新一波的加密筹款活动正在出现，改变了Web3项目的启动方式，谁可以在早期进行投资：社区销售

本文是出于一般信息目的，不打算被视为法律或投资建议。

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.

新的加密筹款活动正在出现，改变了Web3项目的启动方式，谁能在早期阶段进行投资：社区销售。乍一看，社区销售似乎让人联想到2016 - 2017年ICO（初始硬币产品）时代。然而，它们代表着一个重大的演变，可以更好地与加密货币的民主化，透明度和包容性的核心价值保持一致。

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.

项目应包括社区销售作为其筹款策略的核心要素，除了由天使投资者和风投筹集。专业投资者应接受社区销售，因为他们高度增加了Web3项目可持续成功的机会。

The ICO era

ICO时代

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承诺，零售参与和民主化的投资机会先前保留给了良好的内部人士。缺乏明确的监管框架导致广泛的欺诈，地毯拉力和市场操纵。这种混乱的环境，猖ramp的剥削和监管不确定性最终迫使项目放弃ICO，转移到私人巡回赛上，可以通过良好的天使投资者和风险投资家。

Private funding problems

私人资金问题

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.

虽然私人资金最初带来了急需的稳定性和信誉，但它也引入了新问题。在过去的两年中，许多代币在FDV过高（完全稀释的估值）上推出，而循环的代币供应低。这些代币与大部分供应锁定和高高的估值进行了交流，这不满足需求。散户投资者被初次炒作所吸引，经常成为附带损害。结果？贬值的令牌和受损的信任。这些令牌大多数很可能永远不会恢复。

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

这个市场充满活力阻止了对新项目的投资，并破坏了社区建设工作，从而削弱了Web3项目的整体可持续性。

Airdrops as an unsustainable alternative

气滴作为不可持续的替代方案

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似乎是另一种替代方案，旨在广泛分发令牌，并引起社区的兴趣。气流经常无法产生有意义的可持续参与。取而代之的是，他们经常成为使用多个帐户的Sybil攻击者的目标，以最大程度地提高代币的收​​益或跳动的雇佣军，从一个项目到下一个项目，迅速倾倒代币，降低价格并破坏项目信誉。如果没有真正的财务承诺和对空调之外的项目的兴趣，接收者几乎没有动力积极地持代币或积极参与社区。

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

社区销售作为新的酷孩子（链）

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.

社区销售代表了私人资金和代币空调的实用，战略替代方案，提供了一种有意义和透明地吸引零售投资者的结构化方式。现代社区在平台上的销售等平台和Echo的销售具有强大的监管框架，并具有彻底的KYC和AML流程，可确保法规合规性和安全性。

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

这些包容性的筹款机会要求参与者做出真正的资本承诺，即使谦虚地培养利益相关者的兴趣并减少了短期投机。

Recent: Blockchain needs efficient use cases for AI agents: X Spaces recap with VCs

最近：区块链需要AI代理的有效用例：X空间用VC进行回顾

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.

社区销售最重要的优势之一是它们使访问权限民主化的能力。投资者以公平条款获得进入，相似或有时优于先前为风险投资家保留的人。由于最低投资通常低至100美元，社区销售会鼓励广泛参与，有助于建立一个真正的分散和承诺的投资者基础。财务承诺的投资者更有可能成为长期持有人和积极的社区成员。

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

赢得项目，其他投资者和社区的双赢

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.

对于Web3项目，社区销售提供了直接筹集资金的深远收益。早期的社区参与会导致更具分布的投资者基础，从而降低了集中风险和不同的未来用户。具有广泛分布令牌的项目始终显示出更稳定的价格，更高的社区活动以及更健康的OnChain参与度。

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.

社区销售大大提高了项目的市场声誉。拥抱透明，包容性的筹款活动向市场和潜在用户发出了明确的信号 - 该项目优先考虑协作和社区参与，而不是价值提取。这种透明度建立了基层传福音，推动了有机的增长，并创建了致力于该项目持续成功的忠实社区基础。专业投资者应接受社区销售，并积极鼓励其投资组合公司分配给社区。

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.

从向社区销售转变，更广泛的加密市场受益匪浅。从社区中透明而包容的资金的项目往往会吸引更稳定，支持性的投资者基础。这种稳定会对令牌市场产生积极影响，降低波动，恢复投资者的信心，并加速更广泛的采用和集成区块链技术到日常的金融服务和应用中。

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.

社区销售代表的不仅仅是ICO的复兴。它们标志着一种成熟的方法，将早期加密理想与当今的监管清晰度和技术可能性相结合。

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.

致力于社区销售职位的项目，以获得最初的筹款成功，持久的市场弹性和社区忠诚度。基于权力下放和包容性原则建立的加密生态系统应接受这种模型以发挥其潜力。创始人在可能的情况下应包括社区筹集资金时，每个人都赢了：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.

本文所表达的观点和观点完全是我自己的，并且没有反映我的雇主，21shares或任何附属组织的观点。

Opinion by: Darius Moukhtarzadeh, Research Strateg

意见作者：Darius Moukhtarzadeh，研究策略