Launchpad概念一蹭即涨,金铲子是目前最好的叙事?

Odaily星球日报Published on 2023-12-26Last updated on 2023-12-26

Abstract

回看过去十年,能够贯穿时间线始末的创新仅有层出不穷的代币分发方式。

原创 | Odaily星球日报

作者 | Azuma

Launchpad概念一蹭即涨,金铲子是目前最好的叙事?

“金铲子”正在成为当下市场上最好的叙事。

铭文的兴起重新带动了关于代币公平分发的讨论,但随着“科学家”的加速涌入,普通用户如今已无法在铸造环节匹配前者的效率,仅剩些残羹剩饭可供争取。

于是乎,机制化的公平分发平台开始崭露头角。

早前,老牌 Launchpad 项目 Bounce 进军比特币生态,并通过相对公平的抽奖及质押分配方案孵化了 MultiBit(MUBI)和 BitStable(BSSB)等热门资产,其治理代币 AUCTION 亦因为“金铲子”效用而大幅上涨,截至发文暂报 41.83 美元,月涨幅 334.7% 。

随即跟上脚步的也是“老熟人”,NFT 交易平台的 BakerySwap 在入驻比特币生态后进行的首期打新 Bitcoin Cats 实现了 150 倍的超额认购,BAKE 本身则是一路飙涨,截至发文暂报 0.74 美元,月涨幅 414.8% 。

比特币生态原生的 Launchpad 项目 TurtSat 同样表现亮眼,TURT 截至发文暂报 0.079 美元,月涨幅更是高达 1795.8% 。

立竿见影的升值效果正刺激着越来越多的项目以 launchpad 为切口扩展至比特币生态,Dego Finance 月初宣布了此项转型,截至发文虽然一期都还没上,但 DEGO 依旧实现了 123.3% 的月涨幅,暂报 4.18 美元。

Launchpad概念一蹭即涨,金铲子是目前最好的叙事?

疯狂的情绪并不仅仅限于比特币生态,Solana 生态的打新平台 Analysoor 亦通过独特的抽奖机制(每个区块只有一个地址可获奖)受到了社区的广泛追捧,其代币 ZERO 今晨也刷新了 ATH,一度逼近 3 美元。

回看 Crypto 过去的十年,从 PoW 的百分百挖矿分配,到 ICO 时代的群魔乱舞,再到 IEO 时代各大交易所的风光无限,然后是流动性挖矿掀起 DeFi 热潮,真正能够贯穿时间线始末的创新仅有层出不穷的代币分发方式。

PoW 的代币分发其实相对低效,在如今的环境下已不可能再次复制。

而在 ICO 最狂热的时代,由于缺乏系统性的项目审核以及投后约束机制,大量劣质项目充斥市场,仅靠白皮书就融得巨额资金的案例屡见不鲜,许多项目最终甚至未能发币上所。

IEO 早期虽然在一定程度上缓解了缺乏审核的问题,项目在触及投资者之前必须先通过交易所的筛选,但随着竞争日渐激烈,劣质项目再次泛滥,这一模式最终还是走向了沉寂。与前一个时代相比,IEO 确实直接解决了代币上所难题,但 CEX 固有的许可弊端决定了交易所可掌握项目的生杀大权,此外,高昂的做市费用以及不透明的收费机制也给项目方带来了巨大负担。 

流动性挖矿的模式虽然实现了无许可的代币上所及分发,但项目方却不得不选择透支未来的价值以激励流动性提供者,继续激励只会导致抛压持续不断,一旦取消却又会立即看到投机性资金的退散,从而陷入两难境地。

至于 Launchpad 或是 IDO,该模式的确可以解决上述各种早期模式中所存在的部分问题,但也绝非十全十美。长线来看,如何保证分发机制的公平,以及如何筛选打新项目的质量,是摆在所有 Launchpad 平台面前的持续性挑战。

上一轮牛市之初,我们曾看到过诸多 Launchpad 概念的项目“冲上天际”,但最终却又“跌落凡尘”。究其原因,正是无法有效解决上述两大挑战,尤其是第二项,新鲜感退却之后,针对新标的的估值也将日渐趋于理性。

当下,短期内的情绪加持可以制造疯狂的财富效应,但该效应能否维持,暂时仍需要画个问号。

切勿 FOMO,谨记 DYOR。

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