从Monad案例看L1投资：资本盛宴后，如何警惕“估值陷阱”？

[{"type":"paragraph","children":[{"text":"Monad（$MON）的案例为投资者提供了一个观察“明星L1项目”的经典样本："},{"text":"巨额融资、顶级背书、宏大叙事，却可能伴随上市后的漫长价值回归之路。","bold":true}]},{"type":"paragraph","children":[{"text":"对投资者的启示：","bold":true}]},{"type":"numbered-list","children":[{"type":"list-item","children":[{"text":"审视融资估值：","bold":true},{"text":"项目前期以"},{"text":"130亿美元FDV融资","bold":true},{"text":"，但上市后流通市值仅20多亿。这意味着早期投资者享有极高溢价，而二级市场接盘者需为巨大的"},{"text":"估值泡沫","bold":true},{"text":"买单。"}]},{"type":"list-item","children":[{"text":"甄别真实指标","bold":true},{"text":"：比起TPS等性能数据，更应关注"},{"text":"链上日活、协议收入、生态TVL","bold":true},{"text":"等反应真实需求的“温饱指标”。Monad目前在这些方面表现薄弱。"}]},{"type":"list-item","children":[{"text":"观察代币结构：","bold":true},{"text":"$MON"},{"text":"总量1000亿","bold":true},{"text":"，目前流通仅约10.83%，未来巨大的解锁抛压是悬在头顶的“达摩克利斯之剑”。"}]}]},{"type":"paragraph","children":[{"text":"思考：","bold":true},{"text":"在下一轮周期中，当面对一个融资数亿、技术华丽的新公链时，你会更关注其资本故事，还是选择等待其生态数据验证后再做判断？\n"},{"type":"topic","character":"投资风险","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"估值","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"解锁","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"二级市场","children":[{"text":""}]},{"text":" "}]}]