作者：MASON NYSTROM
編譯：深潮TechFlow
啟動的問題。但儘管投機活動能帶來網路活躍度的好處，它也會帶來短期流動性和非自然用戶的負面影響。
那些從一開始就推出Token（或在建立足夠自然需求之前）的市場和網絡，必須在縮短的窗口期內找到產品市場契合度（PMF），否則他們將會用完寶貴的Token資源。
我的朋友兼投資者Tina稱之為“熱啟動問題”，即Token 的存在限制了初創公司找到PMF 並獲得足夠自然牽引力的時間窗口，以便在Token 獎勵減少時仍能保留用戶和流動性。
以積分系統發布的應用程式也會遇到熱啟動問題，因為現在用戶隱含著對代幣的期望。
我非常喜歡「熱啟動問題」這個說法，因為與 Web2 相比，Crypto 的一個核心區別是能夠利用 Token，作為財務激勵來啟動新網路。
這種策略已被證明是有效的，尤其是在如 MakerDAO、DyDx、Lido、GMX 等 DeFi 協議中。 Token 啟動也被證明對其他 Crypto 網路有效，從去中心化物聯網網路（如 Helium）到基礎設施（如 Layer 1 區塊鏈）以及某些中介軟體（如預言機）。然而，那些選擇透過Token 進行快速擴展而面臨熱啟動問題的網絡面臨幾種權衡，包括模糊自然牽引力和PMF、過早用完Token 資源，以及由於DAO 治理（如籌款、治理決策等）而增加營運任務的複雜性。
為什麼選擇熱啟動問題？
在兩種情況下，熱啟動問題比冷啟動問題更有利：
- 在競爭激烈且需求已知的紅海市場中競爭的新創公司
在競爭激烈且需求已知的紅海市場中競爭的新創公司
- 方參與的產品與網路
Red Ocean Market
The core disadvantage of the hot start problem is that it is difficult to judge natural demand, but in categories with strong product market fit (PMF), this problem will be alleviated. In this case, later competitors may successfully challenge the first movers by launching tokens early. The DeFi space provides many examples of latecomers overcoming the hot-start problem by effectively leveraging tokens to launch new protocols. Although Bitmex and Perpetual Protocol were the first centralized and decentralized exchanges to provide perpetual contracts, later GMX and dYdX quickly increased liquidity through tokens and became leaders in the perpetual contract market. Newer DeFi protocols like Morpho and Spark have successfully launched billions of dollars in total volume locked (TVL) in terms of lending, although first movers like Compound still dominate, and Aave (formerly ETHlend) still dominates. Today, tokens (and points) are the default choice for liquidity launches when the need for a new protocol is clear. For example, liquidity staking protocols actively utilize points and tokens to increase liquidity in a highly competitive market.
In the Crypto consumer space, Blur has demonstrated a strategy to compete in the red ocean market with its market-defining points system and token launch, making Blur the dominant Ethereum NFT trading venue by volume.
Participation of passive and active supply
Compared with active supply network, the hot start problem is easier to overcome in passive supply network. A brief history of token economics shows that tokens are useful in launching a network when there are passive tasks that need to be accomplished, such as staking, providing liquidity, listing assets (like NFTs), or set-and-forget hardware (like DePIN).
Conversely, while Token has also had success in launching active networks such as Axie, Braintrust, Prime, YGG, and Stepn, the premature emergence of Token often obscures true product-market fit. Therefore, the hot start problem is more challenging in active networks than in passive networks.
The lesson here is not that tokens are invalid in active networks, but that applications and markets that initiate token rewards for completing active tasks (such as usage, games, gigs, services, etc.) must take additional measures to ensure that tokens are Rewards are used for organic usage and drive important metrics like engagement and retention. For example, data annotation network Sapien gamifies annotation tasks and lets users stake points to earn more points. In this case, passive staking by users when performing certain operations may serve as a loss aversion mechanism to ensure that participants provide higher quality data annotation.
Speculation: Feature or Flaw
Speculation is a double-edged sword. If integrated early in the product life cycle, it can be a flaw, but if done strategically, it can also be a powerful feature and growth tool used to capture user attention.
Instead of solving the cold start problem, startups that choose to launch their tokens before gaining natural traction choose the hot start problem. They accept the trade-off of leveraging tokens as external incentives to capture user attention while betting on their ability to discover or create natural product utility amid increased speculative noise.
以上是代幣啟動雙面刃：過早發幣可能是錯誤，也可以產生激勵效應的詳細內容。更多資訊請關注PHP中文網其他相關文章！
