offers a new social approach and creates a strong sense of belonging; the strong BD of the 2. BAYC在NFT热潮的高峰期推出，也利用了当时市场对新兴数字收藏品的高度兴趣。后续通过社交媒体和名人效应，BAYC迅速建立了强大的品牌认知度和社区。Yuga Labs继续扩大BAYC宇宙，包括新的NFT项目和游戏推出，如Mutant Ape Yacht Club和Bored Ape Kennel Club，进一步增加了收入，并且持续增加会员价值和社区参与度；和Adidas合作，推出了Adidas x BAYC NFT。但是有人认为BAYC的模式需要不断有新的加入和资金流入来维持其价值，这使得一些人将其称为猿宇宙骗局，但这也是当时币圈市场逐渐走进熊市，NFT难以破解的困局之一。BAYC在这个cycle逐渐落寞可以理解为：1.还是没有解决NFT到底有什么用的问题。并且熊市期间，Yuga Labs并没有为社区提供太多空投福利。 Yuga Labs continued to expand the BAYC universe, including new NFT projects and games such as Mutant Ape Yacht Club and Bored Ape Kennel Club, which further increased revenue and continued to increase membership value and community participation; and, in partnership with Adidas, launched Adidas x BAYC NFT. , but some believe that the BAYC model needs to be sustained by new entrants and inflows, which have led some to call it a swindle of the ape universe, but this was one of the difficult times when the currency market moved into Bears, and NFT was unable to break through. 13.小企鹅：链上链下营销组合拳+拉盘，让小企鹅起死回 13. Penguins: marketing combination boxing + zipper in the chain to bring the penguins back to life 小企鹅在这个cycle能秽土转生可以理解为： It is understandable that penguins in this cyclé can be reborn in obnoxious ways: 1.项目在2022年已经归零一次了，但是因为图片确实可爱，因此Lukaz决定将其收 1. The project was zero in 2022, but because the picture was really cute, Lukaz decided to take it. 2. 当时的NFT故事以Onboarding web2 user to web3为主，希望能复刻BAYC。投资人认为小企鹅链下用玩具零售的方式+链上NFT营销空投的方式，能够获取一定量的圈外用户。 The NFT story at the time was dominated by Onboarding Web2 user to web3 and hoped to re-engineer BayC. investors thought that small penguins could access a certain amount of off-the-shelf users using toy retail + NFT sales drops in the chain. 3. 因为Lukaz收购小企鹅，因此手上筹码很多。联合了做市商，轻松拉盘建立共识。 3. There's a lot of leverage in the hands of Lukaz for the small penguins. Together as a marketer, it's easy to build consensus. 4. 圈外的用户通过课外的玩具了解到crypto和小企鹅，圈内的用户因为拉盘/空投重新认知到小企鹅，因此小企鹅在2023年下半年起死回生，一度flip BAYC。 4. Users outside the circle learn about crypto and penguins through extracurricular toys. Users inside the circle rediscover the penguins because of a lass/aerial drop, so they came back to life in the second half of 2023, at a time of flip BayC. 4.Friend.Tech：利用token量化个人的社交价值，脑回路惊人的ide 4.Friend.Tech: Quantifying the social value of individuals using token, amazing echoes of the brain http://Friend.tech从0-1的增长，简单可以概述为： The increase from 0-1 from http://Friend.tech can be summarized briefly as follows: 1.做了之前所有人都做不了的事——quantify personal social value。在Web2的世界受限于支付渠道以及合规问题（非法开设赌场罪）根本没办法来投放/大批量使用类似的产品。但是在crypto的世界，最好的盈利就是发行新资产。因此FT非常好的解决了上述的弊端，每个人都可以发行自己的key，用E本位+量化曲线来量化一个人的社交价值，最朴实简单的ICO，能有多少人买卖key完全取决于个人的branding。产品的脑回路非常惊人。 In the world of Web2, limited to payment channels and compliance issues (unlawful casino-opening) there is no way to deliver/substantially use similar products. But in the world of Crypto, the best profit is to distribute new assets. So the FT is very good at solving the above-mentioned disadvantages, so everyone can issue their own key, quantify the social value of a person with an E-bit plus a quantitative curve, the simplest ICO, and the number of people who buy and sell key depends entirely on the individual's branding. 2.虽然产品体验不好，网站经常crush，创造账户需要gas，都是圈内互割，但是不可否认这是一个现象级的产品。 2. Although products have been poorly experienced, websites often crush and accounts need Gas, which are cut off from within the circle, it is undeniable that this is a phenomenon-based product. 从下图的交互量来看，FT基本归零，原因是： In terms of the number of interactions in the following figure, the FT is essentially zero, as a result of: 1.模式不持久，完全是圈内互割，大家博弈的钱还要交相当一部分的比例给FT项目方，抽水太高。Stepn好歹能讲正外部性的故事，FT连正外部性的故事都讲不了。 1. The pattern is not sustainable, it is completely inter-crowded, and everyone has to pay a significant proportion of their money to the FT project side and draw too much water. Stepn can tell a story about externality, and FT can't even tell a story about externality. 2.后续也没开发什么新功能，赚了钱就结束了，如果团队后续能添加一些新玩法，例如在web2投放，打广告，做一些正外部性的措施，可能会有不一样的爆发。 2. No new functionality has been developed and the money earned has come to an end, and there may be a different outbreak if the team has been able to add new ways of playing, such as posting on web2 and advertising, as well as taking positive external measures. 3.引入Token机制过晚，没有token激励，互割很难持续。 3. The late introduction of the Token mechanism and the absence of token incentives made it difficult to sustain the cross-cutting process. 如果参考blur的不断token incentive的方式,FT是否能持续？ Would the FT be sustainable if reference was made to the blur's constant token approach? 责任编辑：
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