代币迁移案例剖析：项目创始人需要做哪些关键考量？

Odaily星球日报Published on 2024-08-08Last updated on 2024-08-08

Abstract

请确保你有充分和坚实的理由来解释「为什么迁移或合并」。

原文作者：panadol girl 

原文编译：Luffy，Foresight News

如果你是加密项目创始人，想要迁移旧代币或与另一种代币合并，赋予其「第二次生命」并改造代币经济学和实用性，那么这篇文章可能会帮到你。

有些人可能会说，项目只有一次推出代币的机会，但现实是，市场和叙事会发生变化，团队战略和愿景会发生变化，甚至社区的期望也会发生变化。

因此，代币品牌和市场定位必须不断发展才能不会落伍，代币效用也将随之改变。创始人和团队应该拥有这种选择权，只要它是合理的、经过深思熟虑的，并得到社区的认可。

我和@karmen_lee 花费数小时对此前 5 个代币迁移和合并案例研究进行了深入研究，以便更全面地了解关键考虑因素、迁移机制、时间表、价格表现和社区反应。

我们还制定了一份上层设计蓝图，希望对创始人和建设者有所帮助。本文将重点介绍我们从这 5 个案例研究中的发现，以及一些我自己的想法：

  • MC –> BEAM

  • RBN -> AEVO

  • AGIX, FET, OCEAN -> ASI

  • KLAY, FNSA -> PDT

  • OGV -> OGN

1、MC->BEAM

Merit Circle 迁移到 Beam 可能是最成功和最成熟的代币迁移案例之一。这是应用（链游公会）转换为区块链的一个很好的例子，具有清晰一致的社区沟通和提案流程。

代币迁移案例剖析：项目创始人需要做哪些关键考量？

Merit Circle 迁移到 Beam 的详细时间表

为什么要升级？

  • 更好地协调代币品牌和底层网络。

  • 增强代币实用性。

  • 市场定位、品牌认知度。

  • 快速将内部和外部各方注意力与 BEAM 的新愿景相结合。

为什么不直接进行代币空投？

  • BEAM 旨在取代 MC 代币，而不是共存。

  • 由于 MC 代币不断易手，很难进行公平、准确的空投。

  • 成本高昂（包括交易成本）。

价格影响

  • BEAM 的价格在迁移后的六周内增长了约 200% 

  • 自 2023 年 10 月 26 日迁移开始以来，MC 价格也飙升了 3 倍以上。

2、RBN -> AEVO

在 DeFi 领域，Ribbon Finance 与 Aevo 的合并是一个有趣的案例，它将自动质押机制集成到合并流程中。

从 2 种不同的产品和 1 种 RBN 代币转换成 1 种统一产品和 1 种新的 AEVO 代币。

代币迁移案例剖析：项目创始人需要做哪些关键考量？

Ribbon Finance 与 Aevo 合并的时间线

为何合并？

  • 解决 DeFi 期权的可扩展性问题，Ribbon 在可扩展性上遇到了困难。

  • 产品供应的协同作用。

  • UI/UX 的技术优势：Aevo L2 Rollup 旨在为用户提供 0 Gas 费用、减少订单延迟、提高订单处理能力、活跃的做市商等解决方案。

  • 发展方向和目标：成为一个高性能的衍生品交易平台，并在 1 个品牌下提供更多产品。

质押机制

转换后的 AEVO 代币需经过 2 个月的锁定期。AEVO 代币被转换为 sAEVO（质押的 AEVO），然后被锁定 ，从而缓解了抛售造成的价格波动。

3、AGIX、FET、OCEAN ->ASI

今年最热门的合并案例之一是 3 个高 FDV AI 代币的合并： Fetch.ai、SingularityNET 和 Ocean Protocol。当 3 月份消息首次传出时，我们的团队立即与 Singularity 进行了通话，以了解其原理和机制。

从这个案例中我们能学到的关键是他们对代币转换比例的思考，以及为什么他们没有对代币估值采用任何溢价或折扣。

为何合并？

  • 巩固流动性：流动性是昂贵的。

  • 打造人工智能研发领域最大的独立企业。

兑换比例

  • 兑换比率以公告发布前 15 天的平均价格为准。 

  • 为了减少估值谈判中的障碍，团队只需在相同的市场条件下对代币进行估值，而不根据流动性 / 交易量差异进行溢价 / 折扣。

  • FET 被选为基础代币，因此与 ASI 的兑换比率为 1: 1 。

代币迁移案例剖析：项目创始人需要做哪些关键考量？

你可以在这里找到目前正在进行的两阶段合并过程。

4、KLAY、FNSA->PDT

今年，韩国最老牌的 2 个代币也决定合并。一个由 Kakao 支持，另一个由 LINE 支持，他们是韩国最大的 2 个通讯应用程序。他们的愿景是凭借 2.5 亿钱包用户群、 240 多个 DApp 和服务成为亚洲规模最大的区块链。

我们研究的重点它们的燃烧机制：

  • 新 PDT 代币总供应量的约 22.9 ％ 将被销毁。

  • 未流通部分将 100% 销毁。

  • 目的：降低通货膨胀，控制供应。

他们发表了一份非常详细的文件来解释销毁过程。

5、OGV->OGN

升级的目的：将 Origin 的所有产品套件与单一治理和收益代币 OGN 进行整合，并巩固流动性。

我们从这个案例研究中获得的经验是催化剂：团队意识到 OGV 的定价存在错误，其市值 /TVL 比率远低于其他竞争对手。

结语

代币迁移或合并并不能保证短期或长期的价格上涨。因此，请确保你有充分和坚实的理由来解释「为什么迁移或合并」。

代币迁移不是一次性事件，沟通、透明度和治理提案是一个不断持续的过程。这也是为什么我相信某些案例比其他案例更成功的原因。

这 5 个案例中的大多数的迁移期都未结束，因此还需要监控的整体产品和生态系统进展以及代币表现，然后再判断「这是否是一次成功的迁移或合并」。

原文链接

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