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首次代幣發行 (ICO) 在 2017 年左右開始的市場繁榮期間名聲不佳,一項研究得出的結論是,當年舉行的此類活動中 80% 以上都是騙局。
Initial coin offerings (ICOs) fell out of favor during the last crypto market boom, which began around 2017, with one study concluding that more than 80% of such exercises that year were scams.
在 2017 年左右開始的上一次加密貨幣市場繁榮期間,首次代幣發行 (ICO) 失寵,一項研究得出的結論是,當年超過 80% 的此類活動都是騙局。
But are ICOs really dead?
但 ICO 真的死了嗎?
That was the question put to Multicoin Capital Managing Partner Tushar Jain and AllianceDAO founding contributor Qiao Wang in a debate during which they argued the pros and cons of such offerings at the Solana Breakpoint conference on Saturday.
這是 Multicoin Capital 管理合夥人 Tushar Jain 和 AllianceDAO 創始貢獻者 Qiao Wang 在周六 Solana Breakpoint 會議上討論此類產品的利弊時提出的問題。
ICOs are differentiated from TradFi initial public offerings (IPOs) by their openness to the public and their permissionless access, which stands in contrast to the privileged access afforded to institutional finance sector businesses in IPOs, from which retail investors are excluded.
ICO 與 TradFi 首次公開發行 (IPO) 的區別在於其對公眾開放且無需許可,這與 IPO 中機構金融部門企業享有的特權形成鮮明對比,後者將散戶投資者排除在外。
Jain got the debate rolling by acknowledging the existence of scams in the ICO market, while also describing the current token launch structure as “deeply flawed,” due partly to it being distorted in a way that is similarly disempowering for retail investors as IPOs are.
Jain 承認ICO 市場中存在騙局,同時也將當前的代幣發行結構描述為“存在嚴重缺陷”,從而引發了爭論,部分原因是它的扭曲方式與IPO 一樣,對散戶投資者來說同樣是一種剝奪權利的行為。
“Instead of democratizing access and putting market participants onto an equal playing field, what we actually have is a structure that leads to low-float, high-[fully-diluted valuation tokens] that are unfair,” he told the debate audience.
「我們實際上擁有的是一種導致低流通量、高[完全稀釋估值代幣]的結構,而不是使准入民主化並將市場參與者置於平等的競爭環境中,這是不公平的,」他告訴辯論觀眾。
The Multicoin partner also criticized token airdrops as an alternative to ICOs, describing them as capital-inefficient exercises that incentivize airdrop farmers to attack protocols by making protocol team members think they have more traction than they in fact do.
Multicoin 合作夥伴也批評代幣空投作為 ICO 的替代品,將其描述為資本效率低下的做法,透過讓協議團隊成員認為他們比實際上擁有更多吸引力來激勵空投農民攻擊協議。
“[With airdrops,] you’re giving away the money and you’re lying to yourself,” he said.
「(透過空投)你是在捐錢,也是在對自己撒謊,」他說。
Posing the rhetorical question of what a fairer means of token launches would look like, he said: “We should give people the ability to buy tokens and have true price discovery as quickly as possible.”
他提出了更公平的代幣發行方式是什麼樣的反問,他說:“我們應該讓人們有能力購買代幣並儘快發現真正的價格。”
ICOs vs. VC Coins
ICO 與 VC 幣
Wang countered Jain’s argument, citing the respective performances of ETH and SOL.
Wang 反駁了 Jain 的觀點,並引用了 ETH 和 SOL 各自的表現。
ETH launched through an ICO, while SOL rolled out as a venture capital coin, he said, arguing that since SOL has been outperforming ETH, a return to ICOs should be avoided.
他表示,ETH 透過 ICO 推出,而 SOL 作為風險投資代幣推出,並認為由於 SOL 的表現一直優於 ETH,因此應該避免回歸 ICO。
Jain parried by saying that SOL, as a VC coin, had debuted in a way that was similar to an ICO as it allowed true price discovery without market distortions, permitting public scrutiny to see what the token was actually worth.
Jain 迴避說,SOL 作為一種風險投資幣,其推出方式與 ICO 類似,因為它允許在不扭曲市場的情況下進行真正的價格發現,從而允許公眾監督該代幣的實際價值。
He pointed to SOL’s large-scale unlock in January 2021, saying: “Everyone who wanted to sell could sell, and everyone who wanted to buy could buy. We got to see what the thing was actually worth, and it wasn’t some made-up number that was manipulated by exchanges and market makers to try and make someone feel good.”
他提到SOL在2021年1月大規模解鎖時表示:「想賣的都可以賣,想買的都可以買。我們必須了解該東西的實際價值,而這並不是交易所和做市商為了讓某人感覺良好而操縱的虛構數字。
Jain said token launches have the potential to be substantial wealth-creation events for which access should be democratized, unlike the status quo model of airdrops and low-float, high-FDV tokens, making a case for an exploration of ICO design.
Jain 表示,與空投和低流通量、高 FDV 代幣的現狀模式不同,代幣發行有可能成為重大的財富創造活動,其訪問應該民主化,這為探索 ICO 設計提供了理由。
Wang ultimately conceded in the debate, agreeing in his closing statement that ICOs should be revived, while nevertheless noting the anti-ICO argument that the vast majority of launches in 2017 had sputtered and died, leaving only a handful of successes, such as 0x, Aave (previously named ETHLend), and BNB.
王最終在辯論中做出了讓步,他在結案陳詞中同意ICO 應該復興,但同時也指出了反ICO 的論點,即2017 年絕大多數的發行都失敗了,只留下了少數成功的項目,例如0x、 Aave(以前稱為 ETHLend)和 BNB。
So, what’s the right way to ICO? According to Wang, with the greatest possible transparency in the hope that market forces will operate to reward ethical conduct and punish errant behavior.
那麼,ICO的正確方式是什麼?王表示,希望市場力量能發揮最大的透明度,獎勵道德行為,懲罰錯誤行為。
“You want to disclose as much as possible about the team, what you want to do, what you want to build, where you are based, [and] ideally, what is the vesting schedule of the ICO,” Wang told the audience. “In theory, over the long term, ICOs that don’t provide transparency should be discredited by the market.”
「你想要盡可能多地披露團隊的信息,你想做什麼,你想建立什麼,你在哪裡,[並且]理想情況下,ICO 的歸屬時間表是什麼,」王告訴觀眾。 “理論上,從長遠來看,不提供透明度的 ICO 應該受到市場的質疑。”
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