{"id":801,"date":"2025-03-20T07:53:19","date_gmt":"2025-03-19T23:53:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=801"},"modified":"2025-03-20T07:53:19","modified_gmt":"2025-03-19T23:53:19","slug":"%e8%a7%82%e7%82%b9%ef%bc%9a%e5%8a%a0%e5%af%86%e4%ba%a7%e5%93%81%e5%a5%91%e5%90%88%e5%ba%a6%e4%b8%bb%e8%a6%81%e6%9d%a5%e8%87%aa%e6%8a%95%e6%9c%ba%ef%bc%8c%e5%90%a6%e5%88%99%e5%8f%aa%e8%83%bd%e6%9c%8d","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=801","title":{"rendered":"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237"},"content":{"rendered":"

\u73b0\u72b6\uff1a\u8981\u4e48\u5c31\u6295\u673a\uff0c\u8981\u4e48\u5c31\u505a\u7ec6\u5206\u5e02\u573a\u3002<\/p>\n

\u6211\u4eec\u5df2\u7ecf\u8fdb\u5165\u4e86\u7b2c\u56db\u4e2a\u4e3b\u8981\u5e02\u573a\u5468\u671f\u7684\u4e2d\u671f\uff08\u6216\u8bb8\u63a5\u8fd1\u5c3e\u58f0\uff09\u3002\u52a0\u5bc6\u5e02\u573a\u663e\u8457\u589e\u957f\uff0cBTC \u5728\u6574\u4f53\u8d44\u4ea7\u4e2d\u6392\u540d\u7b2c\u4e5d\uff081.26 \u4e07\u4ebf\u7f8e\u5143\uff09\uff0cETH \u6392\u540d\u7b2c 25\uff084090 \u4ebf\u7f8e\u5143\uff09\u3002<\/p>\n

\u8fd9\u81ea\u7136\u5f15\u53d1\u4e86\u4e00\u4e2a\u95ee\u9898\uff1a\u5982\u6b64\u89c4\u6a21\u7684\u5e02\u573a\u662f\u5426\u771f\u7684\u627e\u5230\u4e86\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6\uff08PMF\uff09\uff1f\u5728 2020-2021 \u5e74\uff0c\u5927\u591a\u6570\u4eba\u4f1a\u8bf4\u6ca1\u6709\u3002\u7136\u800c\uff0c\u9274\u4e8e\u5e02\u573a\u7684\u6210\u719f\u548c\u5404\u79cd\u534f\u8bae\u7684\u51fa\u73b0\uff0c\u8bb8\u591a\u4eba\u73b0\u5728\u53ef\u80fd\u4f1a\u8bf4\u662f\u7684\u3002<\/p>\n

\u6211\u7684\u7b54\u6848\u662f\u6df7\u5408\u7684\u3002\u786e\u5b9e\u6709\u4e00\u4e9b\u534f\u8bae\uff0c\u5373\u4f7f\u5728\u8003\u8651\u4e86 Token \u6fc0\u52b1\u652f\u51fa\u540e\uff0c\u4e5f\u80fd\u4ea7\u751f\u663e\u8457\u6536\u5165\uff0c\u8fd9\u8ba9\u6211\u503e\u5411\u4e8e\u8bf4\u662f\u7684\u3002\u7136\u800c\uff0c\u6211\u5fc5\u987b\u6307\u51fa\uff0c\u8fd9\u4e9b\u534f\u8bae\u4e2d\u7684\u5927\u591a\u6570\u7684 PMF \u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u6295\u673a\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e0e\u6295\u673a\u65e0\u5173\u7684\u534f\u8bae\u5f80\u5f80\u96be\u4ee5\u627e\u5230\u5e7f\u6cdb\u7684 PMF\uff0c\u53ea\u80fd\u670d\u52a1\u4e8e\u5c11\u6570\u7528\u6237\u3002<\/p>\n

\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"<\/figure>\n

\u6765\u6e90\uff1aVitalik Buterin<\/p>\n

\u6700\u8fd1\uff0c\u5305\u62ec Vitalik Buterin \u5728\u5185\u7684\u8bb8\u591a\u4eba\u5728\u793e\u4ea4\u5a92\u4f53\u4e0a\u63d0\u51fa\u4e86\u7c7b\u4f3c\u7684\u89c2\u70b9\u3002\u5373\u4f7f\u662f\u90a3\u4e9b\u770b\u4f3c\u627e\u5230\u4e86 PMF \u7684\u534f\u8bae\uff0c\u4e3b\u8981\u662f\u57fa\u7840\u8bbe\u65bd\u534f\u8bae\uff0c\u5b83\u4eec\u7684 PMF \u901a\u5e38\u4e5f\u6765\u81ea\u4e8e\u6295\u673a\u3002\u5728\u7b2c\u4e09\u6b21\u725b\u5e02\u5468\u671f\u4e2d\uff0c\u6709\u8bb8\u591a\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\u89e3\u51b3\u73b0\u5b9e\u95ee\u9898\u7684\u84dd\u56fe\uff0c\u6bd4\u5982\u5143\u5b87\u5b99\u3001P2E \u548c\u53bb\u4e2d\u5fc3\u5316\u793e\u4ea4\u7f51\u7edc\u7b49\u6d41\u884c\u8bcd\u6c47\u5438\u5f15\u4e86\u4eba\u4eec\u7684\u6ce8\u610f\u3002\u7136\u800c\uff0c\u5c3d\u7ba1\u5e02\u573a\u589e\u957f\uff0c\u73b0\u5728\u770b\u6765\u533a\u5757\u94fe\u7684\u613f\u666f\u6b63\u5728\u7f29\u5c0f\uff0c\u53ea\u6709\u5c11\u6570\u72c2\u70ed\u8005\u7559\u4e0b\uff0c\u5e76\u4e14\u6ca1\u6709\u89e3\u51b3\u73b0\u5b9e\u4e16\u754c\u7684\u95ee\u9898\u3002<\/p>\n

1. \u8fd9\u4e00\u5207\u90fd\u662f\u5173\u4e8e\u6295\u673a\u5417\uff1f<\/strong><\/p>\n

\u5728\u65b0\u5174\u884c\u4e1a\u4e2d\u4ea7\u751f\u6295\u673a\u662f\u81ea\u7136\u7684\u3002\u867d\u7136\u6295\u673a\u53ef\u80fd\u5bfc\u81f4\u8bb8\u591a\u53d7\u5bb3\u8005\uff0c\u4f46\u5b83\u4e5f\u6709\u52a9\u4e8e\u5e02\u573a\u548c\u884c\u4e1a\u5b9e\u73b0\u89c4\u6a21\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8981\u4f7f\u6295\u673a\u5408\u7406\u5316\uff0c\u884c\u4e1a\u6700\u7ec8\u5fc5\u987b\u627e\u5230\u5408\u9002\u7684 PMF\u3002<\/p>\n

\u5728\u6574\u4e2a\u725b\u5e02\u5468\u671f\u4e2d\uff0c\u884c\u4e1a\u5728\u5bfb\u627e PMF \u7684\u52aa\u529b\u4f3c\u4e4e\u6709\u6240\u5012\u9000\u3002\u5c3d\u7ba1\u4eba\u624d\u548c\u8d44\u672c\u7684\u6d8c\u5165\u5e26\u6765\u4e86\u76d1\u7ba1\u3001\u6280\u672f\u548c\u57fa\u7840\u8bbe\u65bd\u65b9\u9762\u7684\u663e\u8457\u8fdb\u6b65\uff0c\u4f46\u4ecd\u7136\u6ca1\u6709\u5e7f\u6cdb PMF \u7684\u533a\u5757\u94fe\u4ea7\u54c1\u3002\u5373\u4f7f\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u83b7\u5f97\u6279\u51c6\uff0c\u81ea 2021 \u5e74\u725b\u5e02\u4ee5\u6765\uff0c\u5173\u4e8e\u53bb\u4e2d\u5fc3\u5316\u548c\u5143\u5b87\u5b99\u7b49\u613f\u666f\u7684\u8ba8\u8bba\u5df2\u51cf\u5c11\uff0c\u5e02\u573a\u4f3c\u4e4e\u7784\u51c6\u4e86\u8d8a\u6765\u8d8a\u5c0f\u4f17\u7684\u7ec6\u5206\u5e02\u573a\u3002<\/p>\n

\u5e02\u573a\u7684\u589e\u957f\u6700\u7ec8\u662f\u4ec5\u4ec5\u7531\u6295\u673a\u9a71\u52a8\u7684\u5417\uff1f\u4e3a\u4e86\u627e\u5230\u7b54\u6848\uff0c\u6211\u5c06\u5e02\u573a\u5206\u4e3a\u4e09\u4e2a\u65f6\u671f\u3002<\/p>\n

2. \u7b54\u6848\uff1a\u5927\u90e8\u5206\u662f<\/strong><\/p>\n

\n
\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"<\/figure>\n<\/div>\n

2.1 \u4e92\u8054\u7f51\u8d27\u5e01<\/strong><\/p>\n

\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"<\/figure>\n

\u6765\u6e90\uff1asiliconANGLE<\/p>\n

\u5728\u6bd4\u7279\u5e01\u548c\u533a\u5757\u94fe\u6982\u5ff5\u4e8e 2008 \u5e74\u9996\u6b21\u51fa\u73b0\u540e\uff0c\u6bd4\u7279\u5e01\u4e3b\u8981\u4f5c\u4e3a\u4e00\u79cd\u5728\u7ebf\u4ea4\u6613\u7684\u652f\u4ed8\u65b9\u5f0f\uff0c\u7531\u4e8e\u5176\u6297\u5ba1\u67e5\u6027\u548c\u8de8\u5883\u652f\u4ed8\u7684\u4fbf\u5229\u6027\u3002<\/p>\n

\u4e00\u4e2a\u663e\u8457\u7684\u4f8b\u5b50\u662f\u6bd4\u7279\u5e01\u5728\u5177\u6709\u6d3b\u8dc3\u7ecf\u6d4e\u4f53\u7684 MMORPG \u6e38\u620f\uff08\u5982\u9b54\u517d\u4e16\u754c\uff09\u4e2d\u7528\u4e8e\u4ea4\u6613\u7269\u54c1\u3002\u6b64\u5916\uff0c\u6bd4\u7279\u5e01\u8fd8\u7528\u4e8e\u6697\u7f51\u5e02\u573a\u5982\u4e1d\u7ef8\u4e4b\u8def\u4e0a\u7684\u975e\u6cd5\u4ea4\u6613\uff0c\u6d89\u53ca\u6bd2\u54c1\u3001\u6b66\u5668\u548c\u8272\u60c5\u5185\u5bb9\u3002<\/p>\n

\u5c3d\u7ba1\u6bd4\u7279\u5e01\u5728\u975e\u6cd5\u4ea4\u6613\u4e2d\u6709\u663e\u8457\u4f7f\u7528\uff0c\u4f46\u5373\u4f7f\u5728\u4e0d\u5e7f\u4e3a\u4eba\u77e5\u7684\u60c5\u51b5\u4e0b\uff0c\u6bd4\u7279\u5e01\u4e5f\u627e\u5230\u4e86\u7279\u5b9a\u7fa4\u4f53\u7684 PMF\u3002<\/p>\n

2.2 \u6295\u673a<\/strong><\/p>\n

\u5728\u8fd9\u4e2a\u9636\u6bb5\uff0c\u52a0\u5bc6\u8d27\u5e01\u4e3b\u8981\u88ab\u89c6\u4e3a\u6295\u673a\u8d44\u4ea7\u3002\u5c3d\u7ba1 Steemit\u3001Livepeer\u3001Filecoin \u548c Brave Browser \u7b49\u9879\u76ee\u65e8\u5728\u89e3\u51b3\u73b0\u5b9e\u95ee\u9898\uff0c\u4f46\u5e02\u573a\u4ecd\u7136\u5145\u6ee1\u6295\u673a\u884c\u4e3a\u3002<\/p>\n

2013 \u5e74\u5e95\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece 100 \u7f8e\u5143\u98d9\u5347\u81f3 1100 \u7f8e\u5143\uff0c\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86\u5176\u6295\u673a\u8d44\u4ea7\u7684\u5f62\u8c61\u3002\u8fd9\u5f15\u53d1\u4e86\u8bf8\u5982 OneCoin \u7b49\u5e9e\u6c0f\u9a97\u5c40\uff0c\u5bfc\u81f4\u8bb8\u591a\u53d7\u5bb3\u8005\u3002<\/p>\n

2013 \u5e74\u7684\u7b2c\u4e00\u6b21\u725b\u5e02\u672a\u80fd\u5f15\u8d77\u5e7f\u6cdb\u5173\u6ce8\uff0c\u4f46 2017 \u5e74\u7684\u7b2c\u4e8c\u6b21\u725b\u5e02\u5438\u5f15\u4e86\u5168\u7403\u7684\u76ee\u5149\u3002BTC \u548c ETH \u8fbe\u5230\u4e86\u663e\u8457\u5e02\u503c\uff0c\u5c24\u5176\u662f\u5728\u97e9\u56fd\u5e02\u573a\uff0c\u6295\u673a\u4ea4\u6613\u975e\u5e38\u6d3b\u8dc3\u3002\u5728\u6b64\u671f\u95f4\uff0cEOS\u3001ADA\u3001TRX \u548c BNB \u7b49\u9879\u76ee\u901a\u8fc7 ICO \u7b79\u96c6\u4e86\u5927\u91cf\u8d44\u91d1\uff0c\u5c3d\u7ba1\u8bb8\u591a ICO \u9879\u76ee\u5b9e\u9645\u4e0a\u662f\u9a97\u5c40\u3002<\/p>\n

\u7531\u4e8e\u5e02\u573a\u5efa\u7acb\u5728\u6295\u673a\u57fa\u7840\u4e0a\uff0c\u968f\u540e\u7684\u5d29\u76d8\u5bfc\u81f4\u4e86\u957f\u65f6\u95f4\u7684\u52a0\u5bc6\u5bd2\u51ac\u3002\u7136\u800c\uff0c\u5728\u8fd9\u4e00\u65f6\u671f\u5efa\u7acb\u7684\u9879\u76ee\u548c COVID-19 \u540e\u7684\u91cf\u5316\u5bbd\u677e\u653f\u7b56\u5e2e\u52a9\u5e02\u573a\u5728 2021 \u5e74\u590d\u82cf\u3002\u50cf Uniswap \u548c Compound \u8fd9\u6837\u7684 DeFi \u534f\u8bae\u5728\u94fe\u4e0a\u84ec\u52c3\u53d1\u5c55\uff0c\u6295\u673a\u6d3b\u52a8\u5728\u94fe\u4e0a\u548c\u94fe\u4e0b\u90fd\u5f88\u6d3b\u8dc3\u3002<\/p>\n

\u8fd9\u4e00\u65f6\u671f\u89c1\u8bc1\u4e86\u5bf9\u533a\u5757\u94fe\u6280\u672f\u672c\u8eab\u7684\u9ad8\u5ea6\u5174\u8da3\uff0c\u8bb8\u591a\u7406\u60f3\u4e3b\u4e49\u9879\u76ee\u8bd5\u56fe\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u89e3\u51b3\u95ee\u9898\u3002\u867d\u7136\u5143\u5b87\u5b99\u3001P2E \u548c\u53bb\u4e2d\u5fc3\u5316\u793e\u4ea4\u7b49\u5b8f\u5927\u613f\u666f\u5927\u591a\u672a\u80fd\u5b9e\u73b0\uff0c\u4f46\u5b83\u4eec\u6fc0\u52b1\u4e86\u8bb8\u591a\u4eba\u3002<\/p>\n

2.3 \u6295\u673a\u57fa\u7840\u8bbe\u65bd<\/strong><\/p>\n

2021 \u5e74\u7b2c\u4e09\u6b21\u725b\u5e02\u4e4b\u540e\uff0c\u52a0\u5bc6\u884c\u4e1a\u5438\u5f15\u4e86\u5927\u91cf\u5173\u6ce8\uff0c\u63a8\u52a8\u4e86\u5c06\u533a\u5757\u94fe\u6280\u672f\u6574\u5408\u5230\u4f20\u7edf Web2 \u884c\u4e1a\u4e2d\u7684\u52aa\u529b\uff0c\u4ee5\u5bfb\u627e PMF\u3002\u5728 Web3 \u573a\u666f\u4e2d\uff0c\u98ce\u9669\u6295\u8d44\u589e\u52a0\uff0c\u66f4\u591a\u56e2\u961f\u5f00\u59cb\u6784\u5efa\u89e3\u51b3\u73b0\u5b9e\u95ee\u9898\u7684\u9879\u76ee\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u6295\u673a\u3002\u8fd9\u4e9b\u56e2\u961f\u4e13\u6ce8\u4e8e\u63d0\u9ad8\u53ef\u6269\u5c55\u6027\u3001\u4e92\u64cd\u4f5c\u6027\u548c\u7528\u6237\u4f53\u9a8c\uff08UI\/UX\uff09\uff0c\u4ee5\u5b9e\u73b0\u533a\u5757\u94fe\u6280\u672f\u7684\u5927\u89c4\u6a21\u5e94\u7528\u3002<\/p>\n

\u8fd9\u4e9b\u52aa\u529b\u89e3\u51b3\u4e86\u5173\u952e\u95ee\u9898\u3002\u503c\u5f97\u6ce8\u610f\u7684\u8fdb\u5c55\u5305\u62ec\u6865\uff08\u5982 Across\u3001Wormhole\u3001LayerZero\uff09\u89e3\u51b3\u4e86\u6d41\u52a8\u6027\u5206\u6563\u95ee\u9898\uff0c\u4ee5\u53ca\u7b2c 2 \u5c42\u89e3\u51b3\u65b9\u6848\uff08\u5982 Optimism\u3001Arbitrum\u3001Polygon\uff09\u6709\u6548\u89e3\u51b3\u4e86\u57fa\u7840\u5c42\u7684\u53ef\u6269\u5c55\u6027\u95ee\u9898\u3002<\/p>\n

\u4e00\u4e9b\u534f\u8bae\u4ea7\u751f\u7684\u8d39\u7528\u6536\u5165\u8d85\u8fc7\u4e86\u5b83\u4eec\u5728 Token \u6fc0\u52b1\u4e0a\u7684\u652f\u51fa\u3002\u4e00\u4e2a\u4ee3\u8868\u6027\u7684\u4f8b\u5b50\u662f Base\u3002\u7b2c 2 \u5c42\u5546\u4e1a\u6a21\u5f0f\u4f9d\u8d56\u4e8e\u63d0\u4f9b\u9ad8\u5ea6\u53ef\u6269\u5c55\u7684\u533a\u5757\u7a7a\u95f4\uff0c\u8fd9\u4f9d\u8d56\u4e8e\u4ee5\u592a\u574a\u7684\u5b89\u5168\u6027\u3002\u5b83\u4eec\u652f\u4ed8\u5b58\u50a8\u6570\u636e\u5728\u4ee5\u592a\u574a\u7f51\u7edc\u4e0a\u7684 gas \u8d39\u7528\uff0c\u5e76\u5411\u7528\u6237\u6536\u53d6\u4ea4\u6613\u8d39\u7528\u3002\u5728\u6ca1\u6709\u6cbb\u7406 Token \u6fc0\u52b1\u7684\u60c5\u51b5\u4e0b\uff0cBase \u5728\u8fc7\u53bb 180 \u5929\u5185\u5b9e\u73b0\u4e86 3500 \u4e07\u7f8e\u5143\u7684\u6bdb\u5229\u6da6\u3002<\/p>\n

\u6b64\u5916\uff0c\u94fe\u4e0a\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u4f17\u591a\u9879\u76ee\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u5b9e\u7528\u6027\uff0c\u4ee5\u4e0b\u534f\u8bae\u8fbe\u5230\u4e86\u67d0\u79cd\u7a0b\u5ea6\u7684 PMF\uff1a<\/p>\n

    \n
  • L1\uff1a\u4ee5\u592a\u574a\u3001Solana\u3001Tron<\/li>\n
  • L2\uff1aArbitrum\u3001Base\u3001Optimism<\/li>\n
  • \u6865\uff1aLayerZero\u3001Wormhole<\/li>\n
  • \u8d28\u62bc\uff1aLido\u3001Rocket Pool\u3001Jito<\/li>\n
  • \u518d\u8d28\u62bc\uff0cLRT\uff1aEigenLayer\u3001etherfi\u3001Symbiotic<\/li>\n
  • DeFi\uff1aAave\u3001Maker\u3001Uniswap\u3001Pendle\u3001Ethena<\/li>\n
  • NFT\uff1aOpenSea\u3001Zora<\/li>\n
  • \u9884\u6d4b\u5e02\u573a\uff1aPolymarket\u3001Azuro<\/li>\n
  • \u793e\u4ea4\uff1aFarcaster\u3001ENS<\/li>\n
  • \u57fa\u7840\u8bbe\u65bd\uff1aChainlink\u3001The Graph<\/li>\n
  • Meme\uff1aPump Fun\u3001Moonshot<\/li>\n<\/ul>\n

    \u4ee5\u4e0b\u662f\u6211\u7684\u770b\u6cd5<\/strong><\/p>\n

    \u5c3d\u7ba1\u4e0a\u8ff0\u534f\u8bae\u786e\u5b9e\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u5b9e\u7528\u6027\u5e76\u4e14\u8fbe\u5230\u4e86\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6 (PMF)\uff0c\u4f46\u6211\u8ba4\u4e3a\uff0c\u76ee\u524d\u8bb8\u591a\u8fd9\u79cd PMF \u4ecd\u7136\u4e3b\u8981\u56f4\u7ed5\u6295\u673a\u5c55\u5f00\u3002\u76f8\u53cd\uff0c\u90a3\u4e9b\u4e0e\u6295\u673a\u65e0\u5173\u7684\u670d\u52a1\u867d\u7136\u4e5f\u8fbe\u5230\u4e86 PMF\uff0c\u4f46\u53d7\u4f17\u975e\u5e38\u6709\u9650\u3002<\/p>\n

      \n
    • \u667a\u80fd\u5408\u7ea6 L1 \u7684\u6838\u5fc3\u5728\u4e8e\u5728\u53bb\u4e2d\u5fc3\u5316\u73af\u5883\u4e2d\u8fdb\u884c\u8ba1\u7b97\uff0c\u63d0\u4f9b\u6297\u5ba1\u67e5\u548c\u4fdd\u6301\u6d3b\u8dc3\u7b49\u597d\u5904\u3002\u7136\u800c\uff0c\u4e0e\u8fd9\u4e00\u6838\u5fc3\u7406\u5ff5\u76f8\u7b26\u7684\u771f\u5b9e\u7528\u4f8b\u5f88\u5c11\uff0c\u5927\u591a\u6570\u7528\u6237\u5c06 L1 \u4f5c\u4e3a\u6295\u673a\u7684\u5e73\u53f0\u3002<\/li>\n
    • L2 \u7684\u4e3b\u8981\u76ee\u7684\u662f\u5728\u4f9d\u8d56\u57fa\u7840\u5c42\u5b89\u5168\u6027\u7684\u540c\u65f6\u63d0\u4f9b\u5feb\u901f\u7684\u53ef\u6269\u5c55\u6027\u3002\u5c3d\u7ba1 L2 \u786e\u5b9e\u8fbe\u5230\u4e86 PMF\uff0c\u4f46\u5927\u90e8\u5206\u9700\u6c42\u6765\u81ea\u4e8e\u7528\u6237\u5e0c\u671b\u80fd\u66f4\u5feb\u3001\u66f4\u4fbf\u5b9c\u5730\u8fdb\u884c\u94fe\u4e0a\u6295\u673a\u3002\u5982\u679c\u8bf4 L1 \u662f\u9ad8\u98ce\u9669\u3001\u6602\u8d35\u7684\u8d4c\u573a\uff0c\u90a3\u4e48 L2 \u5c31\u662f\u4f4e\u98ce\u9669\u3001\u66f4\u52a0\u5b9e\u60e0\u7684\u8d4c\u573a\u3002<\/li>\n
    • \u6865\u63a5 (Bridges) \u4fc3\u8fdb\u4e86\u8d44\u672c\u548c\u4fe1\u606f\u5728\u4e0d\u540c\u7f51\u7edc\u4e4b\u95f4\u7684\u6d41\u52a8\uff0c\u4f7f\u5176\u6210\u4e3a\u5f53\u524d\u591a\u7f51\u7edc\u73af\u5883\u4e2d\u7684\u5173\u952e\u57fa\u7840\u8bbe\u65bd\u3002\u5982\u679c\u6ca1\u6709\u6865\u63a5\uff0c\u8bb8\u591a\u7528\u6237\u548c\u4f01\u4e1a\u5c06\u9762\u4e34\u91cd\u5927\u4e0d\u4fbf\u3002\u7136\u800c\uff0c\u4e0e L2 \u7c7b\u4f3c\uff0c\u6865\u63a5\u901a\u5e38\u88ab\u7528\u6237\u7528\u4e8e\u5728\u4e0d\u540c\u7f51\u7edc\u4e0a\u5bfb\u627e\u6295\u673a\u673a\u4f1a\uff0c\u5c31\u50cf\u5728\u4e0d\u540c\u8d4c\u573a\u4e4b\u95f4\u8f6c\u79fb\u8d44\u91d1\u3002<\/li>\n
    • \u8d28\u62bc\u548c\u518d\u8d28\u62bc\u5bf9\u534f\u8bae\u7684\u5b89\u5168\u6027\u81f3\u5173\u91cd\u8981\uff0c\u5e76\u4e14\u5728\u603b\u9501\u4ed3\u91cf (TVL) \u65b9\u9762\u53d6\u5f97\u4e86\u5de8\u5927\u7684\u6210\u529f\u3002\u867d\u7136\u5bfb\u6c42\u6fc0\u52b1\u662f\u6b63\u5e38\u7684\uff0c\u4e5f\u6ca1\u6709\u9519\uff0c\u4f46\u8bb8\u591a\u6295\u8d44\u8005\u53c2\u4e0e\u5176\u4e2d\u662f\u671f\u5f85\u4e0d\u53ef\u6301\u7eed\u7684\u9ad8\u56de\u62a5 ( \u5982\u7a7a\u6295\u3001\u6536\u76ca\u7b49 )\u3002<\/li>\n
    • \u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u4f7f\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u5728\u94fe\u4e0a\u8fdb\u884c\u91d1\u878d\u6d3b\u52a8\u3002\u5c3d\u7ba1\u8d8a\u6765\u8d8a\u591a\u5730\u4e0e\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7 (RWA) \u96c6\u6210\uff0c\u4f46\u5e02\u573a\u4ecd\u7136\u5f88\u5c0f\uff0c\u8bb8\u591a DeFi \u534f\u8bae\u4e0e\u6295\u673a\u76f8\u5173\u3002\u4f8b\u5982\uff0cPendle \u548c Ethena \u901a\u8fc7\u627e\u5230\u9002\u5f53\u7684 PMF \u5feb\u901f\u589e\u957f\uff0c\u4f46\u8fd9\u79cd\u589e\u957f\u662f\u7531\u7528\u6237\u7684\u6295\u673a\u884c\u4e3a\u9a71\u52a8\u7684\u3002\u4e24\u4e2a\u534f\u8bae\u90fd\u901a\u8fc7\u5229\u7528\u7a7a\u6295\u9884\u671f\u5438\u5f15\u4e86\u5927\u91cf\u7528\u6237\u548c TVL\u3002<\/li>\n
    • NFT \u5e02\u573a\u751f\u52a8\u5730\u5c55\u793a\u4e86\u6295\u673a\u7684\u5f71\u54cd\u3002NFT \u5e02\u573a\u662f\u4ea4\u6613 NFT \u7684\u4e2d\u7acb\u5e73\u53f0\uff0c\u4f46\u50cf OpenSea \u548c Blur \u8fd9\u6837\u7684\u4f8b\u5b50\u8868\u660e\uff0c\u4e00\u65e6 NFT \u6295\u673a\u72c2\u6f6e\u6d88\u9000\u6216\u4ee3\u5e01\u6fc0\u52b1\u8ba1\u5212\u7ed3\u675f\uff0c\u4ea4\u6613\u91cf\u4f1a\u6025\u5267\u4e0b\u964d\u3002<\/li>\n
    • Web3 \u793e\u4ea4\u65e8\u5728\u89e3\u51b3\u4e2d\u5fc3\u5316\u793e\u4ea4\u5a92\u4f53\u7684\u95ee\u9898\u3002\u867d\u7136\u7528\u6237\u5bf9\u6295\u673a\u6709\u4e00\u4e9b\u671f\u5f85\uff0c\u4f46\u8fd9\u4e2a\u9886\u57df\u662f\u5c11\u6570\u51e0\u4e2a\u5efa\u8bbe\u610f\u56fe\u548c\u5b9e\u9645 PMF \u4e00\u81f4\u7684\u9886\u57df\u4e4b\u4e00\u3002\u7136\u800c\uff0c\u5b83\u4ecd\u7136\u662f\u4e00\u4e2a\u5c0f\u4f17\u5e02\u573a\uff0c\u56e0\u4e3a\u76ee\u524d\u8fd8\u6ca1\u6709\u5f88\u591a\u4eba\u5bf9 Web2 \u793e\u4ea4\u7684\u4e2d\u5fc3\u5316\u95ee\u9898\u611f\u5230\u62c5\u5fe7\u3002<\/li>\n
    • \u94fe\u4e0a\u57fa\u7840\u8bbe\u65bd\u5982\u9884\u8a00\u673a\u548c\u67e5\u8be2\u670d\u52a1\u5bf9\u4e8e\u94fe\u4e0a\u751f\u6001\u7cfb\u7edf\u7684\u5b89\u5168\u9ad8\u6548\u8fd0\u884c\u81f3\u5173\u91cd\u8981\uff0c\u4f46\u5b83\u4eec\u4ecd\u7136\u4e3b\u8981\u7528\u4e8e\u4e0e\u6295\u673a\u76f8\u5173\u7684\u670d\u52a1\u3002<\/li>\n
    • \u9884\u6d4b\u5e02\u573a\u548c\u4e0e memes \u76f8\u5173\u7684\u534f\u8bae\u672c\u8d28\u4e0a\u65e8\u5728\u4fc3\u8fdb\u6295\u673a\u3002<\/li>\n<\/ul>\n
      \"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"\"\u89c2\u70b9\uff1a\u52a0\u5bc6\u4ea7\u54c1\u5951\u5408\u5ea6\u4e3b\u8981\u6765\u81ea\u6295\u673a\uff0c\u5426\u5219\u53ea\u80fd\u670d\u52a1\u5c11\u6570\u7528\u6237\"<\/figure>\n

      PMFs \u5e76\u975e\u771f\u5b9e\u5b58\u5728<\/strong><\/p>\n

      \u4f8b\u5982\uff0c\u60f3\u8c61\u4f60\u901a\u8fc7 Pendle \u5728 Arbitrum \u7f51\u7edc\u4e0a\u8d2d\u4e70 YT-eETH\u3002Arbitrum \u662f\u4e00\u4e2a Layer 2 \u89e3\u51b3\u65b9\u6848\uff0c\u53ef\u4ee5\u964d\u4f4e\u4f60\u7684\u6210\u672c\u548c\u65f6\u95f4\u3002Pendle \u5141\u8bb8\u4f60\u5206\u79bb eETH \u7684\u6536\u76ca\u548c\u672c\u91d1\uff0c\u63d0\u4f9b\u5404\u79cd\u7b56\u7565\u3002Etherfi \u4ee3\u8868\u4f60\u8fdb\u884c\u518d\u8d28\u62bc\u5e76\u94f8\u9020\u6d41\u52a8\u6027 ETH\uff0c\u800c EigenLayer \u8ba9\u4f60\u53ef\u4ee5\u540c\u65f6\u5728\u591a\u4e2a\u534f\u8bae\u4e2d\u8d28\u62bc ETH\u3002\u867d\u7136\u8fd9\u4e9b\u670d\u52a1\u5f88\u6709\u7528\uff0c\u4f46\u5b83\u4eec\u7684\u6d3b\u52a8\u662f\u7531 AVS \u5956\u52b1\u548c\u6f5c\u5728\u7a7a\u6295\u7684\u6295\u673a\u884c\u4e3a\u9a71\u52a8\u7684\u3002<\/p>\n

      \u9644\u6ce8\uff1a\u786e\u5b9e\u6709\u4e00\u4e9b\u533a\u5757\u94fe\u76f8\u5173\u7684\u670d\u52a1\u5728\u73b0\u5b9e\u751f\u6d3b\u4e2d\u5f97\u5230\u5e7f\u6cdb\u4f7f\u7528\uff0c\u4f46\u5b83\u4eec\u901a\u5e38\u9075\u5faa Web2 \u8303\u5f0f\uff0c\u533a\u5757\u94fe\u53ea\u662f\u5176\u4e2d\u7684\u4e00\u4e2a\u529f\u80fd\u3002\u4f8b\u5982 Reddit \u7684\u5934\u50cf NFT \u548c Sweatcoin\u3002<\/p>\n

      \u4e0d\u8981\u8bef\u4f1a\u6211\u7684\u610f\u601d\u3002<\/p>\n

      \u5728\u81ea\u7531\u5e02\u573a\u4e2d\uff0c\u4ea7\u54c1\u4e0d\u4e00\u5b9a\u8981\u6309\u9884\u671f\u7528\u9014\u4f7f\u7528\u3002\u5373\u4f7f\u4ea7\u54c1\u901a\u8fc7\u6295\u673a\u7b49\u9014\u5f84\u4ea7\u751f\u9700\u6c42\u548c\u6536\u5165\uff0c\u5b83\u4ecd\u7136\u662f\u6709\u4ef7\u503c\u7684\u3002\u7136\u800c\uff0c\u5982\u679c PMF \u4e0e\u533a\u5757\u94fe\u7684\u6838\u5fc3\u672c\u8d28\u4e0d\u4e00\u81f4\uff0c\u90a3\u4e48\u533a\u5757\u94fe\u53ef\u80fd\u5e76\u4e0d\u662f\u5fc5\u8981\u7684\u3002\u4f20\u7edf\u7684 Web2 \u6280\u672f\u901a\u5e38\u5c31\u8db3\u591f\u4e86\u3002<\/p>\n

      \u9274\u4e8e\u5e02\u573a\u7684\u89c4\u6a21\uff0c\u4e3a\u4ec0\u4e48\u6211\u4eec\u8fd8\u6ca1\u6709\u770b\u5230\u533a\u5757\u94fe\u4ea7\u54c1\u7684\u5e7f\u6cdb PMF\uff1f\u8fd9\u662f\u56e0\u4e3a\u73b0\u4ee3\u793e\u4f1a\u8fd8\u4e0d\u771f\u6b63\u9700\u8981\u533a\u5757\u94fe\u3002<\/p>\n

      3. \u4ece\u6295\u673a\u5230\u53ef\u4fe1\u4e2d\u7acb<\/strong><\/p>\n

      \u6b63\u5982 Josh Stark \u5728 Atoms, Institutions, Blockchains \u4e2d\u6240\u89e3\u91ca\u7684\u90a3\u6837\uff0c\u533a\u5757\u94fe\u5728\u6570\u5b57\u9886\u57df\u7684\u4ef7\u503c\u5728\u4e8e\u5176\u53ef\u4fe1\u4e2d\u7acb\u6027\uff0c\u8fd9\u7c7b\u4f3c\u4e8e\u7269\u7406\u6cd5\u5219\u548c\u793e\u4f1a\u89c4\u8303\u5728\u7269\u7406\u548c\u793e\u4f1a\u9886\u57df\u4e2d\u7684\u4f5c\u7528\u3002\u7269\u7406\u6cd5\u5219\u5b9a\u4e49\u4e86\u7a7a\u95f4\u3001\u65f6\u95f4\u548c\u7269\u8d28\uff0c\u793e\u4f1a\u89c4\u8303\uff08\u5982\u653f\u5e9c\u548c\u6cd5\u5f8b\uff09\u5219\u5b9a\u4e49\u4e86\u4eba\u7c7b\u793e\u4f1a\u4e2d\u7684\u4e92\u52a8\u3002\u76f8\u53cd\uff0c\u73b0\u4ee3\u793e\u4f1a\u5c1a\u4e0d\u9700\u8981\u533a\u5757\u94fe\uff0c\u56e0\u4e3a\u6570\u5b57\u4e92\u52a8\u4ecd\u4e3b\u8981\u4f9d\u8d56\u4e8e\u5bf9\u4e2d\u5fc3\u5316\u5b9e\u4f53\u7684\u4fe1\u4efb\u3002<\/p>\n

      \u4e0d\u8fc7\uff0c\u4e5f\u6709\u4f8b\u5916\u3002\u5728\u4e00\u4e9b\u56e0\u4e3a\u653f\u5e9c\u8150\u8d25\u6216\u57fa\u7840\u8bbe\u65bd\u843d\u540e\u800c\u5bfc\u81f4\u793e\u4f1a\u89c4\u8303\u5931\u6548\u7684\u56fd\u5bb6\uff0c\u6bd4\u7279\u5e01\u548c\u7a33\u5b9a\u5e01\u5728\u7ecf\u6d4e\u4e2d\u53d1\u6325\u7740\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u5728\u62c9\u4e01\u7f8e\u6d32\u548c\u975e\u6d32\u5c24\u4e3a\u660e\u663e\u3002\u4e0e\u53d1\u8fbe\u56fd\u5bb6\u7684\u4eba\u4eec\u5c06\u52a0\u5bc6\u8d27\u5e01\u89c6\u4e3a\u6295\u8d44\u4e0d\u540c\uff0c\u8fd9\u4e9b\u5730\u533a\u7684\u5c45\u6c11\u4f7f\u7528\u52a0\u5bc6\u8d27\u5e01\u6765\u7ef4\u6301\u751f\u8ba1\u3002\u5728\u8fd9\u91cc\uff0c\u533a\u5757\u94fe\u7684\u53ef\u4fe1\u4e2d\u7acb\u6027\u8d4b\u4e88\u4e86\u6bd4\u7279\u5e01\u548c\u7a33\u5b9a\u5e01\u8d44\u4ea7\u548c\u8d27\u5e01\u7684\u7279\u6027\uff0c\u4f7f\u5176\u627e\u5230\u4e86\u8d85\u8d8a\u6295\u673a\u7684\u771f\u5b9e\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6 (PMF)\u3002<\/p>\n

      \u8981\u627e\u5230\u57fa\u4e8e\u53ef\u4fe1\u4e2d\u7acb\u6027\u7684\u66f4\u5e7f\u6cdb\u7684 PMF\uff0c\u6211\u4eec\u53ea\u80fd\u7b49\u5f85\u66f4\u591a\u4e2d\u5fc3\u5316\u7cfb\u7edf\u7684\u5931\u8d25\u3002\u5c3d\u7ba1\u4e0e\u533a\u5757\u94fe\u6ca1\u6709\u76f4\u63a5\u5173\u7cfb\uff0c\u4f46\u7279\u6717\u666e\u7684 Truth Social \u5c31\u662f\u4e3a\u4e86\u907f\u514d\u5927\u79d1\u6280\u516c\u53f8\u5ba1\u67e5\u800c\u51fa\u73b0\u7684\u3002\u867d\u7136\u8fd9\u79cd\u4e2d\u5fc3\u5316\u7cfb\u7edf\u7684\u5931\u8d25\u5bf9\u53d1\u8fbe\u56fd\u5bb6\u4e0d\u5229\uff0c\u4f46\u5b83\u4eec\u6700\u7ec8\u53ef\u80fd\u63a8\u52a8\u4eba\u4eec\u8f6c\u5411\u533a\u5757\u94fe\u7cfb\u7edf\u3002\u672c\u8d28\u4e0a\uff0c\u5f53\u4e2d\u5fc3\u5316\u7cfb\u7edf\u7684\u7f3a\u9677\u53d8\u5f97\u660e\u663e\u65f6\uff0c\u533a\u5757\u94fe\u6280\u672f\u5c06\u63d0\u4f9b\u8d85\u8d8a\u6295\u673a\u7684\u771f\u6b63\u5b9e\u7528\u6027\u3002<\/p>\n

      \u7136\u800c\uff0c\u793e\u4ea4\u5a92\u4f53\u5ba1\u67e5\u3001\u6570\u636e\u6cc4\u9732\u548c\u4e91\u670d\u52a1\u4e2d\u65ad\u7b49\u95ee\u9898\u8fd8\u4e0d\u8db3\u4ee5\u6210\u4e3a\u50ac\u5316\u5242\u3002\u5c3d\u7ba1\u8fd9\u4e9b\u95ee\u9898\u786e\u5b9e\u5b58\u5728\uff0c\u4f46\u4e2d\u5fc3\u5316\u670d\u52a1\u7684\u597d\u5904\u4ecd\u7136\u8d85\u8fc7\u4e86\u8fd9\u4e9b\u95ee\u9898\uff0c\u5bfc\u81f4\u5927\u591a\u6570\u4eba\u7ee7\u7eed\u4f7f\u7528\u73b0\u6709\u7cfb\u7edf\u3002\u6b63\u5982\u6211\u5728\u4e4b\u524d\u7684\u4e00\u7bc7\u6587\u7ae0\u4e2d\u63d0\u5230\u7684\uff0c\u533a\u5757\u94fe\u57fa\u4e8e\u53ef\u4fe1\u4e2d\u7acb\u6027\u627e\u5230 PMF \u7684\u6700\u5927\u50ac\u5316\u5242\u5c06\u662f 1\uff09\u7f8e\u5143\u7684\u5931\u8d25\u548c 2\uff09\u4eba\u5de5\u667a\u80fd\u7684\u5feb\u901f\u53d1\u5c55\u3002\u6700\u8fd1\uff0c\u7279\u6717\u666e\u3001Larry Fink \u548c Jamie Dimon \u7b49\u77e5\u540d\u4eba\u7269\u5bf9\u6bd4\u7279\u5e01\u7684\u652f\u6301\u53cd\u6620\u4e86\u7c7b\u4f3c\u7684\u8d8b\u52bf\u3002<\/p>\n

      4. \u6700\u540e\u7684\u60f3\u6cd5<\/strong><\/p>\n

      \u5728\u8fc7\u53bb\u7684\u4e09\u5e74\u91cc\uff0c\u533a\u5757\u94fe\u6280\u672f\u548c\u6574\u4e2a\u884c\u4e1a\u90fd\u53d6\u5f97\u4e86\u98de\u901f\u53d1\u5c55\u3002\u8fd9\u79cd\u589e\u957f\u4e3b\u8981\u7531\u6295\u8d44\u8005\u7684\u6295\u673a\u884c\u4e3a\u63a8\u52a8\u3002\u867d\u7136\u6295\u673a\u5e38\u5e38\u88ab\u8bdf\u75c5\uff0c\u4f46\u6211\u4eec\u4e5f\u5e94\u770b\u5230\u5b83\u5bf9\u884c\u4e1a\u53d1\u5c55\u7684\u63a8\u52a8\u4f5c\u7528\u3002\u7136\u800c\uff0c\u4ee4\u4eba\u9057\u61be\u7684\u662f\uff0c\u76ee\u524d\u533a\u5757\u94fe\u5e02\u573a\u7684 PMF \u4f9d\u7136\u4ee5\u6295\u673a\u4e3a\u4e3b\uff0c\u6211\u4eec\u51e0\u4e4e\u65e0\u6cd5\u627e\u5230\u57fa\u4e8e\u53ef\u4fe1\u4e2d\u7acb\u6027\u7684\u57fa\u672c PMF\u3002<\/p>\n

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