引入互聯網資本市場（ICM）：籌集資金的新範式

互聯網資本市場（ICM）是傳統資本市場（TCM）的加密本地替代品，它允許企業家直接從在線籌集資金

Author: Mario @IOSG

作者：Mario @IOSG

TL;DR:

tl;博士：

The Internet Capital Market (ICM) is a crypto-native alternative to the Traditional Capital Market (TCM), which allows entrepreneurs to raise funds from the online community through tokenization, bypassing cumbersome procedures like venture capital and initial public offerings (IPOs). Platforms like Believe App (formerly Clout) are spearheading this change on the Solana chain, where users can easily issue and invest in projects by simply @ing the platform on X (formerly Twitter).

互聯網資本市場（ICM）是傳統資本市場（TCM）的加密本地替代品，它使企業家能夠通過令牌化從在線社區籌集資金，繞過了繁瑣的風險投資和首次公共產品（IPO）（IPO）的繁瑣程序。像Levely App（以前的影響力）這樣的平台率先在Solana鏈上率先進行了這一變化，在這裡，用戶可以通過僅 @ @ @在X上（以前是Twitter）上的平台來輕鬆發行和投資項目。

Despite criticisms regarding lack of regulation, low entry barriers, and the potential for personas to easily release "scam" tokens or projects with no true aim other than to generate hype, ICM still holds strong potential for mass adoption due to Believe's simple user experience, fiat payment gateways, and viral narratives that are attracting a large number of Web2 users.

儘管批評缺乏監管，低入口障礙以及角色輕鬆釋放“騙局”令牌或沒有其他目標的項目的潛力，但由於相信簡單的用戶體驗，FIAT支付網關和吸引大量Web2用戶的病毒敘事，ICM仍然具有強大的大規模收養潛力。

In order to achieve long-term development, platforms like Believe need to quickly jump out of the short-term hype stage and promote founder accountability mechanisms, optimize token economic models, build DAO governance, and achieve real utility, so as to truly transform ICM from a meme craze to a new capital formation paradigm.

為了實現長期發展，像這樣的平台認為，需要快速跳出短期炒作階段，促進創始人的問責機制，優化令牌經濟模型，建立DAO治理並實現真正的效用，從而真正將ICM從模因熱潮轉變為新的資本形成。

Background of traditional capital markets

傳統資本市場的背景

In the traditional capital market (TCM), entrepreneurs often rely on expensive and time-consuming financing methods such as initial public offerings (IPOs) or venture capital, which itself presents many challenges.

在傳統的資本市場（TCM）中，企業家通常依靠昂貴且耗時的融資方法，例如首次公共產品（IPO）或Venture Capital，本身提出了許多挑戰。

From the perspective of financing, entrepreneurs need to deal with lengthy application processes, complex legal procedures, and constantly cater to investors' preferences, which often prevents them from focusing on product development or community building.

從融資的角度來看，企業家需要處理冗長的申請流程，複雜的法律程序，並不斷迎合投資者的偏好，這通常阻止他們專注於產品開發或社區建設。

From the perspective of investors, early investment opportunities are basically monopolized by large institutions, such as hedge funds, mutual funds, etc. Ordinary investors can hardly get a share and often have to wait until the project valuation soars before they can enter the market.

從投資者的角度來看，早期的投資機會基本上是由對沖基金，共同基金等大型機構壟斷的。普通投資者幾乎無法獲得份額，並且經常必須等到項目估值飆升，然後才能進入市場。

This model is not only inefficient and lacks openness, but also leads to a serious misalignment of incentives between creators and supporters. These structural problems reflect the capital market’s urgent need for a more open, direct, and participatory financing method, which is exactly the core problem that the Internet Capital Market (ICM) wants to solve.

該模型不僅效率低下，而且缺乏開放性，而且導致創造者和支持者之間的激勵措施嚴重損失。這些結構性問題反映了資本市場迫切需要採用更開放，直接和參與式融資方法，這正是互聯網資本市場（ICM）想要解決的核心問題。

Direct listing is a more cost-effective way to raise funds, which skips the expensive and time-consuming intermediary process in the traditional financing process and provides entrepreneurs with a new option. Internet Capital Markets (ICM) is similar to direct listing in many ways, but in theory has more advantages because entrepreneurs raise funds directly through the blockchain.

直接上市是一種籌集資金的更具成本效益的方式，它在傳統融資過程中跳過了昂貴且耗時的中介流程，並為企業家提供了新的選擇。互聯網資本市場（ICM）在許多方面都類似於直接上市，但是從理論上講，它具有更大的優勢，因為企業家直接通過區塊鏈籌集資金。

What is ICM

什麼是ICM

ICM is a new narrative in the crypto industry. It allows entrepreneurs to raise funds for their products or projects directly through the Internet, without having to go through the cumbersome processes in the traditional capital market. They only need to tokenize their ideas to get immediate support from investors.

ICM是加密行業的新敘述。它允許企業家直接通過互聯網為其產品或項目籌集資金，而不必經歷傳統資本市場中繁瑣的流程。他們只需要將自己的想法引導，即可獲得投資者的立即支持。

Unlike the traditional market, where investors’ shares are usually held in custody by banks or securities firms, in the ICM model, investors directly hold their own funds (token assets) through self-custody wallets, fully controlling the ownership and liquidity of assets. This approach not only significantly lowers the threshold for ordinary people to participate in investment, but also allows project parties to obtain start-up funds more efficiently.

與傳統市場不同，在ICM模型中，投資者的股票通常由銀行或證券公司拘留，投資者直接通過自客戶錢包直接持有自己的資金（代幣資產），從而完全控制資產的所有權和流動性。這種方法不僅顯著降低了普通人參與投資的門檻，而且還允許項目各方更有效地獲得啟動資金。

ICM Ecosystem Status

ICM生態系統狀態

It is worth noting that the concept of ICM is not just an experimental attempt at a product narrative, it is highly consistent with Solana’s own strategic direction. According to a market memorandum issued by the Solana Foundation on November 27, 2024[19], the Foundation proposed the vision of building an “Internet-native version of Nasdaq” - anyone with a wallet and an Internet connection can participate in the capital market.

值得注意的是，ICM的概念不僅是對產品敘事的實驗嘗試，而且與Solana自己的戰略方向高度一致。根據索拉納基金會（Solana Foundation）於2024年11月27日發布的市場備忘錄[19]，基金會提出了建立“納斯達克互聯網版本的互聯網版本”的願景 - 任何具有錢包和互聯網連接的人都可以參與資本市場。

The memorandum paints a picture of the future: financial assets such as stocks, real estate, and cultural tokens can be freely accessed and traded by anyone at any time through a globally shared blockchain ledger, thus eliminating many barriers and restrictions in traditional finance.

該備忘錄描繪了未來的圖片：股票，房地產和文化代幣等金融資產可以隨時通過全球共享的區塊鏈分類帳來自由訪問和交易，從而消除了傳統財務的許多障礙和限制。

The current leader of the ICM ecosystem is Believe App (formerly Clout) on Solana. This platform allows founders to directly issue their own tokens by @ing an account on X (formerly Twitter). It attempts to subvert the traditional venture capital model and provide a decentralized, community-driven alternative that allows creators and entrepreneurs to take the initiative.

ICM生態系統的現任領導者是Solana上的App（以前是影響力）。該平台允許創始人通過 @ @x（以前為Twitter）上的帳戶直接發行自己的令牌。它試圖顛覆傳統的風險投資模型，並提供一個分散的，社區驅動的替代方案，使創作者和企業家可以採取主動權。

It all started with Ben Pasternak, a Web2 entrepreneur and Forbes “30 Under 30”. In January this year, he launched his own token $PASTERNAK through the Clout platform [14]. Its market value once soared to about $77 million, but due to technical problems - even if the conditions were met, the token could not “graduate” - the project eventually collapsed. [15]

這一切都始於Ben Pasternak，Web2企業家和福布斯“ 30歲以下30歲”。今年1月，他通過影響力平台啟動了自己的代幣$ Pasternak [14]。它的市場價值曾經飆升至7,700萬美元，但是由於技術問題 - 即使滿足條件，代幣也無法“畢業” - 該項目最終崩潰了。 [15]

In late April, the platform was officially renamed from Clout to Believe, and the core focus shifted from "individuals" to "creativity and projects", truly moving towards the direction of ICM. $PASTERNAK was gradually phased out, and the platform also launched a new core token $LAUNCHCOIN. The development of

4月下旬，該平台正式從影響力重新命名為“信仰”，核心重點從“個人”轉變為“創造力和項目”，真正朝著ICM的方向發展。 $ Pasternak逐漸被淘汰，該平台還推出了新的核心令牌$ Launchcoin。發展的發展