MT Capital 研报:Fair Launch 代币发行方式的深刻变革

币圈资讯 阅读:42 2024-04-22 11:18:07 评论:0
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作者:Xinwei, Ian

TL;DR

在过去的几年中,区块链行业经历了翻天覆地的变化,尤其在代币发行方式上出现了显著的革新。从最初简单的 ICO 到复杂的 DeFi 结构,再到今天的公平发行(Fair Launch)和社区驱动模式,这些变革不仅重塑了资产分配的格局,也引发了市场参与者的广泛关注。接下来,我们将深入探讨几个代表性的项目,它们各自以独特的代币发行方式,展现了这一领域的创新和进步。

本文深入分析了几个关键项目,从铭文的散户驱动模型,到 Blast 的激励创新,到 ZKFair 的重视公平性,到 Analysoor 的分配方式创新,再到 Binance 用 Fair Mode 重新定义代币经济,这些项目不仅展示了加密货币生态的多样性,也反映了市场对透明度和公平性需求的增长。

MT Capital 投资总监 Ian 的观点:“#BRC 20、#Blast、#ZERO、#ZKFair 等项目实验中,我们见证了一种伟大的创新方式——所有人的公平分发。它们不依赖于平台币或投资者,最早期的参与者即完成了项目的投资、分发、市场推广和布道。这类似于 DeFi Summer 中的流动性挖矿,项目的自身流动性激励为整个链上创造了繁荣。公平分发极大提升了社区参与者的积极性,达到了前所未有的高度。”

铭文

铭文的兴起,类似于曾经的 DeFi Summer,核心在于公平发行(Fair Launch)的概念。这一理念在 DeFi Summer 时期非常流行,主要是指项目方在初始代币分发时不保留任何份额。例如,Yearn(YFI)的创始人 Andre Cronje 宣称自己没有进行预挖、保留代币或提前通知内部人员,这种做法极大提升了他的声誉,并为 Yearn 带来了巨大的 TVL。

然而,随着 DeFi Summer 的逐渐落幕,市场见证了越来越多的项目涌现,整个加密货币生态变得更加成熟。这一时期,资本开始进入市场,开启了一个由 VC 驱动的项目启动模式。在这个模式下,融资额度大、投资机构声望高的项目更容易吸引市场关注。这也催生了一些主要依赖“撸毛”生存的用户和那些渴望明星项目空投的普通散户。

在这种背景下,铭文的出现带来了新的变革。它被一些人视为“散户的天下”,因为所有的筹码完全由散户自行铸造。虽然铭文被一些批评者视为仅具有 meme 币属性,缺乏长期的实际应用场景,但它为散户提供了更多的机会。随着越来越多的铭文项目诞生并结束资产发行阶段,比特币生态系统预计将进入一个新的应用建设阶段。

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https://geniidata.com/ordinals/index/brc20

Blast

自从 11 月 21 日上线以来,Blast 迅速成为加密货币市场的焦点,展现了其在 Layer 2 网络领域的创新与吸引力。

Blast 是一个 Layer 2 网络,由 Blur 创始人 Pacman 推出。基于 Optimistic Rollups 技术,Blast 与以太坊兼容,为开发者和 dApp 提供了便利的接入方式。Blast 的 TVL 和用户数目的快速增长相当引人注目,目前 Blast TVL 已经来到 10 亿美元。

此外,Blast 已完成由 Paradigm 和 Standard Crypto 参投的 2000 万美元融资。

Blast 吸引用户和开发者的主要方式之一是空投和激励机制。根据计划, 2024 年 5 月将进行空投,旨在奖励早期成员和开发者。用户可以通过存入资产和邀请新用户加入 Blast L2 网络来获得积分,这些积分将直接影响他们获得的空投数量,这种机制激励了用户的参与和推广。

Blast 的核心吸引力在于其质押挖矿和额外奖励的结合。用户通过将资金存入 Blast 并利用 Lido 在以太坊主网进行质押,不仅可以获得质押收益,还可以额外获得 Blast 的奖励。这种策略的根本目的是提高 TVL 并吸引更多用户参与,以获得额外的 Blast 奖励。Blast 的成功依赖于其创新的 Layer 2 解决方案和吸引用户及开发者的激励机制。

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https://dune.com/0x ramen/blast-stats

ZKFair

ZKFair(ZKF)是一个基于以太坊的创新项目,专注于建立一个公平且由社区驱动的二层网络。作为以太坊上第一个利用 Polygon CDK 和 Celestia DA 技术的 ZK-Rollup,ZKFair 的核心目标是降低当前第二层网络对用户的高准入门槛。在目前的市场环境中,许多 ZK-L2 项目由 VC 主导,估值高昂,而普通用户很难从中获得实质性回报。这些项目还鼓励用户支付高额交易费用,但代币激励发放缓慢,对普通用户并不友好。

ZKFair 试图通过创建一个公平启动、社群驱动的网络来改变这一局面。这个网络不仅技术先进,还获得了 Lumoz RaaS 的支持。项目的原生代币 $ZKF 采取了 100% 公平的启动方式,没有为投资者、预订者或早期挖矿者预留任何份额。全部代币计划在主网上线后空投给社区,总供应量设定为 100 亿枚,其中 75 亿用于 Gas 费空投,剩下的 25 亿用于社区用户。

ZKFair 引人注目的原因在于其独特的市场定位和分发策略。市场分析普遍看好其开盘潜力,预计可能达到 5-10 倍的增值。其使用稳定币 USDC 作为 Gas,结合低市值和新颖的筹码分发模式,这一项目为投资者提供了一个吸引人的故事和公平的分发机制。关于代币获取,规则指出,在特定时间内与 zkSync、Scroll、ZKSpace、Polygon EVM、Linea 等平台进行过交互的地址有资格获得空投。此外,项目还规定了烧 Gas 获取 ZKF 代币的详细流程和限制规则,以及如何通过与 Dapp 互动来快速消耗 Gas 的策略。

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Analysoor

Analysoor 是 Solana 链上的首个 Meta Protocol,引入了一种创新的 NFT 和代币创建及分配方法。其核心是采用区块哈希值作为随机数生成器,每个区块选择一位获胜者,有效地抵消了机器人在 $ZERO 和 Index ONE NFT 铸造过程中的影响。

Analysoor 的公平发行机制着重于公平性和流动性导向,没有预售、白名单、团队分配,也没有为了先发交易而支付的 GAS 费。这意味着每个参与者都在相同的起跑线上,资金体量的差异不会影响铸造竞争。铸造费用不流向项目方或矿工,而是用于增加流动性,支持生态和社区。

Analysoor 正在建立强大的社区共识,其价值和潜力正被越来越多的人认可。开发者也在努力采用更多创新方法来对抗潜在的机器人行为,确保公平性的长期维持,其中 AI 算法和机器学习将发挥重要作用。

相比其他公链上的主流 Launchpad 项目,Analysoor 当前的市值可能被低估。考虑到 Solana 生态中尚无领头的 Launchpad 协议,Analysoor 有潜力成为这一角色,并在未来实现巨大价值增长。

市场对公平性和透明度的需求日益增长,Fair Launch 机制将成为一种趋势。尤其是在高性能的公链如 Solana 上, 2024 年可能会是 Meta Protocol 爆发的一年。Analysoor 作为 Solana 链上 Fair Launch 的先行者,拥有巨大潜力和强烈愿景,可能在未来拓展为多功能型 Launchpad。

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https://medium.com/@GryphsisAcademy/analysis-0-1-innovating-fair-launch-with-random-hash-4a36ad6a0437

Fair Mode

Binance 最近推出的 Launchpool 模式“Fair Mode”代表了代币经济系统的一次重要创新。这一模式的核心不仅在于项目本身,而更在于对代币经济系统的重新构思,旨在促进项目的长期良性发展。Fair Mode 引入了一个占比 27% 的长期发展基金,这些代币不能被消费或出售,不会进入市场流通,而是用于质押和参与生态系统,支持项目的持续增长。此外,该模式在其 25% 的初始流通中为散户公平分发了高达 21% 的代币,包括 Binance launchpool 和空投,这不仅增加了社区在项目决策中的影响力,也激发了他们与项目方的合作意愿。

通过增加初始流通量和降低未来解锁量,Fair Mode 减少了市场上的抛压,为代币价值的长期稳定奠定了基础。同时,通过降低团队和投资者的代币占比,该模式减少了他们对市场的操纵能力,有助于维护代币的健康价值。Binance 通过引入 Fair Mode 展现了其对行业深刻理解,可能为代币经济系统的创新引领新的潮流。这种模式强调了代币分配的合理性和公平性,有望成为推动整个区块链技术和代币经济向前发展的重要因素。

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https://twitter.com/heyibinance/status/1737813180141666324

总结

在总结这篇简短的 Insight 时,我们可以看到区块链领域在代币发行方式上的显著演变和创新。从最初的 ICO 到 DeFi,再到今日的公平发行和社区驱动模式,这些变革不仅重新定义了资产分配的方式,也引起了市场的广泛关注。具体项目如铭文、Blast、ZKFair、Analysoor 和 Binance 的 Fair Mode,持续采用公平分发的模式均得到了不错的市场和主力反馈。这些项目的成功尝试不仅展示了加密货币生态的多样性和成熟度,而且强调了社区参与和公平发行在未来区块链技术发展中的重要性。随着这些创新的推进,区块链行业预计将继续在全球金融和技术领域扮演重要角色,并为未来的发展开辟新的可能性。


In the past few years, the blockchain industry has undergone earth-shaking changes, especially in the way of token issuance. From the initial simple to complex structure to today's fair distribution and community-driven model, these changes have not only reshaped the pattern of asset allocation, but also aroused widespread concern among market participants. Next, we will discuss several representative projects in depth, each of which shows the innovation and progress in this field in a unique way of token issuance. This paper makes an in-depth analysis. Several key projects, from the retail-driven model of the inscription to the incentive innovation, to the emphasis on fairness, to the innovation of distribution mode and to the redefinition of token economy, not only show the diversity of cryptocurrency ecology, but also reflect the growth of market demand for transparency and fairness. In the project experiments, we witnessed a great innovation, the fair distribution of all people, and they did not depend on Taiwan dollars or the earliest participants of investors, that is, they completed the investment of the project. Distribution, marketing and preaching, which is similar to the liquidity incentive of mobile mining projects in China, has created prosperity and fair distribution for the whole chain, greatly promoted the enthusiasm of community participants and reached an unprecedented height. The rise of inscriptions is similar to the concept that once the core was fair distribution, which was very popular in the period, mainly referring to the fact that the project party did not retain any shares when the initial tokens were distributed. For example, some founders claimed that they did not pre-dig and reserve tokens or notify them in advance. However, with the gradual end of the market, more and more projects have emerged, and the whole cryptocurrency ecology has become more mature. During this period, capital began to enter the market and a driven project start-up mode was opened. In this mode, projects with large financing amount and high reputation of investment institutions are more likely to attract market attention, which also gave birth to some users who mainly rely on Mao's survival and those who are eager to airdrop star projects. In this context, the emergence of inscriptions has brought about new changes. It is regarded by some people as the world of retail investors, because all the chips are completely cast by retail investors themselves. Although inscriptions are regarded by some critics as only having the property of currency and lacking long-term practical application scenarios, they provide more opportunities for retail investors. With the birth of more and more inscription projects and the end of the asset issuance stage, the bitcoin ecosystem is expected to enter a new application construction stage, and it has rapidly become a cryptocurrency market since it was launched on May. The focus shows its innovation and attraction in the network field. It is a network launched by the founder. Based on technology and compatibility with Ethereum, it provides a convenient access mode for developers and users. The rapid growth of the number of users is quite remarkable. At present, it has reached billion dollars. In addition, the financing of million dollars invested by and has been completed. One of the main ways to attract users and developers is airdrop and incentive mechanism. According to the plan, airdrop will be carried out to reward early members and developers. Users can deposit funds. Producing and inviting new users to join the network to get points will directly affect the number of airdrops they get. The core attraction of this mechanism encourages users to participate and promote lies in the combination of pledge mining and extra rewards. Users can not only get pledge income but also extra rewards by depositing and using funds to pledge on the main network of Ethereum. The fundamental purpose of this strategy is to improve and attract more users to participate in order to get extra rewards. The success of this strategy depends on its innovation. The solution and incentive mechanism to attract users and developers is an innovative project based on Ethereum, which focuses on establishing a fair and community-driven second-tier network. As the first application and technology in Ethereum, the core goal is to reduce the high entry threshold for users in the current second-tier network. In the current market environment, many projects are dominated by high valuations, but it is difficult for ordinary users to get substantial returns from them. These projects also encourage users to pay high transaction costs, but token incentives slow down. Slow is not friendly to ordinary users, trying to change this situation by creating a community-driven network that starts fairly. This network is not only technologically advanced, but also obtains the original tokens that support the project. It adopts a fair start mode, and does not reserve any shares for investors, subscribers or early miners. All tokens are planned to be airdropped to the community after the main online line. The total supply is set at 100 million pieces, of which 100 million pieces are used for airdrops and the remaining 100 million pieces are used for community users. The striking reason is its unique market setting. The market analysis of bit and distribution strategy is generally optimistic about its opening potential, which is expected to double the value-added. It uses stable coins as a combination of low market value and novel chip distribution mode. This project provides investors with an attractive story and a fair distribution mechanism. Regarding the token acquisition rules, it is pointed out that addresses that have interacted with equal platforms within a specific time are eligible for airdrops. In addition, the project also stipulates the detailed process and restriction rules for burning tokens and how to quickly consume them through interaction. The strategy is the first in the chain to introduce an innovative method of creating and distributing sum tokens, the core of which is to use the block hash value as a random number generator, and choose a winner in each block, which effectively counteracts the influence of robots in the process of sum casting. The fair distribution mechanism focuses on fairness and liquidity, and there is no pre-sale white list team distribution and no fee paid for the first transaction, which means that each participant is on the same starting line, and the difference in the amount of funds will not affect casting. The cost of competitive casting does not flow to the project parties or miners, but is used to increase the liquidity, support the ecology and the community, and its value and potential are being recognized by more and more people. Developers are also trying to adopt more innovative methods to counter the potential robot behavior and ensure the long-term maintenance of fairness. Among them, algorithms and machine learning will play an important role. Compared with other mainstream projects in the public chain, the current market value may be underestimated. Considering that there is no leading agreement in the ecology, it has the potential to become this. A role and realize great value growth in the future. The growing demand for fairness and transparency in the market will become a trend, especially in high-performance public chains, such as last year, which may be an explosive year. As a pioneer in the chain, it has great potential and strong vision, which may be expanded into a multi-functional model in the future. The recently launched model represents an important innovation in the token economy system. The core of this model lies not only in the project itself, but also in the re-conception of the token economy system, aiming at promoting the long-term benign development of the project, and introducing a long-term development fund with a proportion that these tokens cannot be consumed or sold. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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