从ICO到FIO，再到IEO，再到现在的IDO，大家引以为神的几个项目诸如shib、PEPE,在最早期你只能通过IDO的方式tou资，任何其他渠道包括中心化交易所，所谓的一级野鸡市场都是找不到的。
That’s why I keep saying that there is no need for everyone to enter the so-called first-level market groups and engage in projects through the so-called intermediate communities. Basically, in a bear market, these so-called first-level communities will run away because of the above The middlemen are gone, and both the community and investors are victims.
大家如果热衷于投资新项目，那么IDO是不错的渠道，这方面值得你去深入的研究。参照一些大佬的指示，你也许能成为一些百倍项目的早期投资人。
This method is fair to anyone and can subscribe. The only test is whether you have a sharp eye to find these projects.
The evolution history, advantages and disadvantages of decentralized exchanges
1. The pre-Uniswap era
Before the debut of Uniswap, the blockchain industry experienced several rounds of changes in financing models. Each model has aroused great enthusiasm in the market and brought wealth effects, but it also comes with huge risks.
1. ICO era
Compared with the IPO (Initial Public Offerings) financing form of traditional corporate stock listings, the first innovation in the blockchain world is to imitate this form, except that the "shares" are replaced by "B", called ICO (Initial Coin Offerings) ). The first example of this model is Ethereum, which raised initial research and development funds for the project in the form of charging Bitcoin and subscribing Ethereum from the public. Later, with the release of Ethereum's ERC20 standard, anyone could issue their own token B on Ethereum, and the first round of ICO frenzy broke out in 2017. The ICO model was an unregulated place at the time, and many financing myths were born at the beginning, such as EOS raising nearly US$4.2 billion. Since every share successfully subscribed in the primary market at that time could often obtain several times or even dozens of times the income when the secondary market was opened, it led to a fanatical pursuit of the market. At the same time, ICOs of various projects also sprung up like mushrooms after a spring rain. A huge bubble was created in a short period of time.
2. The short IFO stage
On September 4, 2017, as the regulatory stick fell, the ICO bubble burst. A large number of altcoins have returned to zero in a short period of time, and the market has clearly seen the money-making nature of a large number of ICO projects, but the entire market is still in the midst of speculative enthusiasm. Especially in the BTC expansion battle, after the fork coin BCH was born, the market fell into the narrative of forking mainstream cryptocurrencies. Bitcoin was forked into dozens or hundreds of forked coins in a short period of time, called IFO ( Initial Fork Offerings).
3. IEO era
The birth of the ICO form was based on unlicensed financing opportunities for project parties, and also exposed its lack of endorsement. Any project can issue coins, but investors have no control over how to use the money after raising it, or simply donate money and run away. As a result, the IEO (Initial Exchange Offerings) format led by large exchanges emerged and began to replace this uninsured format. Large exchanges such as Binance will release new tokens that have been reviewed on their own platforms, so Binance needs to endorse these projects with its own credit. If something bad happens to the tokens first sold on Binance, it will also Will hurt Binance’s credibility. Compared with ICO, the IEO form is actually a compromise, finding a middle ground between a completely decentralized, permissionless ICO and an IPO fully regulated by a sovereign government.
2. UniSwap and IDO (Initial Exchange Offerings)
1. IDO era
The semi-centralized form of IEO is a compromise of the times. Because opening an account on a large exchange also requires KYC, and the subscription on behalf of B is not carried out on the blockchain. Since anyone can deploy token B liquidity on UniSwap, it successfully once again makes permissionless forms of financing possible. This form is called IDO (Initial Exchange Offerings), that is, after the token is issued, the project party or the community spontaneously provides liquidity on UniSwap. If investors believe in the project, they can decentralize it as soon as possible. Purchase token B of your own project on the exchange.
2. The advantages of IDO and improved unlicensed proxy B issuance and trading provide project parties with the lowest-cost financing channels, making the development of many small projects possible. And IDO truly takes advantage of the non-tamperable characteristics of the blockchain:
Earlier time to market: Being able to buy proxy B earlier means seizing opportunities earlier. For example, when SHIB encountered Musk's hot spots, it soared more than ten times in a short period of time, which was not the case in any centralized exchange at that time. It is impossible to buy SHIB, and the second-tier exchanges with the fastest response also came online a few hours after the hot spot; on UniSwap, you could buy SHIB at any time in the previous months.
Unlimited trading: As long as the liquidity of the Swap trading pair remains, buying and selling can be performed at any time.
More transparent financing regulations: In the past, ICOs could only add funds to the contract provided by the other party under the guidance of the project party, and then wait for the project party to abide by its commitment and issue tokens, which is equivalent to fully trusting the project party not to cheat. UniSwap provides unified rules and has formed a tacit understanding that the first issuance will provide the trading pair of "New Generation B and ETH". Users can use ETH to purchase specific tokens at any time and sell them at any time, without having to worry about whether the project party will Commitment.
Locking commitment: After providing liquidity, the project party can send its liquidity certificate (LP Token) to the black hole address, which is equivalent to proving to the market that it will never make market funds, and there will always be a part of the funds to provide transactions for Generation B. Space. This commitment becomes transparent and credible because of the existence of the blockchain.
More and more complex commitments can be realized: Project parties can realize more complex financing commitments through platforms such as UniCrypto, such as locking 50% of the tokens and 100ETH on UniSwap, and locking the LP Token in the smart contract and releasing it linearly . This means that investors in early private placements cannot sell them directly after obtaining low-price tokens, but must provide long-term liquidity for the project. Compared with sending LP Token to a black hole address, this mode will not cause waste, and it also has the same open and transparent characteristics of the project blockchain.
More improvements based on Swap: After the market is familiar with the form of UniSwap, new Swap projects can make more improvements to address the problem of poor capital utilization of UniSwap v2. For example, KyberSwap, DODO and other projects have enhanced liquidity. This allows currency issuance projects to use less funds (such as 10W USD + a certain amount of new generation B) to achieve a better trading experience.
3. Disadvantages and shortcomings of IDO
The problem exposed in the ICO era is that in the permissionless market, any project of mixed quality may appear. The permissionless nature of IDO is equivalent to inheriting the shortcomings of ICO back then. It is inevitable that tokens issued by various projects with evil intentions will appear in the IDO market. Fortunately, the knowledge threshold of blockchain keeps the most easily deceived people out of this market.
Higher transaction costs: The transaction fees of decentralized exchanges are usually three thousandths, which is higher than that of centralized exchanges. And when liquidity is small, you often have to endure greater slippage (you get less new generation B when you buy new generation B, or you get less value coins when you sell new generation B), and you may also receive front-running attack payments from MEV robots. additional cost.
Make the bank: The project party controls most of the chips and funds on behalf of B, and can pull the market by itself to cause FOMO, attracting enough off-site investors to sell the chips in their hands. This can be seen from the Holder component of Generation B, but project parties who are interested in making bankers can also use a large number of trumpets to cover up.
3. Risk warning: Dogecoin fund scam:
Although UniSwap utilizes the openness and transparency of the blockchain, it cannot eliminate scams. For example, when a hot spot appears, anyone can release a proxy B with the same name and guide investors to fill in a fake proxy B contract, and then they can take advantage of the popularity of the real proxy B; some proxy B may also be moved in the contract of the proxy B itself. Hands and feet, such as Pixiu Pan Dai B, allow users to feel comfortable when buying, but encounter errors when selling.
