ICO 的复兴：CoinList、Legion 和 Echo

ICO（首次代币发行）的强劲回报对加密货币领域非常有利，并为该周期中的代币持有者奠定了更坚实的基础。

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（首次代币发行）的回归对加密货币领域来说是一个福音，并增强了代币持有者在此周期中的基础。

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.

故事始于 2010 年，当时著名投资者 Naval 看到了让散户投资者参与风险投资并使资产类别民主化的机会。

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

他推出了 AngelList，到 2013 年，该平台已帮助初创公司筹集了超过 2 亿美元。

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

AngelList 的第一个产品是一个电子邮件列表（因此得名），它将初创公司与投资者联系起来。

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.

这听起来可能很愚蠢而且很基本，但 Naval 在硅谷已经具有很大的影响力，包括 Uber 在内的几家公司都通过这个电子邮件列表筹集了资金。

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

2014年，AngelList推出了Syndicates，这是一个转折点。

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

Syndicates 将 AngelList 从以平台为中心的投资者模式转变为以领先投资者为中心的模式。

Remember this distinction; it will be important later.

记住这个区别；稍后这会很重要。

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?

由于逆向选择，股权众筹从来没有找到PMF（产品市场契合度）------为什么一家可以从风险投资那里筹集资金的优秀初创公司会想从随机平台筹集资金？

(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.)

（注：逆向选择是指一方拥有信息优势，导致信息较少的一方在交易发生前做出错误选择的情况。）

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

Syndicates 通过将投资集中在主要投资者而不是 AngelList 本身上，完全颠覆了这一想法。

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

辛迪加为有交易经验但不一定有资本的天使投资者提供了杠杆。

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

例如，约翰史密斯是一位非常有影响力的营销人员，初创公司创始人希望与之合作，但他缺乏资金。

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:

约翰·史密斯 (John Smith) 在一笔热门交易中获得了 30 万美元的分配。他投资了 1,000 美元，组建了一个财团，又筹集了 299,000 美元，然后成功了。随后：

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

约翰·史密斯的集团成员在交易中按比例获得代币。

John Smith can now lead deals himself.

约翰·史密斯现在可以亲自领导交易。

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

这家初创公司聘请了一位顶级营销人员和他的一群朋友来帮助他们。

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

AngelList 在辛迪加中获得少量收益（通常为 1%）。

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

每个人都是赢家，这个简单的产品是随之而来的天使投资人大规模浪潮的起源。

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

约翰·史密斯现在可以亲自领导交易，因为他拥有成熟的交易经验，并且可以在任何后续回合中获得大量分配。

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

这意味着初创公司必须为天使投资人提供良好的后续条款，以保持他们的快乐和参与。

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.

随着时间的推移，天使投资者变得比基金更强大，到 2018 年，基金基本上被排除在早期风险投资之外。

Anyway… back to the crypto space.

无论如何……回到加密货币领域。

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，我搬到旧金山，在 AngelList 的风险投资团队工作，并开始到处交易加密货币，但这不是重点。

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

除了初创企业股权外，风险投资基金也受到监管限制，使得公开发行充满挑战。

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

然而，Naval 比大多数人更早成为真正的加密货币信徒，并于 2017 年将 CoinList 从 AngelList 中剥离出来，专注于加密货币。

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

CoinList 的使命是为公司建立一种无缝、合规的方式来进行代币发行。

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

有趣的是，CoinList 没有面临 AngelList 遇到的逆向选择问题，因此它仍然以平台为中心。

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.

虽然快速发展的种子阶段 SaaS 公司对 1,000 个零售支持者不感兴趣，但加密行业的每家公司都希望拥有尽可能多的支持者。

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

CoinList 从第一天起就找到了真正的 PMF，它的第一个客户是 Filecoin，筹集了 2 亿美元，这说明了一切。

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

在这个周期中，有一些像 Stacks 这样的不错的项目正在出售，但到 2018 年第二季度，情况发生了急转直下。

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

CoinList 一年多来没有从代币销售中获得任何收入，情况非常严峻。

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 销售总监）和其他 CoinList 成员会在周五下午前往酒吧，喝下六品脱吉尼斯黑啤酒，思考他们在做什么。

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.

但市场复苏，到 2019 年底，团队想要再次发行代币。他们很快帮助推出了 ALGO、NEAR、SOL 和其他几种代币。

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

代币销售产品基本相同——团队仍然希望拥有尽可能多的代币持有者。

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.

最大的区别在于，到目前为止，大多数律师都告诉团队完全避开美国，因此，这些都是不包括美国人的销售。

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

CoinList经历了起起落落，但推出了一系列代币，让用户赚了很多钱。

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

最终，如果您从事这个行业，那就是 KPI。

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

从 2022 年开始，游戏从代币销售转向空投。

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

一旦 OP 和 ARB 放弃公开代币销售，大多数发行代币的蓝筹团队都会倾听