从ICO到IDO：代币发行机制的时间表

自2009年比特币创世纪块创建以来，加密货币融资生态系统已经迅速发展。

Author : Jsquare Investment and Research Team

作者：JSquare投资和研究团队

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年比特币创世纪块创建以来，加密货币融资生态系统已经迅速发展。随着区块链项目探索了筹集资金的新方法，各种代币发行机制已经出现，每种机制都由市场条件，技术进步和法规适应性所塑造。

From ICO to STO: A timeline of token issuance mechanisms

从ICO到Sto：代币发行机制的时间表

Initial Coin Offering (ICO)

初始硬币产品（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.

第一波是初始硬币产品（ICO），该产品在2016年至2018年之间爆炸。最早，最成功的例子之一是以太坊，该公司在2014年的公开销售中筹集了约1800万美元的公开销售，2014年每一个ETH 0.35美元。ICOS在2018年达到了高峰，总计筹集了60亿美元以上。但是，投资者的保护薄弱，欺诈率超过80％，在发行后三个月仍有大约44％的ICO项目保持活跃。

Initial Exchange Offering (IEO)

初始交换产品（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.

为了应对ICO的混乱，2019年左右出现了初始交换产品（IEO），通过Binance Launchpad等集中交易所引入了更标准化的结构。这些平台进行令牌审查和合规性检查，这些审查已将项目的存活率提高到约70-80％，并将欺诈率显着降低到约5-10％。但是，上市费用，KYC要求和集中控制已带来限制。

Security Token Offering (STO)

安全令牌产品（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.

安全令牌产品（STOS）引入了对股权或债务等传统金融工具的受监管的链上代表。 STO的生存率最高（85-95％），但由于复杂的法律结构，漫长的竞选时间和有限的二级市场基础设施，因此仍然是利基市场。

The Rise of IDOs and the New Era of Permissionless Issuance

IDO的兴起和无许可发行时代

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%).

最初的分散交易所产品（IDO）标志着向完全分散的融资迈出的重大转变。诸如UNISWAP，HYPRYLICE和PUMP的平台。FUN可以立即发行和流动性访问，而无需高度上市费用。但是，这种便利性具有更高的波动性和骗局（估计约为10-20％）。

Platforms that promote IDOs

促进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提供的项目非常不同，每个项目都有其独特的优势和挑战。 IEO通过交流监督，增强了投资者的信心，以更高的成本和有限的参与来提供结构化的环境。交换尽职调查会导致更有效的定价和降低的投资风险。相比之下，缺乏正式法规和大量IDO会导致市场效率降低和增加的波动性。

The road ahead: hybrid issuance models and regulatory shifts

前面的道路：混合发行模型和监管变化

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.

发行机制不仅是技术工具，还可以塑造资本分配，投资者参与和叙事形成。未来在于混合模型，结合了链上流动性和脱链监管合规性。

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

诸如Hyproliquid之类的新平台使用荷兰拍卖机制来达到价格发现，同时保持其结构化。 pump.fun简化了模因令牌发行，骑马