互联网资本市场（ICM）在Web3生态系统中引起了极大的关注

互联网资本市场（ICM）是一个概念，在Web3生态系统中引起了极大的关注，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.

互联网资本市场（ICM）是一个概念，在Web3生态系统中引起了极大的关注，尤其是在2025年5月。

What is Internet Capital Market (ICM)?

什么是互联网资本市场（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）是一种完全建立在区块链基础设施上的资本市场系统，使开发商或初创公司能够通过发行代表未来想法或产品的代币直接从社区筹集资金。与密切依赖风险投资公司（VC）公司的传统筹款模式不同，ICM将投资流程民主化，使零售用户能够从最早的阶段参与。根据Dexu.ai的说法，ICM叙述下的代币的价格指数在24小时内飙升了近14％，胜过CEX，Lengend，Defi，AI和RWA等类别，表明资本和关注的强烈涌入到这一趋势中。

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脱颖而出的是它的快速部署，即时的流动性创造和高透明度。但是，该模型还具有高度的猜测，因为令牌估值在很大程度上是由期望和社区关注而不是实际产品价值驱动的。

Source: DexU.ai

资料来源：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:

互联网资本市场项目的运营过程通常包括以下步骤：

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.

该过程通常从X上的简单帖子开始，开发人员使用诸如“ $ TICKER + NAME”之类的语法宣布其令牌。这触发了代币的自动部署，该令牌是通过固定曲线初始化的，供应有限，早期交易费用有限，以造成引导价值并阻止早期出口。

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.

从那里开始，令牌是生存的，这是Solana的生存 - 由于其低费用和快速沉降，大多数ICM活动的首选链，并通过粘结机制播种了初始流动性。如果市场参与者认为这个想法引人注目，则可以开始投机交易。叙事或社区参与越有说服力，代币就越快。

Source: Believe

资料来源：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.

关键里程碑之一是“毕业”，当代币的市值达到100,000美元时，触发了。在这一点上，通过与Meteora池的整合，增强了价格发现和稳定性，流动性加深了。然后，建筑商可以要求所有交易费用的50％，而另一半将相信。费用分配时间延长，以使长期激励措施保持一致并防止过早放弃。

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:

如果该项目成功引起关注，交易量增加，开发商将获得一部分交易费用作为奖励。这提供了建造实际产品的动力，创建一个自我增压循环：

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

令牌→社区信念→市值→产品开发→价值创造。

Source: Believe

资料来源：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.

据celive.app称，截至2025年5月中旬，已经推出了超过9,000个代币的市值超过3.5亿美元。在某些情况下，开发人员在发布后的前24小时内收入超过700万美元的交易费用。

Top Internet Capital Capitals Projects

顶级互联网首都项目

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.

当前ICM Wave背后的主要平台是Spelie.App，它使任何人都可以轻松地创建创意令牌。该平台的本地令牌$ Launchcoin已达到1.92亿美元的市值，使其成为了分散资金趋势的旗舰代表。

Some other prominent tokens within this ecosystem include:

本生态系统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上帖子的数据表明，超过31,000个钱包地址与Spiels.App上的代币进行了互动，表明在Web3景观中的社区参与很强。

Opportunities and Risks of ICM

ICM的机会和风险

Opportunities and Benefits

机遇和利益

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.

对于开发人员而言，互联网资本市场为无需传统批准或筹款流程而开辟了一条新的通往资本的途径。如果代币获得强大的社区支持，他们可以在短短几个小时内筹集数万美元。

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.

对于个人投资者而言，ICM提供了一个机会，可以尽早获得突破性的想法，如果该项目成功，则有可能获得多重回报。这让人联想到2017年ICO早期繁荣或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.

对于日常用户而言，成为“链股东”不仅仅是简单的交易 - 包括参与治理，提出想法以及从项目增长中获得回报。

User Score

用户得分

9.9

Promotion

晋升

-10% Trading Fees

-10％的交易费

Get 10% Lifetime Cashback on Every Trade

每次交易获得10％的终身现金返还

Risks and Controversies

风险和争议

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.

尽管互联网资本市场代表了对早期加密筹款活动的大胆重新构想，但该模型远非无风险。实际上，许多行业观察者开始在ICM和以前的投机泡沫之间进行比较，这些泡沫承诺转型，但在自己的炒作的重量下崩溃了。

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.

第一个主要风险是极端波动。 ICM生态系统中的令牌通常在几分钟内创建和列出，通常没有工作产品或路线图。结果，他们的价格往往纯粹是由情感驱动的。当注意力逐渐消失或叙事动量摊位时，坠机可能是残酷的。

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

例如，令牌$面条在发布后24小时内损失了其50％以上的市场价值