[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-ai-utility-tokens-presale-marketing-not-infrastructure-zh":3,"article-related-ai-utility-tokens-presale-marketing-not-infrastructure-zh":30,"series-blockchain-e69bcf6c-c453-40da-9d11-4289fbd0aacb":73},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":22,"views":26,"created_at":27,"published_at":28,"topic_cluster_id":29},"e69bcf6c-c453-40da-9d11-4289fbd0aacb","ai-utility-tokens-presale-marketing-not-infrastructure-zh","AI 功能代幣多半仍是預售行銷，不是基礎設施","\u003Cp data-speakable=\"summary\">AI 功能代幣常被包裝成基礎設施，但多數本質仍是帶有技術敘事的預售行銷，真正被證明的需求很薄。\u003C\u002Fp>\u003Cp>AI 功能代幣不是在重塑\u003Ca href=\"\u002Ftag\u002F區塊鏈\">區塊鏈\u003C\u002Fa>基礎設施，而是在把投機型預售重新包裝成看起來更穩的技術故事。\u003C\u002Fp>\u003Ch2>第一個論點：功能敘事不等於基礎設施\u003C\u002Fh2>\u003Cp>像 \u003Ca href=\"\u002Ftag\u002Fsolana\">Solana\u003C\u002Fa> Unchained 這類提案，常把 AI 洞察、自動化 \u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 執行、安全審計、KYC、固定供應量一起端上來，彷彿功能越多，底層價值就越硬。但基礎設施的標準不是「看起來有用」，而是別的開發者與使用者是否真的依賴它。\u003Ca href=\"\u002Ftag\u002Faws\">AWS\u003C\u002Fa> 是基礎設施，因為數百萬服務跑在上面；一個代幣白皮書不是。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782899273996-rwu1.png\" alt=\"AI 功能代幣多半仍是預售行銷，不是基礎設施\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>更直接的訊號是預售結構本身。Phase 5 結束倒數、價格從 0.16 美元升到 0.22 美元、上市目標 0.50 美元，這些都在強調稀缺與時間壓力，\u003Ca href=\"\u002Fnews\u002Faws-logging-opensearch-s3-centralized-platform-zh\">而不是\u003C\u002Fa>使用率。若核心價值已被證明，敘事會圍繞留存、交易量、活躍整合與付費轉換，而不是把倒數計時當成產品主軸。\u003C\u002Fp>\u003Ch2>第二個論點：真需求看使用，不看代幣學表演\u003C\u002Fh2>\u003Cp>固定供應、手續費回流、質押獎勵這些設計，確實比無限增發更漂亮，但它們仍然沒有回答最重要的問題：有多少人是因為「非用不可」而使用它？如果平台沒有可觀收入，所謂由營收支撐獎勵就只是換了一層包裝的預售循環。數字可以很工整，需求卻可能很空。\u003C\u002Fp>\u003Cp>加密市場早就看過這種劇本：審計報告、合作夥伴名稱、經濟模型圖表都很完整，上市後卻沒有持久需求。真正該盯的不是獎勵機制能不能自洽，而是促銷期結束後，使用者是否還留下來。沒有持續使用，代幣價值就只是對未來行為的押注，不是對當下效用的反映。\u003C\u002Fp>\u003Ch2>第三個論點：AI 功能有價值，但不必然需要代幣\u003C\u002Fh2>\u003Cp>把鏈上資料轉成交易訊號、透過 Jupiter 或 Kamino 自動執行多步驟 DeFi 動作，這些功能本身是合理的產品方向。交易者確實需要更好的訊號，重度使用者也確實需要工作流自動化。問題是，這些功能是否真的需要一個代幣來存在。多數情況下，答案是否定的。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782899272370-qdf6.png\" alt=\"AI 功能代幣多半仍是預售行銷，不是基礎設施\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>同樣的能力，完全可以用軟體服務實現：錢包顯示分析、儀表板執行策略、SaaS 收月費，照樣能交付價值，而且少掉流動性、交易所上架與價格波動帶來的噪音。當一個實用產品被加上代幣，證明責任反而更重。團隊必須證明代幣是存取、治理或網路功能所必需，而不是只是更方便募資。\u003C\u002Fp>\u003Ch2>反方可能怎麼說\u003C\u002Fh2>\u003Cp>支持者會說，早期基礎設施本來就需要激勵先行，代幣分發能比傳統軟體更快地對齊使用者、資金與開發者，這點不假。若一個專案真的把安全工具、商務功能與開發者入口整合成一個堆疊，代幣確實可能成為協調參與的機制，而不只是交易標的。這是最強版本的辯護，不是空話。\u003C\u002Fp>\u003Cp>他們也會說，若外部應用真的依賴這個協議提供安全或商務功能，代幣就可能從投機資產變成營運層的一部分。這時它不只是可交易憑證，而是存取與使用的\u003Ca href=\"\u002Fnews\u002Fdcs-market-forecast-plant-control-growth-zh\">控制\u003C\u002Fa>點。從架構角度看，這個論點成立的前提是：外部系統真的離不開它。\u003C\u002Fp>\u003Cp>但問題在於，這些前提目前沒有被證據支撐。審計、KYC、功能清單都是投入，不是結果。市場\u003Ca href=\"\u002Fnews\u002Fvcs-fund-ai-coding-security-first-zh\">應該\u003C\u002Fa>要求活躍使用者、經常性手續費、第三方整合與預售結束後的留存數據。只要這些數字還沒出現，最保守也最合理的判斷就是：這是一場帶有效用敘事的代幣銷售，而不是已經在生產環境中證明自己的基礎設施。\u003C\u002Fp>\u003Ch2>你能做什麼\u003C\u002Fh2>\u003Cp>如果你是工程師、PM 或創辦人，請把 AI 代幣提案當成軟體案子來問證據：活躍使用者有多少、付費使用有多少、整合數量多少、留存曲線如何、營收是否不靠賣幣。若回答大多是路線圖、階段倒數與故事包裝，那你看到的多半是行銷，不是耐久產品。先把使用做出來，再決定代幣是否真的必要。\u003C\u002Fp>","AI 功能代幣常被包裝成基礎設施，但多數本質仍是帶有技術敘事的預售行銷，真正被證明的需求很薄。","markets.businessinsider.com","https:\u002F\u002Fmarkets.businessinsider.com\u002Fnews\u002Fstocks\u002Fai-utility-tokens-continue-to-reshape-the-presale-landscape-while-solana-unchained-enters-its-final-phase-5-hours-1036282184",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782899273996-rwu1.png","blockchain","zh","31ba71cf-be60-46b9-bc43-0962f1c7f357",[17,18,19,20,21],"AI 功能代幣","預售行銷","區塊鏈基礎設施","需求驗證","代幣經濟",[23,24,25],"功能敘事不能自動變成基礎設施，真正標準是實際依賴與規模化使用。","預售倒數、價格階梯與固定供應量，常是在製造稀缺感，不是證明產品需求。","AI 功能若能被一般軟體替代，就不該先假設代幣是必要條件。",0,"2026-07-01T09:47:22.081411+00:00","2026-07-01T09:47:22.064+00:00","1534679b-7605-4ede-a072-791c912656e7",{"tags":31,"relatedLang":32,"relatedPosts":36},[],{"id":15,"slug":33,"title":34,"language":35},"ai-utility-tokens-presale-marketing-not-infrastructure-en","AI utility tokens are still just presale marketing, not infrastructure","en",[37,43,49,55,61,67],{"id":38,"slug":39,"title":40,"cover_image":41,"image_url":41,"created_at":42,"category":13},"bc61216a-b89a-404e-bb45-7fd61c9ca5c7","web3-identity-dids-vcs-ai-agent-wallets-zh","Web3 身分改用 DID、VC 與 AI 錢包","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782891173465-4txs.png","2026-07-01T07:32:26.294488+00:00",{"id":44,"slug":45,"title":46,"cover_image":47,"image_url":47,"created_at":48,"category":13},"a9ad9d30-cfe3-4721-ae57-b74be29f4474","sleepagotchi-private-ai-wellness-sleep-token-zh","Sleepagotchi 押注私密 AI 健康與 SLEEP","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782890287537-elow.png","2026-07-01T07:17:39.594713+00:00",{"id":50,"slug":51,"title":52,"cover_image":53,"image_url":53,"created_at":54,"category":13},"41ef3da8-9089-42b9-8e40-8dabeda6517a","fund-tokenization-services-onchain-rails-zh","基金代幣化不是 token，是營運系統","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782817414763-7er4.png","2026-06-30T11:03:05.390779+00:00",{"id":56,"slug":57,"title":58,"cover_image":59,"image_url":59,"created_at":60,"category":13},"3f5433a8-0838-4e43-ae4d-8c475fc84e16","stablecoin-boom-policy-limits-central-bank-warning-zh","4 個政策碰撞，正在改寫穩定幣熱潮","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782791267715-oibc.png","2026-06-30T03:47:24.234795+00:00",{"id":62,"slug":63,"title":64,"cover_image":65,"image_url":65,"created_at":66,"category":13},"1ad800cd-c17b-4d9d-b183-54f925d7c10c","moneygram-solana-validator-institutional-signal-zh","MoneyGram 不是在試水溫，它在把 Solana 當基礎設施","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782768765944-zmoa.png","2026-06-29T21:32:18.750461+00:00",{"id":68,"slug":69,"title":70,"cover_image":71,"image_url":71,"created_at":72,"category":13},"3aa02339-aad1-4892-8159-97c49ff81bc2","12m-defi-exploits-wallet-update-new-rules-zh","$12M DeFi 損失、錢包更新與新規","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782763363876-lgg4.png","2026-06-29T20:02:16.68199+00:00",[74,79,84,89,94,99,104,109,114,119],{"id":75,"slug":76,"title":77,"created_at":78},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":80,"slug":81,"title":82,"created_at":83},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":85,"slug":86,"title":87,"created_at":88},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":90,"slug":91,"title":92,"created_at":93},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":95,"slug":96,"title":97,"created_at":98},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":100,"slug":101,"title":102,"created_at":103},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":105,"slug":106,"title":107,"created_at":108},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":110,"slug":111,"title":112,"created_at":113},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":115,"slug":116,"title":117,"created_at":118},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":120,"slug":121,"title":122,"created_at":123},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]