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首次代币发行 (ICO) 在 2017 年左右开始的市场繁荣期间名声不佳,一项研究得出的结论是,当年举行的此类活动中 80% 以上都是骗局。
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 年左右开始的上一次加密货币市场繁荣期间,首次代币发行 (ICO) 失宠,一项研究得出的结论是,当年超过 80% 的此类活动都是骗局。
But are ICOs really dead?
但 ICO 真的死了吗?
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.
这是 Multicoin Capital 管理合伙人 Tushar Jain 和 AllianceDAO 创始贡献者 Qiao Wang 在周六 Solana Breakpoint 会议上讨论此类产品的利弊时提出的问题。
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 与 TradFi 首次公开募股 (IPO) 的区别在于其对公众开放且无需许可,这与 IPO 中机构金融部门企业享有的特权形成鲜明对比,后者将散户投资者排除在外。
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 承认 ICO 市场中存在骗局,同时也将当前的代币发行结构描述为“存在严重缺陷”,从而引发了争论,部分原因是它的扭曲方式与 IPO 一样,对散户投资者来说同样是一种剥夺权利的行为。
“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.
“我们实际上拥有的是一种导致低流通量、高[完全稀释估值代币]的结构,而不是使准入民主化并将市场参与者置于平等的竞争环境中,这是不公平的,”他告诉辩论观众。
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 合作伙伴还批评代币空投作为 ICO 的替代品,将其描述为资本效率低下的做法,通过让协议团队成员认为他们比实际上拥有更多吸引力来激励空投农民攻击协议。
“[With airdrops,] you’re giving away the money and you’re lying to yourself,” he said.
“(通过空投)你是在捐钱,也是在对自己撒谎,”他说。
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币发行方式是什么样的反问,他说:“我们应该让人们有能力购买代币并尽快发现真正的价格。”
ICOs vs. VC Coins
ICO 与 VC 币
Wang countered Jain’s argument, citing the respective performances of ETH and SOL.
Wang 反驳了 Jain 的观点,并引用了 ETH 和 SOL 各自的表现。
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 通过 ICO 推出,而 SOL 作为风险投资代币推出,并认为由于 SOL 的表现一直优于 ETH,因此应该避免回归 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 回避说,SOL 作为一种风险投资币,其推出方式与 ICO 类似,因为它允许在不扭曲市场的情况下进行真正的价格发现,从而允许公众监督该代币的实际价值。
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月大规模解锁时表示:“想卖的都可以卖,想买的都可以买。我们必须了解该东西的实际价值,而这并不是交易所和做市商为了让某人感觉良好而操纵的虚构数字。”
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,与空投和低流通量、高 FDV 代币的现状模式不同,代币发行有可能成为重大的财富创造活动,其访问应该民主化,这为探索 ICO 设计提供了理由。
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.
王最终在辩论中做出了让步,他在结案陈词中同意 ICO 应该复兴,但同时也指出了反 ICO 的论点,即 2017 年绝大多数的发行都失败了,只留下了少数成功的项目,例如 0x、 Aave(以前称为 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.
那么,ICO的正确方式是什么?王表示,希望市场力量能够发挥最大的透明度,奖励道德行为,惩罚错误行为。
“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.”
“你想要尽可能多地披露团队的信息,你想做什么,你想建立什么,你在哪里,[并且]理想情况下,ICO 的归属时间表是什么,”王告诉观众。 “理论上,从长远来看,不提供透明度的 ICO 应该受到市场的质疑。”
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