ICO 的復興：CoinList、Legion 和 Echo

ICO（首次代幣發行）的強勁回報對加密貨幣領域非常有利，並為該週期中的代幣持有者奠定了更堅實的基礎。

The return of ICOs (Initial Coin Offerings) is a boon for the crypto space and strengthens the foundation for token holders in this cycle.

ICO（首次代幣發行）的回歸對加密貨幣領域來說是一個福音，並增強了代幣持有者在此週期中的基礎。

The story begins in 2010 when Naval, a prominent investor, saw an opportunity to involve retail investors in venture capital and democratize the asset class.

故事始於 2010 年，當時著名投資者 Naval 看到了讓散戶投資者參與風險投資並使資產類別民主化的機會。

He launched AngelList, and by 2013, the platform had helped startups raise over $200 million.

他推出了 AngelList，到 2013 年，該平台已幫助新創公司籌集了超過 2 億美元。

AngelList's first product was an email list (hence the name) that connected startups with investors.

AngelList 的第一個產品是將新創公司與投資者聯繫起來的電子郵件清單（因此得名）。

This may sound silly and basic, but Naval was already highly influential in Silicon Valley, and several companies, including Uber, raised funds through this email list.

這聽起來可能很愚蠢而且很基本，但 Naval 在矽谷已經具有很大的影響力，包括 Uber 在內的幾家公司都透過這個電子郵件清單籌集了資金。

In 2014, AngelList launched Syndicates, which was a turning point.

2014年，AngelList推出了Syndicates，這是一個轉捩點。

Syndicates shifted AngelList from a platform-centric investor model to a lead investor-centric model.

Syndicates 將 AngelList 從以平台為中心的投資者模式轉變為以領先投資者為中心的模式。

Remember this distinction; it will be important later.

記住這個區別；稍後這會很重要。

Due to adverse selection, equity crowdfunding never found PMF (Product-Market Fit) ------ why would a great startup that can raise funds from VCs want to raise funds from a random platform?

由於逆向選擇，股權眾籌從來沒有找到PMF（產品市場契合度）------為什麼一家可以從創投籌集資金的優秀新創公司會想從隨機平台籌集資金？

(Note: Adverse selection refers to a situation where one party has information advantages, leading the less informed party to make incorrect choices before a transaction occurs.)

（註：逆向選擇是指一方擁有資訊優勢，導致資訊較少的一方在交易發生前做出錯誤選擇的情況。）

Syndicates completely overturned this idea by concentrating investments on a primary investor rather than on AngelList itself.

Syndicates 透過將投資集中在主要投資者而不是 AngelList 本身上，完全顛覆了這個想法。

Syndicates provided leverage for angel investors who had deal experience but not necessarily capital.

辛迪加為有交易經驗但不一定有資本的天使投資者提供了槓桿。

For example, John Smith is a very influential marketer that startup founders want to work with, but he lacks funds.

例如，約翰史密斯是一位非常有影響力的行銷人員，新創公司創辦人希望與之合作，但他缺乏資金。

John Smith gets a $300,000 allocation in a hot deal. He invests $1,000, forms a syndicate, raises another $299,000, and then succeeds. Subsequently:

約翰史密斯 (John Smith) 在一筆熱門交易中獲得了 30 萬美元的分配。他投資了 1,000 美元，組成了一個財團，又籌集了 299,000 美元，然後成功了。隨後：

John Smith's syndicate members get pro-rata tokens in the deal.

約翰史密斯的集團成員在交易中按比例獲得代幣。

John Smith can now lead deals himself.

約翰史密斯現在可以親自領導交易。

The startup gets a top marketer and a group of his friends to help them.

這家新創公司聘請了一位頂級行銷人員和他的一群朋友來幫助他們。

AngelList gets a small carry on the syndicate (usually 1%).

AngelList 在辛迪加中獲得少量收益（通常為 1%）。

Everyone wins, and this simple product was the genesis of the massive wave of天使投资人 that followed.

每個人都是贏家，這個簡單的產品是隨之而來的天使投資人大規模浪潮的起源。

John Smith can now lead deals himself because he has proven deal experience and can get a large allocation in any follow-on round.

約翰史密斯現在可以親自領導交易，因為他擁有成熟的交易經驗，並且可以在任何後續回合中獲得大量分配。

This meant that startups had to give天使投资人good follow-on terms to keep them happy and engaged.

這意味著新創公司必須為天使投資人提供良好的後續條款，以保持他們的快樂和參與。

Over time,天使投资人became more powerful than funds, and by 2018, funds were largely shut out of early-stage venture capital.

隨著時間的推移，天使投資者變得比基金更強大，到 2018 年，基金基本上被排除在早期風險投資之外。

Anyway… back to the crypto space.

無論如何…回到加密貨幣領域。

In 2016, I moved to San Francisco to work on the venture capital team at AngelList and started trading cryptocurrencies everywhere, but that’s not the focus.

2016 年，我搬到舊金山，在 AngelList 的創投團隊工作，並開始到處交易加密貨幣，但這不是重點。

Besides startup equity, venture capital funds are also subject to regulatory restrictions, making public offerings challenging.

除了新創企業股權外，創投基金也受到監管限制，使得公開發行充滿挑戰。

However, Naval became a true crypto believer earlier than most, spinning off CoinList from AngelList in 2017 to focus on cryptocurrencies.

然而，Naval 比大多數人更早成為真正的加密貨幣信徒，並於 2017 年將 CoinList 從 AngelList 中剝離出來，專注於加密貨幣。

CoinList's mission is to build a seamless, compliant way for companies to conduct their token offerings.

CoinList 的使命是為公司建立一種無縫、合規的方式來進行代幣發行。

Interestingly, CoinList did not face the adverse selection issues that AngelList encountered, so it remained platform-centric.

有趣的是，CoinList 沒有面臨 AngelList 遇到的逆向選擇問題，因此它仍然以平台為中心。

While a rapidly growing seed-stage SaaS company has no interest in 1,000 retail supporters, every company in the crypto industry wants as many supporters as possible.

雖然快速發展的種子期 SaaS 公司對 1,000 名零售支持者不感興趣，但加密行業的每家公司都希望擁有盡可能多的支持者。

CoinList found true PMF from day one, with its first client being Filecoin, which raised $200 million, and that says it all.

CoinList 從第一天起就找到了真正的 PMF，它的第一個客戶是 Filecoin，籌集了 2 億美元，這說明了一切。

In that cycle, there were some decent projects like Stacks selling, but by Q2 2018, the situation took a sharp turn.

在那個週期中，有一些像Stacks這樣的不錯的項目在出售，但到了2018年第二季度，情況發生了急轉直下。

CoinList went over a year without earning any revenue from token sales, and the situation was dire.

CoinList 一年多來沒有從代幣銷售中獲得任何收入，情況非常嚴峻。

I (the author of this article), Mike Zajko (former CoinList sales director), and other CoinList members would head to the bar on Friday afternoons, downing six pints of Guinness and pondering what they were doing.

我（本文作者）、Mike Zajko（前 CoinList 銷售總監）和其他 CoinList 成員會在周五下午前往酒吧，喝下六品脫吉尼斯黑啤酒，思考他們在做什麼。

But the market recovered, and by the end of 2019, the team wanted to issue tokens again. They quickly helped launch ALGO, NEAR, SOL, and several other tokens.

但市場復甦，到 2019 年底，團隊想要再次發行代幣。他們很快就幫助推出了 ALGO、NEAR、SOL 和其他幾種代幣。

The token sale product was largely the same ------ the team still wanted as many token holders as possible.

代幣銷售產品基本上相同——團隊仍然希望擁有盡可能多的代幣持有者。

The biggest difference was that, so far, most lawyers told the team to completely avoid the U.S. Thus, these were all sales excluding Americans.

最大的區別在於，到目前為止，大多數律師都告訴團隊完全避開美國，因此，這些都是不包括美國人的銷售。

CoinList experienced ups and downs but launched a series of tokens that made users a lot of money.

CoinList經歷了起起落落，但推出了一系列代幣，讓用戶賺了很多錢。

Ultimately, if you’re in this industry, that’s the KPI.

最終，如果您從事這個行業，那就是 KPI。

Starting in 2022, the game shifted from token sales to airdrops.

從 2022 年開始，遊戲從代幣銷售轉向空投。

Once OP and ARB abandoned public token sales, most blue-chip teams issuing tokens listened

一旦 OP 和 ARB 放棄公開代幣銷售，大多數發行代幣的藍籌團隊都會傾聽