首次代幣發行的隱性成本

首次代幣發行（ICO）已成為一種非常受歡迎的技術，可以為全新代幣籌集資金。然而，在平台上逐項列出 ICO 代幣可以對一個合理的包進行評估。

Preliminary coin choices (ICOs) have grow to be an extremely well-liked technique to lift capital for brand spanking new tokens. However itemizing ICO tokens on platforms can value a reasonably packet.

初始代幣選擇（ICO）已成為一種非常受歡迎的技術，可以為全新代幣籌集資金。然而，在平台上逐項列出 ICO 代幣可以對一個合理的包進行評估。

In line with a latest blogpost by Autonomous Analysis, itemizing an ICO token on a cryptocurrency alternate can value promoters wherever between $1 million and $3 million. The vast disparity of their ranges depends on fame and entry to fast liquidity. The decrease finish of that estimate is for a “moderately regarded token” whereas the upper finish ensures quick access to fast liquidity by exchanges that supply fiat conversion companies. An instance of the latter sort of alternate is Coinbase. The exchanges have a pecking order, with those who provide simple conversion to and from fiat cryptocurrencies being the costliest.

根據 Autonomous Analysis 的最新部落格文章，在加密貨幣替代品上列出 ICO 代幣可以為推廣者帶來 100 萬至 300 萬美元的估值。他們的交易範圍的巨大差異取決於名氣和快速流動性。該預測的下端是“受到適度重視的代幣”，而上端則確保為法幣兌換公司提供服務的交易所能夠快速獲得快速流動性。後一種替代方案的一個例子是 Coinbase。交易所有一個優先順序，那些提供與法定加密貨幣之間的簡單轉換的交易所成本最高。

The publish’s numbers come after stories claiming that Ripple tried to listing its cryptocurrency XRP on Gemini for $1 million. The report additionally said that Ripple dangled the prospect of lending $100 million price of XRP to Coinbase final fall in alternate a list.

該消息發布之前有報告指出 Ripple 試圖以 100 萬美元的價格在 Gemini 上列出其加密貨幣 XRP。該報告還稱，Ripple 在最後一個名單中提出了向 Coinbase 借出 1 億美元 XRP 的可能性。

Apart from alternate charges, there are a variety of different bills constructed into the ICO itemizing course of. For instance, there are the prices related to advisors, who might be in comparison with funding bankers in an IPO. Advisor exercise spans a broad vary, from establishing connections with giant buyers to producing optimistic press for the tokens and structuring the ICO course of. Usually, they cost 5% of the overall ICO quantity. Bounty packages, which reward social media influencers and advertising and marketing people with tokens, are one other value related to this system. (See additionally: How Firms Use Preliminary Coin Choices).

除了替代費用之外，ICO 詳細流程還包含多種不同的費用。例如，顧問的價格可能與 IPO 中的融資銀行家進行比較。顧問的工作涵蓋廣泛，從與大型買家建立聯繫到為代幣提供樂觀的新聞以及構建 ICO 過程。通常，它們的成本佔 ICO 總量的 5%。賞金包是與該系統相關的另一個價值，它用代幣獎勵社交媒體影響者以及廣告和行銷人員。 （另請參閱：公司如何使用初步硬幣選擇）。

However there are three premiums – illiquidity premium, block conversion premium, and regulatory premium – hooked up to itemizing on cryptocurrency exchanges. The primary premium pertains to the absence of a financial institution that can course of cryptocurrency transactions. The second is in regards to the problem to find banks or monetary establishments that can allow conversions of enormous blocks of cryptocurrencies to fiat cash. The third premium is the uncertainty inherent in cryptocurrency transactions attributable to authorities regulation.

然而，有三種溢價——流動性溢價、大宗轉換溢價和監管溢價——與加密貨幣交易所的逐項列出有關。主要溢價與缺乏可以進行加密貨幣交易的金融機構有關。第二個問題是尋找可以將大量加密貨幣轉換為法定現金的銀行或貨幣機構。第三個溢價是由於當局監管而導致的加密貨幣交易固有的不確定性。

The premiums have inflated prices and launched important dangers to investing in tokens. In line with the publish, this dynamic has resulted in a “bifurcation” of the path to elevating funds. There’s the Wild West route, which incorporates paying off entrepreneurs and cryptocurrency exchanges. And there’s the opposite, extra standard, path to elevating capital by non-public buyers with out accessing public markets.

溢價抬高了價格，為代幣投資帶來了重大危險。根據該報道，這種動態導致了籌集資金的路徑出現「分歧」。還有狂野西部路線，其中包括支付企業家和加密貨幣交易所。還有一種相反的、額外標準的途徑，可以讓非公開買家在不進入公開市場的情況下籌集資金。