互聯網資本市場（ICM）在Web3生態系統中引起了極大的關注

互聯網資本市場（ICM）是一個概念，在Web3生態系統中引起了極大的關注，尤其是在2025年5月

Internet Capital Markets (ICM) is a concept that has been drawing significant attention within the Web3 ecosystem, especially in May 2025.

互聯網資本市場（ICM）是一個概念，在Web3生態系統中引起了極大的關注，尤其是在2025年5月。

What is Internet Capital Market (ICM)?

什麼是互聯網資本市場（ICM）？

Internet Capital Markets (ICM) is a capital market system built entirely on blockchain infrastructure, enabling developers or startups to raise funds directly from the community by issuing tokens that represent future ideas or products. Unlike traditional fundraising models that rely heavily on venture capital (VC) firms, ICM democratizes the investment process, allowing retail users to participate from the earliest stages. According to DexU.ai, the price index of tokens under the ICM narrative surged nearly 14% within 24 hours, outperforming categories like CEX, Lending, DeFi, AI, and RWA, signaling a strong influx of capital and attention into this trend.

Internet Capital Markets（ICM）是一種完全建立在區塊鏈基礎設施上的資本市場系統，使開發商或初創公司能夠通過發行代表未來想法或產品的代幣直接從社區籌集資金。與密切依賴風險投資公司（VC）公司的傳統籌款模式不同，ICM將投資流程民主化，使零售用戶能夠從最早的階段參與。根據Dexu.ai的說法，ICM敘述下的代幣的價格指數在24小時內飆升了近14％，勝過CEX，Lengend，Defi，AI和RWA等類別，表明資本和關注的強烈湧入到這一趨勢中。

What makes ICM stand out is its rapid deployment, instant liquidity creation, and high transparency. However, the model also comes with a high degree of speculation, as token valuations are largely driven by expectations and community attention rather than actual product value.

ICM脫穎而出的是它的快速部署，即時的流動性創造和高透明度。但是，該模型還具有高度的猜測，因為令牌估值在很大程度上是由期望和社區關注而不是實際產品價值驅動的。

Source: DexU.ai

資料來源：dexu.ai

How the ICM Works

ICM的工作方式

The operational process of an Internet Capital Markets project typically includes the following steps:

互聯網資本市場項目的運營過程通常包括以下步驟：

The process typically begins with a simple post on X, where a developer announces their token using a syntax such as “$TICKER + Name”. This triggers the automatic deployment of a token, initialized through a bonding curve with limited supply and high early transaction fees to bootstrap value and discourage early exit.

該過程通常從X上的簡單帖子開始，開發人員使用諸如“ $ TICKER + NAME”之類的語法宣布其令牌。這觸發了代幣的自動部署，該令牌是通過固定曲線初始化的，供應有限，早期交易費用有限，以造成引導價值並阻止早期出口。

From there, the token is live on Solana – the chain of choice for most ICM activity due to its low fees and fast settlement, with initial liquidity seeded via bonding mechanisms. If market participants find the idea compelling, speculative trading begins. The more convincing the narrative or community engagement, the faster the token gains traction.

從那裡開始，令牌是生存的，這是Solana的生存 - 由於其低費用和快速沉降，大多數ICM活動的首選鏈，並通過粘結機製播種了初始流動性。如果市場參與者認為這個想法引人注目，則可以開始投機交易。敘事或社區參與越有說服力，代幣就越快。

Source: Believe

資料來源：相信

One of the key milestones is “graduation”, triggered when a token’s market cap reaches $100,000. At this point, liquidity deepens through integrations with Meteora pools, enhancing price discovery and stability. Builders can then claim 50% of all trading fees, with the other half going to Believe. Fee distributions are time-locked to align long-term incentives and prevent premature abandonment.

關鍵里程碑之一是“畢業”，當代幣的市值達到100,000美元時，觸發了。在這一點上，通過與Meteora池的整合，增強了價格發現和穩定性，流動性加深了。然後，建築商可以要求所有交易費用的50％，而另一半將相信。費用分配時間延長，以使長期激勵措施保持一致並防止過早放棄。

If the project succeeds in gaining attention, trading volume increases, and the developer receives a portion of the transaction fees as a reward. This provides an incentive to build an actual product, creating a self-reinforcing loop:

如果該項目成功引起關注，交易量增加，開發商將獲得一部分交易費用作為獎勵。這提供了建造實際產品的動力，創建一個自我增壓循環：

Token → community belief → market cap → product development → value creation.

令牌→社區信念→市值→產品開發→價值創造。

Source: Believe

資料來源：相信

According to Believe.app, over 9,000 tokens have been launched with a combined market cap exceeding $350 million as of mid-May 2025. In some cases, developers have earned over $7 million in trading fees within the first 24 hours of launch.

據celive.app稱，截至2025年5月中旬，已經推出了超過9,000個代幣的市值超過3.5億美元。在某些情況下，開發人員在發布後的前24小時內收入超過700萬美元的交易費用。

Top Internet Capital Capitals Projects

頂級互聯網首都項目

The main platform behind the current ICM wave is Believe.app, which allows anyone to easily create idea tokens. The platform’s native token, $LAUNCHCOIN, has reached a market capitalization of $192 million, making it a flagship representative of the decentralized funding trend.

當前ICM Wave背後的主要平台是Spelie.App，它使任何人都可以輕鬆地創建創意令牌。該平台的本地令牌$ Launchcoin已達到1.92億美元的市值，使其成為了分散資金趨勢的旗艦代表。

Some other prominent tokens within this ecosystem include:

本生態系統中的其他一些突出的令牌包括：

In addition, data from posts on X show that over 31,000 wallet addresses have interacted with tokens on Believe.app, indicating strong community engagement across the Web3 landscape.

此外，X上帖子的數據表明，超過31,000個錢包地址與Spiels.App上的代幣進行了互動，表明在Web3景觀中的社區參與很強。

Opportunities and Risks of ICM

ICM的機會和風險

Opportunities and Benefits

機遇和利益

For developers, Internet Capital Markets open up a new path to accessing capital without the need for traditional approval or fundraising processes. They can raise tens of thousands of USD within just a few hours if the token gains strong community support.

對於開發人員而言，互聯網資本市場為無需傳統批准或籌款流程而開闢了一條新的通往資本的途徑。如果代幣獲得強大的社區支持，他們可以在短短幾個小時內籌集數万美元。

For individual investors, ICM offers a chance to get in early on breakthrough ideas, with the potential for multi-fold returns if the project succeeds. This is reminiscent of the early ICO boom in 2017 or the DeFi Summer of 2020.

對於個人投資者而言，ICM提供了一個機會，可以儘早獲得突破性的想法，如果該項目成功，則有可能獲得多重回報。這讓人聯想到2017年ICO早期繁榮或2020年夏季。

For everyday users, becoming an “on-chain shareholder” goes beyond simple trading – it includes participating in governance, proposing ideas, and receiving rewards from the project’s growth.

對於日常用戶而言，成為“鏈股東”不僅僅是簡單的交易 - 包括參與治理，提出想法以及從項目增長中獲得回報。

User Score

用戶得分

9.9

Promotion

晉升

-10% Trading Fees

-10％的交易費

Get 10% Lifetime Cashback on Every Trade

每次交易獲得10％的終身現金返還

Risks and Controversies

風險和爭議

While Internet Capital Markets represent a bold reimagining of early-stage crypto fundraising, the model is far from risk-free. In fact, many industry observers are beginning to draw comparisons between ICM and previous speculative bubbles that promised transformation but collapsed under the weight of their own hype.

儘管互聯網資本市場代表了對早期加密籌款活動的大膽重新構想，但該模型遠非無風險。實際上，許多行業觀察者開始在ICM和以前的投機泡沫之間進行比較，這些泡沫承諾轉型，但在自己的炒作的重量下崩潰了。

The first major risk is extreme volatility. Tokens within the ICM ecosystem are often created and listed within minutes, usually without a working product or roadmap. As a result, their prices tend to be driven purely by sentiment. When attention fades or narrative momentum stalls, the crash can be brutal.

第一個主要風險是極端波動。 ICM生態系統中的令牌通常在幾分鐘內創建和列出，通常沒有工作產品或路線圖。結果，他們的價格往往純粹是由情感驅動的。當注意力逐漸消失或敘事動量攤位時，墜機可能是殘酷的。

For example, the token $NOODLE lost over 50% of its market value within 24 hours of launch

例如，令牌$麵條在發布後24小時內損失了其50％以上的市場價值