链上时代的投资者关系

大家好。

Hey, everyone.

我是Blockworks的联合创始人迈克尔·伊波利托。

Blockworks co founder Michael Ippolito here.

今天，我们为大家带来一期特别的迷你剧集，重点介绍我们新产品的发布——Blockworks投资者关系服务。

We're bringing you a special mini episode today highlighting the launch of our new product, Blockworks Investor Relations.

随着越来越多的机构资本进入加密市场，投资者的期望正在发生变化。

Investor expectations are shifting as more institutional capital is coming into crypto markets.

投资者希望获得更多的透明度、标准化和专业性。

Investors want more transparency, standardization and professionalism.

但总体而言，我们认为加密领域的投资者关系应该与传统市场大不相同。

But at a high level, we think investor relations in crypto should look very different than traditional markets.

它应该更加透明、更以数据为导向，并且对链上企业和投资者来说负担都更轻。

It should be more transparent, more data driven and way less burdensome to both onchain businesses and investors.

如果你正在构建链上业务，你的大部分业务已经实时可见。

If you're building onchain, so much of your business is already visible in real time.

问题是，如何将这些转化为对新老投资者清晰、易懂且可信的故事？

The question is, how do you turn that into a clear, intelligible, credible story for new and existing investors?

这正是Blockworks IR要解决的问题。

That's what we're solving with Blockworks IR.

新平台将精选分析、品牌化投资者门户和专属顾问支持整合到一个工具中。

The new platform brings together everything from curated analytics to branded investor portals to white glove advisory support all in a single tool.

结果是，企业能更高效地讲述自己的故事，投资者也能更清楚地了解真正重要的内容。

The result is a more efficient way for businesses to tell their story and for investors to understand what actually matters.

我们今天早些时候在纽约举行的数字资产峰会上推出了Blockworks IR，BNB和Jito作为首批客户。

We launched Blockworks IR at the Digital Asset Summit in New York earlier today with BNB and Jito as inaugural clients.

在本集中，了解更多关于我们在Blockworks IR上所做的工作，以及它如何填补行业中的空白。

In this episode, learn a bit more about what we're doing with Blockworks IR and the gap it fills in the industry.

享受这期迷你节目。

Enjoy the minisode.

大家最近怎么样？

How's everyone doing?

能量怎么样？

Energy?

好吗？

Good?

感觉不错吗？

Feeling good?

伙计们，这已经是第四次我上台要求你们这么做了。

Guys, this is like the fourth time I've been on stage and I've asked you to do this.

来吧。

Come on.

气氛怎么样？

How's the energy?

感觉不错吗？

Feeling good?

好的。

All right.

太棒了。

Amazing.

我接下来要接替美国证券交易委员会主席保罗·阿特金斯的发言，和大家聊聊链上时代的投资者关系。

I'm gonna try to follow that act, from the chairman of the SEC, Paul Atkins here, and I'm gonna talk to you all about, investor relations in the onchain era.

如果你们还记得今天一开始我向大家提出的第四个主题观点，我想谈谈我们到目前为止还没讨论过的内容——代币。

And if you remember that fourth thematic point that I outlined for all of you at the beginning of this day, I wanna talk about something that we haven't actually talked about so far, which is tokens.

代币、价值累积，以及代币的市场表现。

Tokens and value accrual and the performance of tokens that have been happening.

你们已经从我这里、也从Blockworks的其他人那里听到了关于机构牛市的说法。

And, you know, you've heard from me, you've heard from other folks at Blockworks is the institutional bull market.

我们这里有很多有利条件。

We got a lot of stuff going for us here.

今天我们谈了很多积极的事情，但我接下来要向你们展示一些正在发生的负面情况。

We talked about a lot of positive things today, but I'm actually gonna start to show you some of the negative things that are happening here.

首先，我能请大家举个手示意一下吗？

First of all, can I get a, show of hands?

有多少人喜欢表情包？

How many people like memes?

哦，天哪。

Oh, wow.

好吧。

Okay.

这是一场西装革履的会议。

This is a suits conference.

好的。

Alright.

我们有表情包，有图表，我将利用这些工具给大家讲一个故事。

Well, we've got memes, we've got charts, and I'm gonna leverage these tools to tell you all a story.

好的。

Okay.

我们先从一个表情包开始。

We're gonna start with a meme.

这里有很多不错的事情正在发生。

We got a lot of good stuff going on here.

明白吗？

Alright?

我们刚刚听到了美国监管机构负责人对这个行业充满热情的发言。

We just heard from the head of our regulatory agencies here in The United States about how excited they are in this industry.

有数千亿美元的稳定币即将上链。

We've got hundreds of billions of dollars worth of stablecoins coming onchain.

我们正在链上构建现实资产和信贷。

We've got RWAs and credit being built onchain.

银行都全力投入了。

Banks are all in.

Stripe 也正在这里建设。

Stripe is building here.

一切看起来都像是积极活动、资本和情绪的海啸，唯独代币除外。

Everything seems to be the tsunami of positive activity, capital, and sentiment, except for the tokens.

就别看代币了。

Just don't look at the tokens.

为什么会这样？

Why is that?

这里到底发生了什么？

What's going on here?

如果我要问在场的各位，过去五年中一个代币的平均价格是多少？

If I think I think if I were to ask any of you in this audience, what's the average price of a token done over the last five years?

我想你们会有一种直觉，那就是表现并不好。

I think you would have kind of an intuition that hasn't been that great.

你会说，这个行业确实发展得很好，但代币表现如何呢？

Like, well, the industry's doing really well, you'd say, but how are the tokens doing?

有一个令人不安的现实。

There's an uncomfortable reality.

机构牛市已经到来，它是真实的，但它并没有为你的代币而来。

The institutional bull market is here, it is real, and it also has not come for your tokens.

与其用一个模糊的直觉来开头，我将用六部分的数据来讲述这个故事。

And instead of leading with a vague intuition about this, I'm gonna tell this story in data form in six parts.

我们在这里看到的是整个加密货币的市值。

What we're looking at here is total crypto market cap.

很不错，对吧？

Pretty good, right?

我不是交易员，也不是技术分析专家，但我能画出一些向上攀升的图表，你知道的，那种趋势是向右上方的。

I'm not a trader, I'm not a TA guy, but I could draw some charts, you know, that are going up and to the right.

看起来像是阻力变成了支撑。

Looks like something something resistance is becoming strength.

如果我坐在家里，用我的YouTube设备，我会买下这个图表。

If I'm at home on my YouTube setup, I'm gonna buy this chart.

这个图表在我看来很不错。

This looks pretty good to me.

接下来这张图是整个山寨币的市值。

This next chart is the total Altcoin market cap.

所以这是刚才我展示的所有内容的市值，但我去掉了比特币和以太坊。

So it is market cap of everything that I just showed you, but I've taken out Bitcoin ETH.

我不确定。

I don't know.

看起来没那么好了。

Looks a little less good.

还是不错的。

Still good.

这里的高点没那么高了，但从市值角度来看，我依然感觉很不错。

Highs aren't as high here, but like, I'm still feeling pretty good from a market cap perspective.

市值由两个因素构成：资产的数量和每个资产的价格。

The two things that go into market cap are the number of assets and then the price of those individual assets.

让我们再深入一点，看看过去几年中现存代币的数量是如何变化的？

So let's peel the layer back a little bit and look at how has the number of tokens in existence changed over the last couple of years?

哇哦。

Woah.

好的。

Okay.

所以我们看到，过去四年里，总市值基本保持不变，但代币数量增加了约3500万个。

So we're looking at a market cap which has basically stayed the same for the last four years, but the number of tokens has gone up by about 35,000,000.

情况没那么好了。

Not quite so good.

当你开始审视整个市场的市值，并考虑我们创建的代币数量时，整体图景就远没有那么乐观了。

So when you start to look at it and you look at the market cap of the entire space and you start to account for the number of tokens that we've created, picture is way less rosy.

实际上，自2020年以来，尽管经历了两轮强劲的牛市，但每个代币的平均市值相比2021年已经下降了约50%。

Actually, we've barely done anything since 2020, two raging bull markets, and the average market cap of a token is actually down about 50% from where it was in 2021.

我们还剩最后一层要分析。

We've got one more layer to go here.

现在我们必须看看价格，因为市值由两个因素决定：流通代币的数量和这些代币的价格。

Now we have to look at the price because what goes into market cap is the amount of tokens in supply and the price of those tokens.

正如我们所知，在这段时间内，即使单个项目层面，代币的供应量也会持续增加。

So as we know, tokens inflate, the amount of tokens in existence goes up even on an individual project basis over this period of time.

所以当你剔除这个因素并查看价格时，情况是这样的。

So when you adjust out that and look at the price, it looks like this.

我要提醒你注意的是这里最后一段紫色图表。

So that purple, that what I wanna draw your attention to is that last purple chart here.

平均代币的价格下跌了约80%。

The average price of the average token is down about 80%.

这情况不太好，朋友们。

That's not great guys.

这真的不太好。

That is not great.

而且实际情况甚至没有真正好转。

And it actually doesn't even really get better.

如果你将它们按不同群体分类来看的话，是这样的。

This is if you break it out into different cohorts.

这些是2020年、2021年、2022年发行的代币，一直延续到最近。

So this is tokens that were launched 2020, 2021, 2022, going all the way there.

这里有两点需要注意。

There are two takeaways here.

第一，有效的是比特币。

One, what is working is Bitcoin.

有效的是市值。

What is kind of working is market cap.

如果我们从2020年和2021年一直追溯到现在，从市值角度来看，我们的表现其实还不错。

We've actually done all right on a market cap basis if you go all the way back to 2020 and 2021.

自2022年以来，无论是按市值平均价格还是中位数价格，所有项目都下跌了。

Since 2022, on a market cap average price or median price, everything is down.

所以你可能会说，也许这些代币的基本面其实并没有那么好。

So the last thing that you might say is, well, maybe the fundamentals of these tokens actually aren't going that well.

这其实也不对。

That's not actually true either.

过去我们有一个关系，链上产生的收入与价格基本保持一致。

So what we used to have was a relationship where revenue that was being generated onchain actually lined up pretty well with price.

这在2025年破裂了。

That broke in 2025.

所以我们实际上拥有非常强劲的基本面表现，链上收入创下了新高，但价格却毫无动静。

So what we actually had was really strong underlying fundamental performance, record amounts of revenue being generated onchain, and yet the price didn't move.

因此，我们打破了这一重要关系。

So we broke this important relationship.

这是我认为大多数人会直观理解的方式，对吧？收入在上升，价格也应该上涨。

This is the intuitive way that I think most people would think about this, right, is the revenues are going up, the price is gonna go up.

这并不正确。

That's not true.

所以这里一定还有别的地方出了问题。

So something else is broken here.

到底发生了什么？

What's going on?

用一个词来说，我们面临的是信任危机。

In one word, we have a trust problem.

投资者不再信任代币。

Investors no longer trust tokens.

我将这些问题分为两个相关的类别。

I'm gonna divide these issues into two buckets of issues that are related.

一个是市场问题，另一个是信息问题。

One is market issues and the other is information issues.

从市场角度来看，我们有太多资产。

Market side of things, we have too many assets.

我们有太多代币了，伙计们。

We got too many tokens, guys.

流动性过于分散。

It's fragmented liquidity.

准入门槛太低。

The barrier to entry is too low.

我们就是太多了。

We just have too many.

这导致了只有下跌的图表。

It's causing these down only charts.

接下来是价值累积。

The next is value accrual.

好吧，你有一个代币，有一堆活跃地址，有一堆网络活动，这代表什么？

Okay, you've got a token, you've got a bunch of active addresses, you've got a bunch of network activity, what does that mean?

这如何转化为价值？

How does that translate?

我如何从中获得价值？

How do I receive value from that?

而在信息问题方面，这正是我们所面临的信任问题的根本原因。

Then on the information issues, this is the actual core root cause of the trust problem that we have.

如果你今天是个投资者，你完全是盲目操作，完全处于黑暗中。

If you were an investor today, you are flying completely blind, you are in the dark.

因此，通常是因为数据缺失或不完整。

So oftentimes it's just missing or incomplete data.

我根本不知道支持这些协议的实际数据是什么。

I just have no idea what the actual data is that's supporting these protocols.

在很多情况下，数据可能实际上很好，但就是不容易获取。

Might actually be good, in many cases it is, but it's not easily available.

其次，没有任何信息披露。

Second, there's no disclosures.

这个领域完全没有信息披露，投资者已经多次因为一些基本面良好但通胀计划荒谬的项目而受损。

This space has no disclosures, and investors have been burned too many times around a project which actually has sound fundamentals, but their inflation schedule is nuts.

他们与做市商达成了某种奇怪的协议。

They have a weird agreement with a market maker.

任何一家上市公司都需要定期披露的信息，这里全都没有，每次都会破坏信任。

Anything that you would need to disclose on a regular basis for a publicly traded company, none of that exists, and it breaks trust every single time.

而且也没有标准化或定期的报告。

And then there's no standardized or regular reporting.

我经常听到我们合作的代币项目方说：我的数据是存在的。

You know, one thing that I actually do hear from, token projects that we work with all the time is my data exists.

这是标准化的吗？

Is it standardized?

投资者有背景信息吗？

Do investors have the context?

他们理解自己在看什么，还是只是在看那些只有你这种业内人士才懂的图表？

Do they understand what they're looking at or are they just looking at charts that you understand because you live in the business?

但投资者是否具备真正解读这些数据所需的背景信息？

But do the investors have a context needed to actually interpret that?

又有一个来自我那些迷恋梗的人的梗。

There's a meme again from my meme lovers.

这些问题都是相关的。

These issues are related.

信息匮乏会直接导致不良的市场结构。

Poor information actively leads to bad market structure.

阳光和透明度是最好的消毒剂，尽管很多这种不良行为可能仍然会发生，但如果它们公开透明，我们过去四年本可以避免这么多自摆乌龙。

Sunlight and transparency are the best disinfectant, and a lot of this bad behavior might still have happened, but if it was in the open and it was transparent, we would have avoided so many own goals over the last four years.

为了直观对比，我想谈谈投资上市公司与投资代币的区别。

Just as a visual, I want to compare what it's like to invest in public companies versus tokens.

我认为，如果你今天在公开市场购买股票，实际上你能使用大量你习以为常的工具。

I think if you buy stocks in the public market today, you actually have a lot of tools that you take completely for granted at your disposal.

比如，你有季度财报的固定周期和标准化的财务报告。

So you've got things like quarterly earnings cadence, standardized financial reporting.

这些公司的管理团队必须去进行陈述。

The management teams of these businesses need to go and present.

他们需要把信息整理起来。

They need to put things together.

他们需要把所有信息集中在一个地方，让每个投资者都知道去哪里获取。

They need to put it in one place where every investor knows where to get it.

他们还需要提供指引。

They need to provide guidance.

而今天在加密货币领域，你几乎完全没有这些，几乎一无所有。

You have virtually none of that in crypto today, virtually none.

有一些公司正在努力做到这一点，但它们分散在X平台或论坛上，而且并不规律，对吧？

There are some companies which are standing up and trying to do this, but they're scattered across X or forums, they're not regular, right?

所以也许某家公司会拼凑出一些材料展示给投资者，但这并不会定期发生，因此投资者不知道该回去信任什么。

So maybe a company pushes and pulls together and gets something that they can show investors, but it doesn't happen on a regular basis, so investors don't know to go back and trust.

在许多情况下，根本没有任何面向投资者的公开材料，也没有默认的、标准化的投资者信息来源。

In many cases, there's just no outward facing materials for investors at all, and there's no default standard investor facing source of truth.

这才是这里的核心问题，也是投资者对代币缺乏信任的根本原因。

That is the big problem here, and this is the root cause of the trust issue that investors have with tokens.

我们必须做得更好。

We have to do better.

我们必须这么做。

We have to.

这并不是可有可无的。

This is not a nice to have.

这对我们整个行业来说是生死攸关的。

This is existential for our industry.

如今的现实是，投资者已经完全失去了对代币的信任，他们不会再在黑暗中操作了。

Reality today is that investors have completely lost trust with tokens and they are done operating in the dark.

他们不会再这么做了。

They are not going to do it.

信息必须标准化并予以公开。

Information has to be standardized and made available.

这是基本要求。

It is table stakes.

令人欣喜的是，长期以来第一次，我们在美国监管机构的领导者手中有了可靠的保障。

And it is so great that for the first time in a long time, we're in really good hands with the leaders of our regulatory agencies in The United States.

但各位，我们必须在这里带头推动这些努力。

But guys, we have to lead the efforts here.

不要把基础工作推给监管机构去要求我们做，这些事情我们都清楚迟早必须做。

Don't make it on them to tell us to do the basic stuff that we all know we're gonna have to do.

作为协议，你们有机会率先引领这项工作。

You have an opportunity as a protocol here to take the lead.

我正在为某件事而建设。

I'm building to something.

所以今天我想和你们谈谈Blockworks为解决这个问题而推向市场的一种解决方案，那就是Blockworks IR。

So what I wanna talk to you today is about a solution that Blockworks is bringing to the market to help with this issue, which is Blockworks IR.

讲述你的故事，解决这个问题。

Tell your story and solve this problem.

如果你想要做到这一点，它必须成为一套体系的一部分。

If you wanna do this, it has to be a part of a stack.

这套体系包含三个部分。

There are three parts to the stack.

第一，你必须把你的数据公开出来，利用一支专业团队来帮助你减轻负担。

One, you just have to get your data out there, leverage a team of professionals that can help you reduce the load.

你不需要事事亲力亲为，但信息必须以标准化的方式公开，并经过专业人士的审核。

You don't have to do it all yourself, but the information has to exist out there in a standardized way, which has been vetted by professionals.

服务——本质上是季度报告和投资者关系收益电话会议——会接入我们在这里构建的网络，而今天我们想要重点介绍的是IR平台，这是一个端到端管理整个工作流程的控制中心。

Services, which are basically quarterly reports and IR earnings calls, plug into the network that we've built here, and then really what we're unveiling today that I wanna spend some time talking about is the IR platform, which is a cockpit to manage this entire workflow for you in an end to end way.

Blockworks 拥有加密领域中最繁忙、最全面的数据库之一。

Blockworks has one of the most trafficked and extensive databases in all of crypto.

因此，我们会深入挖掘，并帮助你呈现所有这些信息，更重要的是，我们会帮助你将其打包，向我们的投资者受众讲述你的故事。

So we go very deep and we will help you surface all of this information, and more importantly than that, we're gonna help you package it and tell your story to our audience of investors.

我们认为，这个方案是市场双方都需要的。

We view this as something that the market needs on both sides.

投资者渴望获得这些信息。

Investors crave this information.

他们希望以不增加自身工作负担和尽职调查压力的方式获取。

They want it in a way which doesn't increase their overhead, the diligence that they have to do.

目前，存在着大量重复的尽职调查，对吧？

Right now, there's so much redundant diligence that happens, right?

而这一点实际上得到了减少。

So this is actually reduced.

这同时为投资者和协议方解决了一个问题。

This is solving a problem for investors and for protocols.

加密货币的财报季，宝贝。

Earnings seasons for crypto, baby.

季度报告、投资者电话会，与人连接并互动。

Quarterly reports, investor calls, connect with and engage people.

最后，一个端到端管理一切的指挥中心。

And finally, a command center to manage everything end to end.

我们今天现场发布的本质上是一个面向公众的网站。

What we are debuting live today is essentially a front facing website.

所以，如果你访问任何一家上市公司，比如可口可乐的cocacola.com/investorrelations，你就能看到标准化的数据。

So if you go to any public company, you would go to cocacola.com/investorrelations, and you have standardized data.

所有内容都统一了。

Everything is unified.

所有内容都经过品牌化，看起来非常漂亮。

Everything is branded, and it looks really nice.

最重要的是，如果你是一个协议方，你就不用再回答几十甚至上百个关于这些信息在哪里的问题了。

And most importantly, if you're a protocol, you don't need to answer tens or hundreds of questions of where does this information lives?

它存在于一个标准化的位置。

It lives in one standard place.

最终，我们正在构建的是一个智能解决方案。

Eventually, what we're building is an intelligence solution.

因此，你不仅能引导投资者访问一个标准化的网站，查看你所有的数据，还能获得参与度分析。

So not only are you going to be able to direct investors to one standardized website where you can take a look at all of your data, you'll get engagement analytics.

你可以知道这些投资者是谁。

You can know who those investors are.

如果你是Aave，对你来说可能很有意思的是，或者如果你是Aave，你可能会想知道，嘿，投资者XYZ持有2000万美元的Morpho头寸。

If you're Aave, it might be interesting for you to, or if you are Aave, it might be interesting for you to know, hey, investor XYZ has $20,000,000 of morpho exposure.

为什么他们没有任何AAVE头寸呢？

Why don't they have any AAVE exposure?

这位投资者告诉我，他们的平均持有期是两年。

This investor told me that they hold for an average period of two years.

链上数据显示却是二十天。

Onchain, it says twenty days.

这并不怎么样。

That's not that good.

最后，真正有趣的是即将推出的Blockworks代理，很快，真的很快。

Finally, the really interesting thing about this is the Blockworks agent coming soon, Soon TM.

目前，这个栈的结构是：你需要为数据、软件和技术付费，然后还要每月支付5万美元或更多给投资者关系代理或投资者关系服务公司，让他们帮你讲述你的故事。

So right now, the stack looks like you have to pay for data, software, and technology, and then you're gonna pay some IR agent or IR services firm $50,000 a month or whatever it is to help you tell your story.

我有偏见，但对这个市场和投资者需求理解最深的公司是Blockworks，凭借我们的研究、数据、播客和报道。

I am biased, but the firm that has the best understanding of this market and what investors wants is Blockworks through our research, through our data, through our podcasts and our reporting.

我们拥有一个神经中枢，能洞察这个市场，我们将把这些信息压缩成一个代理，你只需支付你当前外部公司费用的一小部分就能使用它。

We have a nerve center and a view into this market, and we're going to take all of that information and compress it into an agent that you will have access to for a fraction of the cost of whatever you're paying your external firm.

这一切都将为你端到端地完全管理。

That's where this is going entirely managed end to end for you.

如果你在这个行业待了很久，你一定听过‘修好资金，就修好了世界’这句话。

If you've been in this industry for a long time, you've seen the phrase fix the money, fix the world.

我们需要专注于市场。

We need to focus on the markets.

我们需要修复市场，而实现方式是通过改善数据。

We need to fix the markets, and the way that we're gonna do that is by fixing the data.

我们已经在这个市场中投入运营。

We are already in market with this.

我们与该领域一些最优秀的协议合作。

We work with some of the best protocols in the space.

我想特别说明，我们即将与BMB和Jito现场发布我刚才提到的平台。

I do wanna say we're debuting the platform that I just mentioned to you live with BMB and Jito.

因此，他们在与投资者沟通和透明度方面走在了前列。

So leading the way in terms of communicating to their investor bases and transparency.

实际上，我一开始做这个演示时就提到，作为一家上市公司，其透明度标准有多高。

Now, I actually started this presentation by saying how great it is, like look at the standards of the transparency of being a public company.

作为一家上市公司，也存在一些问题。

There are some issues with being a public company.

这是过去二十多年里美国上市公司的数量，大约只有以前的一半。

This is the number of companies that are public in The United States over the course of the last twenty or so years, about half of what it used to be.

你所看到的还有成为上市公司的成本。

What you're also seeing is the costs of being a public company.

因此，上市的成本大约是过去的四倍，每年仅审计和合规相关的费用就高达220万美元。

So that's about four times what it used to be in going up, about 2,200,000.0 a year, just in auditing and compliance related costs alone.

这就是我想向你们提出的想法：加密货币和链上技术的机会，并非复制现有公开市场中的模式。

And this is where I wanna introduce this idea to you that the opportunity for crypto and onchain is not to replicate what exists already in public markets.

而是要做得更好。

It is to do better.

我们可以比今天现有的方式做得更好。

We can be even better than what exists today.

当你真正了解它是如何运作的时候，这一点就显而易见了。

And I think that becomes obvious when you actually look at how it gets done.

如果你仔细看，这其实并不是未来。

This actually isn't the future if you look at it.

由37人参加的过时的Zoom电话会议。

Stale Zoom calls attended by 37 people.

网站看起来像是刚兴起时设计的那样。

Websites that look like they were designed when websites first started to become a thing.

过时且基础的陈旧数据和股东材料。

Stale and basic outdated data and shareholder materials.

这可不是我们要的。

This is not it.

这并不是未来。

This is not the future.

我们可以做得比这更好。

We can do better than this.

我们能做得更好的原因是，历史上第一次，对于当今大多数协议而言，你90%的运营和财务历史都实时、透明地存在于链上。

The reason why we can do better is because for the first time in history, for most of the protocols that exist today, 90% of your operating and financial history exists live onchain transparently.

这本该是一个梦想。

This should be a dream.

数据是你向投资者讲述故事的最佳方式。

Like, data is the best way that you can tell your story to investors.

你可以吸引新的资本加入。

You can onboard and attract new capital.

你可以以更低的运营成本，以一种更具吸引力的方式做到这一点。

You can do it at a lower overhead, and you can do it in a far more compelling way.

我们不需要这样做。

We don't need to do this.

我们可以做得更好。

We can do better.

这是弗拉德·特涅夫的一段话，我认为他在这一领域走在前列，他完美地概括了我认为的问题所在。

Here's a quote from Vlad Tenev, who I think is leading the way on this, and he actually encapsulates what I think the issue is perfectly.

当我听自己公司的投资者演示时，我感到无聊。

When I listened to my own company's investor presentation, I was bored.

如果我都觉得无聊，那每个人都会觉得无聊。

And if I was bored, then everyone is bored.

这是因为投资者关系（IR）的运作方式存在问题。

That's because there's an issue with how this function IR has been set up.

这本质上是防御性的。

It's inherently defensive.

它以合规为中心。

It's compliance focused.

这只是走形式。

It's box checking.

这只是自保。

It's cover your ass.

传统上，这个职能的成功标准是：这些投资者演示文稿是否发布了？

Success in this function traditionally has been, did these investor presentations go live?

它们是否准确？

Were they accurate?

呼。

Phew.

这并不是我们对事情的设想。

That is not how we envision things.

未来将更加注重线下实际体验。

The future is leaning into IRL experiences.

它将采取主动进攻的姿态。

It is going on the offensive.

它正在变得更具前瞻性。

It is being proactive.

我们已经看到，一些更具前瞻性的客户不再关注投资者关系是否是一个成本中心。

What we already see with some of our more forward looking customers here is you're not looking at, hey, is IR a cost center?

我完成我的工作了吗？

Did I do my job?

而是关注年初时我有多少投资者。

You're looking at how many investors did I have at the beginning of the year?

年末时我又有了多少？

How many do I have at the end?

我必须拥有更多的投资者。

I better have more.

到年底，更多的人应该持有我的代币。

More people better hold my token at the end of the year.

你打算怎么做？

How are you gonna do that?

你不可能通过在无人参加的Zoom会议上传一些材料来实现这一点。

You're not gonna do that by throwing some materials on a Zoom meeting that no one attends.

你要做的，是专注于线下活动。

What you're gonna do is you're gonna lean into IRL activities.

你要利用个人魅力。

You're gonna leverage personalities.

你要展示你掌控的实时更新数据。

You're gonna show live data that updates that you control.

这很有吸引力。

This is compelling.

这就是它将呈现的样子。

This is what this will look like.

一年后，像NVIDIA的GTC那样，这个领域的协议和交易所都会这么做。

A year from now, the equivalent of GTC for NVIDIA, protocols and exchanges in this space are gonna do that.

他们不会只是说：‘这是我的季度报告，随便看吧。’

They're not gonna do, hey, here's my quarterly reporting, have at it.

他们会举办活动日。

They're gonna host days.

他们会借助人物的力量。

They're going to leverage people.

他们会深耕社交媒体。

They're gonna lean into social media.

他们会广泛传播信息。

They're gonna spread the word.

一旦有人这么做了，这就会成为世界上最显而易见的事。

And once someone does it, it will be the most obvious thing in the world.

整个领域将在两年内变成这样。

The entire space will look like this within two years.

我不知道在这次演示中该包含多少内容。

I didn't know how much to include in this presentation.

我原本想，稍微讲一点，别太多。

I thought some, not too much.

我觉得这个平衡刚刚好。

This feels like a good balance.

但我知道，有时候我们会感觉陷入细节中，对吧？

But I know that sometimes it feels like we're in the weeds, right?

我们在谈论一些未来的东西，而且是链上的。

We're talking about this stuff that's in the future and it's onchain.

人们已经在期待这个未来了。

People are already hoping for this future.

他们只是没有使用这些词汇。

They're just not using these words.

这是直接引述。

This is a direct quote.

你可以拥有如此生动的软件，一旦发布流，代理就会处理它。

You can have software that's so vibrant that you release a stream and agents will process it.

然后它们会发布一个可以实时查看的仪表板。

Then they will publish a dashboard that can be viewed in real time.

现在我从投资者那里听到了这样的描述。

Now I'm hearing this description from investors.

他们虽然没有使用这些词，但这样的东西现在就已经存在了。

They don't they're not using these words, but this exists right now.

这已经存在了。

This already exists.

这是一个更好的未来。

It's a better future.

所以，我再次告诉你，机会不在于复制传统金融中已有的东西。

So again, I tell you, the opportunity is not to replicate what we have in TradFi.

这稍微颠覆了我之前给你展示的那张幻灯片，但在今天的传统金融中，投资者关系是乏味的。

It's a little bit of a flipping of the slide I showed you before, but in TradFi today, IR is unengaging.

它以合规为重点。

It's compliance focused.

它只是走形式。

It's box ticking.

它没有利用新的媒介。

It doesn't take advantage of new mediums.

它对你的品牌没有任何可衡量的影响。

It has zero measurable impact on your brand.

它对你的投资者群体也没有任何可衡量的影响。

There's no measurable impact on your investor base.

在未来，投资者关系职能将被设计为主动型的。

In the future, IR functions will be set up to be proactive.

它们将具有吸引力。

They will be engaging.

你将通过你拥有的代币持有者数量来衡量成功。

You will measure success by the amount of token holders that you have.

你的网络中有哪些人？

Who is in your network?

它将依托社交媒体和公司网络。

It will lean into social and the company network.

没有规定说你只能在这些电话会议中邀请卖方分析师。

There's no rule that says you only need sell side analysts on these calls.

邀请一些人们想听的人参与。

Bring in interesting people that people wanna hear.

他们可以讲述你公司的故事。

They can tell the story of your business.

这就是未来的样子。

That's what this looks like in the future.

为了以一点鼓舞人心的话收尾，加密货币总是有预测未来的能力。

To end on a somewhat inspiring note, crypto has a habit of forecasting the future.

在加密货币出现之前，市场并不是20。

Markets were not 20 before crypto.

加密货币改变了这一点。

Crypto changed that.

它正在模糊传统金融中做事方式之间的界限，而这正是本次会议的整个主题。

It's blurring the lines in between how things have been done in traditional finance, and that's been the whole theme of this conference.

加密货币还预见了世界上资产的数量，以及作为代币发行者将面临的挑战——即讲述你的故事并获得和保持关注。

The other thing that crypto has anticipated is the number of assets that exist in the world and the challenge that you will have as a token issuer, which is to tell your story and to gain and hold attention.

这个行业的构建方式不同。

This industry is built different.

在我们之前，这个行业已经经历过每二十年一次的牛市和熊市。

We have survived bull and bear markets that are, you know, once every twenty years before this.

这个行业具有韧性，能预见未来，并利用创新。

This industry has strength, it sees the future, and it leverages innovation.

这就是这个职能两年后的样子。

And that's what this function will be two years from now.

与众不同，宝贝。

Built different, baby.

与众不同。

Built different.

今天我就分享到这里，各位。

That's all I have for you today, everyone.

非常感谢大家的聆听。

Thank you very much for listening.