新一波的加密籌款活動正在出現，改變了Web3項目的啟動方式，誰可以在早期進行投資：社區銷售

本文是出於一般信息目的，不打算被視為法律或投資建議。

A new wave of crypto fundraising is emerging, changing how Web3 projects launch and who can invest at an early stage: Community Sales. At first glance, community sales may seem reminiscent of the ICO (Initial Coin Offering) era from 2016–2017. Yet, they represent a significant evolution that better aligns with crypto's core values of democratization, transparency, and inclusivity.

新的加密籌款活動正在出現，改變了Web3項目的啟動方式，誰能在早期階段進行投資：社區銷售。乍一看，社區銷售似乎讓人聯想到2016 - 2017年ICO（初始硬幣產品）時代。然而，它們代表著一個重大的演變，可以更好地與加密貨幣的民主化，透明度和包容性的核心價值保持一致。

Projects should include community sales as a core element of their fundraising strategy, besides raising from angel investors and VCs. Professional investors should embrace community sales as they highly increase the chances of sustainable success of Web3 projects.

項目應包括社區銷售作為其籌款策略的核心要素，除了由天使投資者和風投籌集。專業投資者應接受社區銷售，因為他們高度增加了Web3項目可持續成功的機會。

The ICO era

ICO時代

The original ICO boom promised broad retail participation and democratized investment opportunities previously reserved for well-connected insiders. The lack of clear regulatory frameworks led to widespread fraud, rug pulls, and market manipulation. This chaotic environment, rampant exploitation, and regulatory uncertainty eventually forced projects to abandon ICOs, shifting instead to private rounds accessible to well-connected angel investors and venture capitalists.

最初的ICO BOOM承諾，零售參與和民主化的投資機會先前保留給了良好的內部人士。缺乏明確的監管框架導致廣泛的欺詐，地毯拉力和市場操縱。這種混亂的環境，猖ramp的剝削和監管不確定性最終迫使項目放棄ICO，轉移到私人巡迴賽上，可以通過良好的天使投資者和風險投資家。

Private funding problems

私人資金問題

While private funding initially brought much-needed stability and credibility, it also introduced new problems. Over the past two years, many tokens have launched at excessively high FDVs (Fully Diluted Valuation) with a low circulating token supply. These tokens entered exchanges with the majority of supply locked and sky-high valuation, which did not meet the demand. Retail investors, attracted by initial hype, often became collateral damage. The result? Devalued tokens and damaged trust. Most of these tokens will most likely never recover.

雖然私人資金最初帶來了急需的穩定性和信譽，但它也引入了新問題。在過去的兩年中，許多代幣在FDV過高（完全稀釋的估值）上推出，而循環的代幣供應低。這些代幣與大部分供應鎖定和高高的估值進行了交流，這不滿足需求。散戶投資者被初次炒作所吸引，經常成為附帶損害。結果？貶值的令牌和受損的信任。這些令牌大多數很可能永遠不會恢復。

This market dynamic discouraged investments in new projects and undermined community-building efforts, weakening the overall sustainability of Web3 projects.

這個市場充滿活力阻止了對新項目的投資，並破壞了社區建設工作，從而削弱了Web3項目的整體可持續性。

Airdrops as an unsustainable alternative

氣滴作為不可持續的替代方案

Airdrops appeared as another alternative, designed to distribute tokens widely and spark interest in the community for a project. Airdrops frequently fail to produce meaningful, sustainable engagement. Instead, they often became targets for Sybil attackers employing multiple accounts to maximize token gains or airdrop mercenaries hopping from one project to the next, quickly dumping tokens, depressing prices and undermining project credibility. Without genuine financial commitment and interest in the project beyond the airdrop, recipients had little incentive to hold tokens or participate actively in the community.

AirDrops似乎是另一種替代方案，旨在廣泛分發令牌，並引起社區的興趣。氣流經常無法產生有意義的可持續參與。取而代之的是，他們經常成為使用多個帳戶的Sybil攻擊者的目標，以最大程度地提高代幣的收​​益或跳動的僱傭軍，從一個項目到下一個項目，迅速傾倒代幣，降低價格並破壞項目信譽。如果沒有真正的財務承諾和對空調之外的項目的興趣，接收者幾乎沒有動力積極地持代幣或積極參與社區。

Community sales as the new cool kid on the block(chain)

社區銷售作為新的酷孩子（鏈）

Community sales represent a practical, strategic alternative to private funding and token airdrops, offering a structured way to engage retail investors meaningfully and transparently. Modern community sales on platforms like Legion and Echo feature robust regulatory frameworks, with thorough KYC and AML processes ensuring regulatory compliance and security.

社區銷售代表了私人資金和代幣空調的實用，戰略替代方案，提供了一種有意義和透明地吸引零售投資者的結構化方式。現代社區在平台上的銷售等平台和Echo的銷售具有強大的監管框架，並具有徹底的KYC和AML流程，可確保法規合規性和安全性。

These inclusive fundraising opportunities require participants to make real capital commitments, even if modest, cultivating genuine stakeholder interest and reducing short-term speculation.

這些包容性的籌款機會要求參與者做出真正的資本承諾，即使謙虛地培養利益相關者的興趣並減少了短期投機。

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One of the most significant advantages of community sales is their ability to democratize access. Investors gain entry under equitable terms, similar or sometimes superior to those previously reserved for venture capitalists. With minimum investments often as low as $100, community sales encourage broad participation, helping to build a genuinely decentralized and committed investor base. Investors who financially commit are far more likely to become long-term holders and active community members.

社區銷售最重要的優勢之一是它們使訪問權限民主化的能力。投資者以公平條款獲得進入，相似或有時優於先前為風險投資家保留的人。由於最低投資通常低至100美元，社區銷售會鼓勵廣泛參與，有助於建立一個真正的分散和承諾的投資者基礎。財務承諾的投資者更有可能成為長期持有人和積極的社區成員。

Win-win for projects, other investors, and the community

贏得項目，其他投資者和社區的雙贏

For Web3 projects, community sales offer profound benefits beyond immediate capital raising. Early community involvement leads to a more distributed investor base, reducing concentration risk and diverse future users. Projects with broadly distributed tokens consistently exhibit more stable prices, higher community activity, and healthier onchain engagement.

對於Web3項目，社區銷售提供了直接籌集資金的深遠收益。早期的社區參與會導致更具分佈的投資者基礎，從而降低了集中風險和不同的未來用戶。具有廣泛分佈令牌的項目始終顯示出更穩定的價格，更高的社區活動以及更健康的OnChain參與度。

Community sales significantly enhance a project's market reputation. Embracing transparent, inclusive fundraising sends a clear signal to the market and prospective users — the project prioritizes collaboration and community involvement over the extraction of value. This transparency builds grassroots evangelism, drives organic growth, and creates a loyal community base committed to the project's ongoing success. Professional investors should embrace community sales and actively encourage their portfolio companies to allocate to the community.

社區銷售大大提高了項目的市場聲譽。擁抱透明，包容性的籌款活動向市場和潛在用戶發出了明確的信號 - 該項目優先考慮協作和社區參與，而不是價值提取。這種透明度建立了基層傳福音，推動了有機的增長，並創建了致力於該項目持續成功的忠實社區基礎。專業投資者應接受社區銷售，並積極鼓勵其投資組合公司分配給社區。

The broader crypto market benefits substantially from a shift toward community sales. Projects that raise funds transparently and inclusively from their communities tend to attract more stable, supportive investor bases. This stability positively affects token markets, reducing volatility, restoring investor confidence, and accelerating broader adoption and integration of blockchain technologies into everyday financial services and applications.

從向社區銷售轉變，更廣泛的加密市場受益匪淺。從社區中透明而包容的資金的項目往往會吸引更穩定，支持性的投資者基礎。這種穩定會對令牌市場產生積極影響，降低波動，恢復投資者的信心，並加速更廣泛的採用和集成區塊鏈技術到日常的金融服務和應用中。

Community sales represent far more than a revival of ICOs. They mark a mature approach, combining early crypto ideals with today's regulatory clarity and technological possibilities.

社區銷售代表的不僅僅是ICO的複興。它們標誌著一種成熟的方法，將早期加密理想與當今的監管清晰度和技術可能性相結合。

Projects committed to community sales position themselves for initial fundraising success, enduring market resilience, and community loyalty. The crypto ecosystem, founded on principles of decentralization and inclusivity, should embrace this model to fulfill its potential. Founders should, where possible, include the community when raising capital, as in the end, everyone wins: WAGMI.

致力於社區銷售職位的項目，以獲得最初的籌款成功，持久的市場彈性和社區忠誠度。基於權力下放和包容性原則建立的加密生態系統應接受這種模型以發揮其潛力。創始人在可能的情況下應包括社區籌集資金時，每個人都贏了：Wagmi。

The views and opinions expressed in this article are solely my own and do not reflect the views of my employer, 21Shares, or any affiliated organizations.

本文所表達的觀點和觀點完全是我自己的，並且沒有反映我的雇主，21shares或任何附屬組織的觀點。

Opinion by: Darius Moukhtarzadeh, Research Strateg

意見作者：Darius Moukhtarzadeh，研究策略