币圈IEO是什么意思？2019年IEO能否为币圈带来牛市？

币圈IEO是2019年开年第一轮最热的玩法，是率先由币安开启的，众交易所在犹豫了几个月之后才跟上的IEO模式。通过交易所发币被称为IEO(Initial Exchange Offering)，首次交易所发行，是指用交易所作为募资平台，向该交易所用户发行(售卖)代币的行为。此举并非币安首创，早在2017年就已经存在，而最早的代币融资模式ICO(Initial Coin Offering)是指首次代币发行，募集比特币、以太坊等通用数字货币的行为。

The currency chain IEO was the hottest game in 2019, and it was the first to be opened by the currency, and the exchange followed the IEO model after several months of hesitation. The first issue of the exchange, known as the IEO, was the exchange’s use as a fund-raising platform to issue (sale) coins to the exchange’s users. This was not a currency first, it existed as early as 2017, and the earliest proxy financing model ICO (Initial Coin Offering) referred to the first currency issue, the collection of currency and the use of universal digital currency such as the Taiku.

此外，业界之前还出现过：

In addition, industry has appeared before: .

IFO(Initial Fork Offering)，首次分叉发行，以比特币及其他主流币的功能属性和用户为基础，以修改未来路线或补充缺陷为原由，通过分叉某种加密货币生成新的代币的发行方式。

IFO (Initial Fork Offering), first issued forkouts, based on the functional attributes and users of Bitcoin and other mainstream currencies, based on a modification of the future route or addition of defects, and the generation of new forms of currency through a split fork of an encrypted currency.

IMO(Initial Miner Offering)，首次矿机发行，指项目方自己售卖矿机(硬件产品)，用户通过购买官方认证的硬件产品挖矿的方式来发行代币。

IMO, first-time miner distribution, refers to the project's own sale of miners (hardware products) and the issuing of tokens by means of mining through the purchase of officially certified hardware products.

通过对比可以发现，上述IXO的本质都是通过某种方式发行代币，目的都是为了项目募资。而中间那个字母C(代币)、E(交易所)、F(分叉)、M(矿机)只是表示不同的募资方式和介质而已。

By contrast, it can be seen that the IXO mentioned above is in essence issued in one way or another for the purpose of raising funds for the project. The middle letters C (demonstration), E (exchange), F (fork), M (mine machines) represent only different forms of fund-raising and media.

而作为代币募资鼻祖的ICO的出现，极大地加速了币圈项目的募资速度。

The emergence of the ICO as the nominee for currency collection has greatly accelerated the pace of fund-raising for currency-circle projects.

传统的股权投资，需要经过详尽的尽调、谈判等一系列漫长的流程，才能最终签订投资协议，从最初接洽到最后投资，历时数月是非常普遍的。可以说，整个过程非常耗时费力。霆钧早前曾在股权投资公司担任过投资总监，对此非常熟悉。

Traditional equity investments, which require a long series of elaborate processes, negotiations, etc., before investment agreements can be finalized, are very common for months from initial contact to final investment. It can be said that the process has been very time-consuming.

而到了区块链世界，ICO的横空出世，打破了原先股权投资漫长的融资节奏。很多初创的区块链项目依靠一份白皮书，就开始募资。从撰写白皮书到ICO，再到上交易所，只需几周甚至几天的时间。

And in the block chain world, the ICO was born, breaking the previous long pace of equity investment financing. Many of the original block chain projects rely on a white paper, and they start to raise money.

ICO的出现使得传统的金融一度被戏称为古典金融，股权投资被戏称为古典投资。

The emergence of ICO has led to traditional finance once being called classical finance and equity investment being called classical investment.

然而，如此快速的募资方式，必然导致项目质量参差不齐。很多骗子看到区块链的热潮，纷纷转行加入区块链行业，套上区块链的外衣，以区块链之名，行诈骗之实，一时间市面上鱼龙混杂。

Such rapid fund-raising, however, inevitably leads to uneven quality of the project. Many liars see a high tide in the block chain, moving into the block chain industry, wearing the jackets of the block chain, in the name of the block chain, defrauding, and mixing fish on the market at one time.

币安用IEO点燃市场热度

Launchpad是币安旗下的区块链资产发行平台，早在2017年就已推出，在2017年发布了GIFTO和BREAD之后，沉寂了整整一年。而在2019年重启Launchpad后，先后发行了BTT和FET两个代币，一度引发了市场的疯抢。BTT上线交易所后，价格一度飙升了500%，在平静的熊市中激起了一波巨浪。有BTT在先，稍后发行的FET在短短11分14秒内就被众人抢购一空，据悉FET的中签比例不到10%，市场热度可见一斑。

Launchpad, a platform for the distribution of block-chain assets under the currency’s flag, was launched in 2017, and remained silent for a whole year after the release of GIFTO and BREAD in 2017. After the relaunching of Launchpad in 2019, BTT and FET were issued, which triggered the market’s frenzy. After the BTT’s online exchange, prices rose by 500%, causing a wave in the quiet bear city.

币安Lauchpad完成两个代币募资后，BNB在短短一个月内涨幅高达110%。诸多交易所见此情景，也争先恐后开启了IEO的模式。

When Lauchpad completed his two generation fund raising, BNB grew by 110% in just one month. Many exchanges see this and start the IEO model.

2017年3月7日，有消息传出，火币近期将上线一个类LaunchPad的产品，名为“Huobi Prime”，随即HT 在市场的非理性推动下上涨了 104%。

On 7 March 2017, it was reported that the currency would soon be on the line for a type of LaunchPad product called “Huobi Prime

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而在最近，OKEX CEO JayHao也在微博透露，OKEX即将上线utility token销售平台“OK Jumpstart”产品，用于扶植真正优质的项目和早期创业者。

Recently, OKEX CEO JayHao has also revealed on Twitter that OKEX is about to go online to sell the “OK Jumpstart” products of the platform “OK Jumpstart” to foster truly high-quality projects and early entrepreneurs.

除了币安、火币、OKEX，其他交易所诸如BitMax、MXC等等都纷纷跟进IEO模式。

With the exception of currency security, coins, OKEX, other exchanges such as BitMax, MXC, etc. follow the IEO model.

而在币安资产发行平台--Launchpad平台上，BTT、FET两个项目简直是瞬间完成了众筹。

and on the Launchpad platform, the BTT and FET projects are almost instantaneous.

BTT、FET上线币安交易后，也非常风光。2019年1月31日，BTT开盘价较众筹价格上涨近5倍。2月28日，FET开盘价格较众筹上涨近3倍。与此同时，BNB一路水涨船高，简直要飞起来。

On January 31, 2019, BTT opened nearly five times the price of the raise. On February 28, FET opened nearly three times the price of the increase. At the same time, BNB went all the way up and flew.

这样暴涨的利润，怎不让人看得眼红。B网(Bittrex)、火币、OKEx紧跟其后，纷纷推出类IEO的资产发行平台。

The profits are so high that they are not visible. The B net (bittrex), the coin, and the OKEx follow closely, and the IEO asset distribution platform is being launched.

2019年3月12日下午，OKEx CEO JayHao在微博中透露，OKEx即将上线utility token销售平台“OK Jumpstart”产品。

On the afternoon of 12 March 2019, in a tweet, OKEx CEO Jayhao revealed that it was about to go online to sell the products of the “OKJumpstart” platform.

据了解，OKEx在去年7月就开始研究类IEO模式的平台产品，但是迫于合规性因素，一直在做完善工作。JayHao还表示，对于真正优质的项目和早期创业者来说，IEO不但是一个好的融资途径，而且可以省去大量费用和精力上线交易平台，专注于项目研发和社区运营。

It is understood that OKEx began researching platform products for type IEO models in July last year, but has been working on them for compliance reasons. JayHao also states that IEO is not only a good source of financing for truly high-quality projects and early entrepreneurs, but can also save substantial costs and energy from online trading platforms that focus on project research and development and community operations.

事实证明，IEO并不是难事，甚至可以说是非常好“抄”的。还有很多中小型交易所也在蠢蠢欲动，币赢网CoinW宣布战略入股立刻网，协助立刻网推出去中心化募资平台LaunchPad;KuCoin将上线Spotlight;ZBG交易所将上线ZBG Launchpad……

As it turns out, IEO is not a difficult, if not a very good, copying. There are also a lot of small and medium-sized exchanges, and the currency win network CoinW announces its strategy to immediately launch LaunchPad, a central fund-raising platform; KuCoin will be on-line Spotlight; and the ZBG Exchange will be on-line ZBG Launchpad.

对于项目方而言，IEO简直是飞机通道，非常的快!在IEO模式下，FET项目22秒完成众筹，三天后正式上线。同样是融资，STO很有要走两年，1CO可能要走半年到一年。对于交易所而言，这很有可能是一次弯道超车的好时机，至少平台币的成绩单很好看，BNB、OKB还有HT都在短期内飞涨了起来。

For the project side, IEO is an airway, very fast! Under the IEO model, FET is 22 seconds out, officially online in three days. Also, the STO has a lot to go for two years, and one can go for six months to a year.

IEO一点也不神秘

There's no mystery to IEO.

事实上，IEO一点也不神秘，同1CO和STO一样，它也是项目方的一种融资手段。

In fact, IEO is not mysterious at all and, like 1CO and STO, it is a means of financing the project party.

简单来说，项目方只需要得到交易所的认可，就可以在交易所单独开辟的资产发行平台众筹，投资人手里拿着平台币就可以购买项目方的币了，众筹完毕之后，项目就可以正式转到交易平台上线了。因此，交易所相当于把项目方的工作一站式完成了。

Simply put, project parties need only the approval of an exchange to raise money in a stand-alone asset distribution platform, where investors can buy money from the project party with a platform dollar, and then the project can be officially transferred to the trading platform. Thus, the exchange is equivalent to completing the project party’s work on a one-stop basis.

相比于1CO和STO的耗时费钱，IEO则是站在巨人的肩膀上摘果子。1CO需要项目方努力宣传自己让普罗大众知道自己，STO需要项目方努力朝着合规化前进从而得到机构的认可，IEO则可以大方地把宣传和合规工作都拜托给交易所。

Compared to the time-consuming and costly work of a CO and a SCO, IEO is standing on the shoulders of giants to pick fruit. 1 CO needs projecters to work to make themselves known to the general public, SO needs to work towards compliance to gain institutional approval, and IEO can be generous in putting publicity and compliance on the exchange.

IEO只是旧酒，它突然走红，纯粹是因为时机很讨巧。

IEO's just old wine, and it's suddenly red, just because it's a good time.

首先，1CO已经不被市场看好了，2018年很多1CO项目跑路、破发，已经透支了市场对1CO的热情，项目方想通过1CO来融钱，简直是一件比登天还难的事。

In the first place, 1CO is no longer in the market, many of the 1CO projects ran off in 2018, had their share of market enthusiasm for 1CO, and it would be more difficult for the project to borrow through 1CO than to go to heaven.

我们知道，去年十月，市场开始寄希望于融入监管的STO模式，但是因为STO模式的门槛很高，项目上线甚至需要长达两年的时间，因此STO在一阵风口之后，市场好像又回归了宁静。

We know that in October last year the market began to hope for integration into the regulated STO model, but because of the high threshold of the STO model and the fact that the project would take up to two years, the market seems to have returned to calm after a stroke.

1CO和STO都没有动静了，IEO此时来搅局当然是有利的。

1 CO and STO are not moving, and IEO certainly has the advantage of messing with it at this point.

对于交易所而言，这更是一件好差事。以前交易所只是链接投资人和项目方的中介，现在交易所通过自己的平台币，可以将项目方、投资人社群都拉拢在自己的旗下，让它们通过自己的平台币衔接，交易所也真正成为了交易生态中的王者。

This was a better task for an exchange. Previously, the exchange was just an intermediary linking investors and project parties, and now the exchange can bring project players and the investor community under its own flag, connecting them through its own platform currency, and the exchange is truly the king of the trade ecology.

这份表格至少可以说明，在推行IEO模式之后，相比于前三大币种的涨幅，平台币简直是要涨得要飞起来了。

At the very least, this table shows that, following the introduction of the IEO model, the platform currency is going to fly as compared to the increase in the first three currencies.

对于项目方而言，他们需要的是资金，只要是钱，无论是BTC、ETH、EOS等大币种，还是BNB、HT、OKB等平台币，其实都一样。另外，在当前的熊市行情下，与其持有已经贬值的80%的ETH，还不如募点价值稳定甚至有涨幅的平台币。

What they need is money, whether in large currencies such as BTC, ETH, EOS, or BNB, HT, or OKB, which is the same for the project. Moreover, in the current bear market situation, it is better to raise more than 80% of the already devalued ETH than to raise a platform currency with a stable or even an increase in value.

因此，IEO怎么看都是一件人见人爱的好事物。

So IEO's a good thing to think of as being loved.

币圈IEO的潜在风险

IEO表面上看是一件皆大欢喜的好事，实质上非常危险，甚至可以说是在透支市场最后新鲜的血液。

On the face of it, IEO seems to be a joyful, very dangerous and even the last fresh blood in the overdraft market.

在1CO模式下，人们对一个币的考量因素，包括项目白皮书、团队、代码、社区、募资情况等等，现在只需要一个参考因素，即交易所。

Under the 1CO model, people's consideration of a currency, including project white papers, teams, codes, communities, fund-raising, etc., now requires only one reference factor, i.e. an exchange.

实际上，这是人们对市场的信任消耗光了以后，将仅剩的一点信任转嫁给了头部交易所，交易所成了项目背书和站台人的角色。

In fact, when people's trust in the market has run out, the only trust left has been transferred to the head exchange, which has become the role of project endorsement and platformer.

其实，IEO的风险并没有消失。因为项目还是那一批项目，不同的是以交易所为背书进行了一次筛选，但依旧是高风险的区块链项目。

In fact, IEO’s risk is not lost. Because the project is the same as the one in which the exchange endorsed the screening, it is still a high-risk block chain project.

如果市场上开始出现第一个破发的IEO项目，人们的诋毁对象将不再指向项目方，而是区块链生态顶端的交易所。对于交易所而言，至少是头部交易所而言，IEO实则非常危险，是一个“只许成功，不许失败”的残酷游戏。

If the market begins to see the first broken IEO project, people’s targets will no longer point to the project, but to an exchange at the top of the ecosystem of the block chain. For an exchange, at least for a head exchange, the IEO is really dangerous and a cruel game of “success, no failure.”

另外，随着这一模式的泛滥，IEO很有可能会成为劣质交易所联手项目方的敛财工具。毕竟，项目方和交易所已经不再是两者分离，而是利益共同体。

Moreover, with the proliferation of this model, IEO is likely to become a powerful tool for poor exchange groups to work together. After all, the project side and the exchange are no longer separated from each other, but rather a community of interests.

如果以前是交易所“收割”项目方，现在则是交易所主动拥抱项目方，交易所和项目方之间为合作伙伴关系，他们将联合起来“收割”存量市场的韭菜。

If formerly an exchange “harvesting” project party, now an exchange takes the initiative to embrace the project party and partnerships between the exchange and the project party, they will join together to “harvest” the vegetables in the stock market.

另外，在外部监管层面，IEO的头上也有利剑。2018年8月24日，中国银保监会发布《关于防范以“虚拟货币”“区块链”名义进行非法集资的风险提示》，文中就曾提及1CO、IFO和IEO等模式。

In addition, at the external regulatory level, IEO has a strong sword on its head. On August 24, 2018, the China Silver Insurance Board issued a Risk Alert on the Prevention of Illegal Fund-raising in the name of the “virtual currency” “block chain”, which refers to models such as 1CO, IFO, and IEO.

在IEO模式爆火的声音之后，很多人开始担忧，项目方是否会叛逃，即归属到更容易募资的交易所旗下，这会不会对ICO本位币ETH和EOS的生态造成巨大的威胁。

After the sounds of the IEO fire, many people began to wonder whether the defection of the project side, i.e. belonging to an exchange that would be easier to raise funds, would pose a great threat to the ecology of the ICO currency ETH and EOS.

事实上，LaunchPad毕竟是一种融资行为，交易所开发的公链还处于初步阶段，未形成真正的区块链生态，各公链走到最后依旧需要比拼项目生态、开发程度、市场基础等，交易所即便占据着流量优势，也很难一口吃一个胖子。

In fact, LaunchPad is, after all, a financing act, the public chain developed by the exchange is still in its early stages, there is no real block chain ecology, there is still a need to compare them to the ecological, developmental, market basis of the project, and even if the exchange has a flow advantage, it is difficult to eat a fat man.

不过，不少人对这种模式并不看好，甚至表达了担忧。CoinTiger创始人富兰克凌近几日就在朋友圈表示，IEO的本质类似于股权众筹，它是一次冒险，并预言这种模式玩不过一个月。

A lot of people, however, don't appreciate this model, even expressing concern. The founder of CoinTiger, Franklin, has recently said in a circle of friends that the essence of IEO is similar to that of equity, that it is an adventure and predicts that it won't last a month.

这个市场需要创新，但是每次的创新都是基于存量市场的厮杀，创新最后都会以失败而告终，将会打击人们对整个生态的信心。

This market requires innovation, but each time it is based on a stock market, it ends in failure and undermines confidence in the ecology as a whole.

回顾过去一年，交易所的竞争可谓非常激烈，上币项目、交易即挖矿、期货合约，以及当前的IEO，交易所战场上的硝烟从未消停。

Looking back on the past year, the exchange has been very competitive, with the upper currency items, transactions, i.e. mining, futures contracts, and the current IEO, where smoke has never stopped.

FCoin引燃的“交易及挖矿”的流量之战，至今还历历在目，如今FCoin已是今非昔比，张健从被群捧到被唾骂，那些抄袭FCoin的交易所大多已经跑路或者倒闭关门。

The Fcoin-in-kind “trading and mining” traffic battle has so far been witnessed. Now that the Fcoin is no longer the same, Zhang Jian has been scolded, and most of the exchanges that copied Fcoin have run off or closed down.

在IEO模式中，币安是第一个吃螃蟹的交易所，但是对于其他交易所就很为难了。因为币安本身的网络效应很强，其他交易所如果不跟进，用户会流失掉，如果交易所们都跟进，IEO项目依旧是参差不齐，我们可以预想到，IEO的结局会和ICO一样，破发、倒闭、死亡，污浊整个生态。

In the IEO model, the currency is the first to eat crabs, but it's hard for other exchanges. Because of the network effects of the currency itself, other exchanges lose their users if they don't follow up. If the exchanges follow, the IEO project remains uneven. We can predict that the IEO will end with hair breaking, collapse, death, and tainting the whole ecology like the ICO.

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