Memecoins like Dogecoin or Shiba Inu continue to divide crypto experts. While Arthur Hayes, co-founder of BitMEX, sees them as a driver of adoption, Vitalik Buterin, the creator of Ethereum, warns of their risks.

像狗狗币或柴犬这样的 Memecoin 继续对加密专家产生分歧。虽然 BitMEX 联合创始人 Arthur Hayes 将其视为采用的推动力，但以太坊创始人 Vitalik Buterin 却警告其风险。

Arthur Hayes defends the usefulness of memecoins for the crypto industry

Arthur Hayes 捍卫模因币对加密行业的有用性

For Arthur Hayes, memecoins, despite their apparent triviality, can be beneficial for the crypto ecosystem. In an interview with Raoul Pal, CEO of Real Vision, he claims they attract attention and draw new users and developers to the blockchains that host them, like Solana or Ethereum.

对于 Arthur Hayes 来说，模因币尽管看似微不足道，但却对加密生态系统有益。在接受 Real Vision 首席执行官 Raoul Pal 采访时，他声称它们吸引了注意力，并将新用户和开发人员吸引到托管它们的区块链上，例如 Solana 或以太坊。

This media attention translates into an influx of users and engineers, beneficial for the development of the concerned blockchains. “Chains that can support this culture will be the ones that have value“, asserts Hayes. He particularly cites Solana and Ethereum as being well-positioned to benefit from it.

这种媒体关注转化为用户和工程师的涌入，有利于相关区块链的发展。海耶斯断言，“能够支持这种文化的连锁店将是有价值的”。他特别提到 Solana 和以太坊处于有利位置，可以从中受益。

Facts seem to prove him right. Following a memecoin frenzy in November, the Solana network activity saw a significant increase, with the launch of numerous serious projects in the following months. A similar scenario occurred on Bitcoin, driven by the wave of BRC-20 tokens and Ordinals.

事实似乎证明他是对的。继 11 月份 memecoin 热潮之后，Solana 网络活动显着增加，在接下来的几个月里推出了众多重要项目。在 BRC-20 代币和 Ordinals 浪潮的推动下，比特币也出现了类似的情况。

Raoul Pal, meanwhile, attributes the growing popularity of memecoins to the “playful mentality” prevalent among Generations Z and Y. “For them, it’s simply another way to play with money“, he analyzes.

与此同时，拉乌尔·帕尔 (Raoul Pal) 将模因币的日益流行归因于 Z 世代和 Y 世代中普遍存在的“好玩的心态”。他分析道，“对他们来说，这只是另一种玩钱的方式”。

Risks not to be ignored

风险不容忽视

The contributions of memecoins should not, however, overshadow their dangers. The absence of fundamental value exposes investors to brutal losses. This is underlined by Franklin Templeton, warning against the lure of easy gains.

然而，模因币的贡献不应掩盖其危险。基本价值的缺失使投资者面临惨重的损失。富兰克林邓普顿强调了这一点，警告不要轻易获利的诱惑。

Vitalik Buterin, co-founder of Ethereum, also expresses his skepticism. While he understands the playful appeal of memecoins, he calls on their creators to provide them with real utility or a charitable purpose. Simply pointing out their flaws is not enough according to him.

以太坊联合创始人 Vitalik Buterin 也表达了他的怀疑。虽然他理解模因币的有趣吸引力，但他呼吁其创造者为它们提供真正的实用性或慈善目的。他认为，仅仅指出他们的缺点是不够的。

Despite these reservations, it is clear that memecoins have been the best performing asset class this month. CoinGecko reports weekly gains of 20%, far ahead of DeFi tokens (+5.4%) and Layer 1 tokens (+6%). 

尽管有这些保留，但模因币显然是本月表现最好的资产类别。 CoinGecko 报告每周涨幅为 20%，远远领先于 DeFi 代币（+5.4%）和 Layer 1 代币（+6%）。

The craze shows no signs of waning, as evidenced by the meteoric rise of dogwifhat (WIF). This canine memecoin even managed to surpass Ethereum’s Arbitrum (ARB) token in terms of market capitalization.

这种热潮丝毫没有减弱的迹象，dogwifhat (WIF) 的迅速崛起就证明了这一点。这种犬类模因币的市值甚至超越了以太坊的 Arbitrum（ARB）代币。

Memecoins, despite their meteoric success, divide opinion. Between being a driver of adoption and a threat to the foundations of the ecosystem, their added value remains ambiguous. A phenomenon that must be approached with nuance to make the most of it, without falling into its pitfalls.

尽管模因币取得了巨大的成功，但人们对它的看法却存在分歧。在成为采用的推动者和对生态系统基础的威胁之间，它们的附加价值仍然模糊不清。必须仔细对待这种现象，才能充分利用它，而不落入陷阱。