從ICO到IDO：代幣發行機制的時間表

自2009年比特幣創世紀塊創建以來，加密貨幣融資生態系統已經迅速發展。

Author : Jsquare Investment and Research Team

作者：JSquare投資和研究團隊

The cryptocurrency financing ecosystem has evolved rapidly since the creation of the Bitcoin genesis block in 2009. As blockchain projects explore new ways to raise capital, a variety of token issuance mechanisms have emerged, each shaped by market conditions, technological advances, and regulatory adaptations.

自2009年比特幣創世紀塊創建以來，加密貨幣融資生態系統已經迅速發展。隨著區塊鏈項目探索了籌集資金的新方法，各種代幣發行機制已經出現，每種機制都由市場條件，技術進步和法規適應性所塑造。

From ICO to STO: A timeline of token issuance mechanisms

從ICO到Sto：代幣發行機制的時間表

Initial Coin Offering (ICO)

初始硬幣產品（ICO）

The first wave was initial coin offerings (ICOs), which exploded between 2016 and 2018. One of the earliest and most successful examples was Ethereum, which raised about $18 million in a public sale at $0.35 per ETH in 2014. ICOs peaked in 2018, raising more than $6 billion in total. However, investor protection is weak, fraud rates exceed 80%, and only about 44% of ICO projects remain active three months after issuance.

第一波是初始硬幣產品（ICO），該產品在2016年至2018年之間爆炸。最早，最成功的例子之一是以太坊，該公司在2014年的公開銷售中籌集了約1800萬美元的公開銷售，2014年每一個ETH 0.35美元。 ICOS在2018年達到了高峰，總計籌集了60億美元以上。但是，投資者的保護薄弱，欺詐率超過80％，在發行後三個月仍有大約44％的ICO項目保持活躍。

Initial Exchange Offering (IEO)

初始交換產品（IEO）

In response to the chaos of ICOs, Initial Exchange Offerings (IEOs) emerged around 2019, introducing a more standardized structure through centralized exchanges such as Binance Launchpad. These platforms conduct token reviews and compliance checks, which have increased the project survival rate to about 70-80% and significantly reduced the fraud rate to about 5-10%. However, listing fees, KYC requirements, and centralized control have brought limitations.

為了應對ICO的混亂，2019年左右出現了初始交換產品（IEO），通過Binance Launchpad等集中交易所引入了更標準化的結構。這些平台進行令牌審查和合規性檢查，這些審查已將項目的存活率提高到約70-80％，並將欺詐率顯著降低到約5-10％。但是，上市費用，KYC要求和集中控制已帶來限制。

Security Token Offering (STO)

安全令牌產品（STO）

Security token offerings (STOs) introduce a regulated on-chain representation of traditional financial instruments such as equity or debt. STOs have the highest survival rate (85-95%) but remain niche due to complex legal structures, long campaign durations, and limited secondary market infrastructure.

安全令牌產品（STOS）引入了對股權或債務等傳統金融工具的受監管的鏈上代表。 STO的生存率最高（85-95％），但由於復雜的法律結構，漫長的競選時間和有限的二級市場基礎設施，因此仍然是利基市場。

The Rise of IDOs and the New Era of Permissionless Issuance

IDO的興起和無許可發行時代

Initial decentralized exchange offerings (IDOs) mark a major shift toward fully decentralized financing. Platforms such as Uniswap, Hyperliquid, and Pump.fun enable instant token issuance and liquidity access without high listing fees. However, this convenience comes with higher volatility and scam rates (estimated to be around 10-20%).

最初的分散交易所產品（IDO）標誌著向完全分散的融資邁出的重大轉變。諸如UNISWAP，HYPRYLICE和PUMP的平台。 FUN可以立即發行和流動性訪問，而無需高度上市費用。但是，這種便利性具有更高的波動性和騙局（估計約為10-20％）。

Platforms that promote IDOs

促進IDO的平台

IEOs and IDOs offer projects very different financing pathways, each with its own unique advantages and challenges. IEOs provide a structured environment through exchange oversight, enhancing investor confidence, but at a higher cost and with limited participation. Exchange due diligence leads to more efficient pricing and reduced investment risk. In contrast, the lack of formal regulation and large number of IDOs lead to lower market efficiency and increased volatility.

IEO和IDO提供的項目非常不同，每個項目都有其獨特的優勢和挑戰。 IEO通過交流監督，增強了投資者的信心，以更高的成本和有限的參與來提供結構化的環境。交換盡職調查會導致更有效的定價和降低的投資風險。相比之下，缺乏正式法規和大量IDO會導致市場效率降低和增加的波動性。

The road ahead: hybrid issuance models and regulatory shifts

前面的道路：混合發行模型和監管變化

Issuance mechanisms are not just technical tools, they shape capital allocation, investor engagement, and narrative formation. The future lies in hybrid models that combine on-chain liquidity and off-chain regulatory compliance.

發行機制不僅是技術工具，還可以塑造資本分配，投資者參與和敘事形成。未來在於混合模型，結合了鏈上流動性和脫鏈監管合規性。

New platforms such as Hyperliquid use a Dutch auction mechanism to achieve price discovery while keeping it structured. Pump.fun simplifies meme token issuance, riding the

諸如Hyproliquid之類的新平台使用荷蘭拍賣機制來達到價格發現，同時保持其結構化。 pump.fun簡化了模因令牌發行，騎馬