近一两个月，随着币安Launchpad、火币Prime相继上线并走红，IEO俨然成为加密货币领域又一现象级模式，牵动着几乎所有行业从业者的目光。
For almost a month or two, as the currency Launchpad, the pyrotechnic Prime followed the line and followed the red, IEO became yet another phenomenonal model in the area of cryptographic currency, moving the eyes of almost all industry practitioners.
IEO本质上属于一种新型融资方式，即由交易所直接提供平台帮助项目销售其通证，并上线其通证供所有投资者进行交易。由于主流交易所的背书，以及便捷的投资方式，那些参与IEO的通证项目受到投资者们的热烈关注。以火币第一期IEO项目为例，官方表示共13万人参与TOP通证的抢购，但只有不到3%的人成功抢购。
By its very nature, IEO is a new form of financing in which an exchange directly provides a platform to help the project sell its pass and access its pass for all investors to trade. As a result of endorsements from mainstream exchanges, and easy investment modalities, those participating in IEO’s mediocre projects have received keen attention from investors. In the first phase of the IEO project, for example, the official indication is that 130,000 people have been involved in the theft of TOP certificates, but less than 3% of them have been successful in doing so.
由于加密货币领域已经很长时间没有出现此般具有活力与影响力的模式，IEO也不可避免地遭遇了多方面的过度炒作，几乎每个IEO币种在登陆二级市场后都会迎来数倍的夸张涨幅，推出IEO的交易所也越来越多，这些现象显然是不太健康的，IEO的风险度存在扩大化的趋势。
Because of the lack of such a dynamic and influential model in the area of cryptography for a long time, the IEO has inevitably experienced a multiplicity of overexploitations, with almost every IEO currency multiplying after landing on the secondary market, and an increasing number of exchanges launching IEOs, which are clearly unhealthy and the risk profile of IEO is on the rise.
在过去几年，加密货币行业出现过交易挖矿、链改、ICO等诸多区块链金融创新，大量投资者牵涉其中，但由于机制设计等问题，基本上最终都以失败告终。不过相比前述失败模式，IEO模式具有迥然相异的特质与底色，其命运不可同日而语。
In the past few years, there have been financial innovations in the crypto-currency sector, involving a large number of investors, such as trade-mining, chain modification, and ICO, but they have largely ended in failure because of problems such as the design of mechanisms. But the IEO model has a very different quality and background than the previous model.
实际上，IEO相比ICO更加类似于传统证券市场的IPO，由主流交易所主导，参与的项目往往都接受过交易所相当专业的尽职调查与审议，并得到交易所自带的流量、资金、技术等资源支持，可以认为交易所在一定程度上已经将项目方利益与自身名誉相绑定，由此IEO也成为了项目方自身的「试金石」。
In fact, IEOs are more similar to IPOs in traditional securities markets, dominated by mainstream exchanges, and often participate in projects that are subject to considerable professional due diligence and deliberation by the exchange and are supported by its own resources, such as flows, funds, technology, etc., which can be considered to have tied to some extent the interests of the project party to its own reputation, thus making the IEO its own " touchstone ".
而且，项目方通过IEO能够同时完成代币销售、上线交易所等一系列流程，这在过去至少要花费数月时间，资金与人力成本也相应减少。IEO对项目方知名度、币价带来的积极影响则更为显著，数倍的价格增长在IEO项目中已成为常态。
Moreover, the project side, through IEO, has been able to complete a range of processes such as the sale of tokens and the online exchange, which has taken at least a few months in the past, and the cost of money and manpower has been reduced accordingly. The positive impact of IEO on project visibility, currency prices, is even more pronounced, with several price increases becoming the norm in the IEO project.
与此同时，交易所也能从IEO中收获不菲，一方面体现在交易所本身的关注度、影响力，优质项目能够带动更多投资者关注到该交易所，提升其行业地位;另一方面体现在平台币的涨势，多数交易所都规定只有使用其平台币才能参与IEO，直接刺激平台币的需求大涨，该逻辑已经在现今各大平台币的夸张涨幅中得到体现。
At the same time, the exchange has been able to reap the benefits of the IEO, as evidenced by the interest, influence and quality of the exchange itself, which has enabled more investors to focus on the exchange and to upgrade its position in the industry, and by the rise in the platform currency, which most exchanges have mandated to participate in the IEO only by using its platform currency, a logic that directly stimulates the surge in demand for the platform currency, as reflected in the exaggeration of today's major platforms.
币安平台币BNB价格近三个月走势 来源：非小号
因此，尽管投资者参与通证首次销售的门槛在下降，但当前机制下IEO项目的质量仍比绝大多数ICO项目都要高，投资者的权益也能得到更高程度的保障，投资者、项目方、交易所可以实现多方共赢。需要补充的是，这并不意味着IEO项目风险极低，只是诸如价格操纵、砸盘等问题则是加密货币行业自身固有的问题，与IEO模式关联不大。
Thus, while the threshold for investors to participate in the first sale of the certificate is declining, the quality of the IEO project under the current mechanism is still higher than that of most ICO projects, and investors’ interests are better safeguarded. Investors, project parties, and exchanges can achieve multiple win-wins. To add, this does not mean that the IEO project risks are very low, except that issues such as price manipulation, smash-downs, etc. are inherent in the crypto-currency industry itself and are not related to the IEO model.
长期来看，IEO作为新型融资模式已经得到市场的初步验证，该系统中主要角色都有足够的动力不作恶并维持良好运转。
In the long run, IEO has been initially validated as a new financing model in the market, and the main players in the system are sufficiently motivated to remain unviable and function well.
但公众仍然有一个问题需要面对，即随着越来越多IEO项目的推出，真正质量过硬、具有实际应用场景的项目数量可能会跟不上各大交易所推出IEO项目的速度，这无论是对交易所的自控力，还是投资者的判断能力都提出了新的考验。
However, the public still has a problem to face: as more and more IEO projects are launched, the number of projects that are of genuinely too high quality and have practical applications may not keep pace with the launching of IEO projects by major exchanges, which pose new tests of exchange self-control and investor judgement.
当前，实施IEO的区块链项目以通用协议类项目为主，此外还有区块链游戏等多个方向的垂直项目。协议类项目由于具有广泛通用性，通过接入多个公链可以实现部分区块链网络的互联互通，其功用与前景超出多数区块链项目。
Currently, IEO’s block chain projects are dominated by generic protocol type projects, in addition to vertical projects in multiple directions, such as block chain games. The protocol type projects, because of their broad interoperability, allow connectivity to parts of the block chain network through access to multiple public chains, whose utility and prospects extend beyond most block chain projects.
游戏也是区块链技术落地应用的主要方向之一。在传统游戏中，游戏道具资产难以自由流通与交易，各个游戏生态相互孤立与割裂，玩家长期付出的时间与金钱往往会失去其应有价值，许多事关玩家利益的游戏数据也并不公开透明，但区块链技术可以改变此般糟糕状况。
Game is also one of the main directions in which block chain technology is applied. In traditional games, it is difficult to move and deal freely with prop assets, the ecology of games is isolated and cut apart, the time and money that players pay for long periods of time often loses their due value, and many game data that affect the interests of players are not open and transparent, but block chain technology can change the situation.
以近期的一个IEO项目GTEX为例，该项目试图围绕游戏玩家、游戏开发商、投资者建立一个链上游戏生态系统，设有稳定币等多重通证经济体系。
In the case of a recent IEO project, GTEX, the project seeks to build a chain playing ecosystem around game players, game developers and investors, with multiple financial systems such as a stable currency.
基于由多方授权节点维护的联盟链GTEX POANETWORK，GTEX可以为行业提供游戏开发工具、游戏数据上链存储、游戏资产交易平台、收益分享系统等，从而实现用户资产从内在游戏世界到外部现实世界的流通以及资产价值最大化，早期用户也能随着平台的成长获取可观回报。
Based on the coalition chain GTEX PoANETWORK, maintained by multiple authorized nodes, GTEX can provide the industry with game development tools, game data chain storage, game asset trading platforms, revenue-sharing systems, etc., to maximize the flow of user assets from the inner game world to the external reality world and the value of assets, with early users receiving significant returns as the platform grows.
同时，该联盟链与大部分区块链DApp游戏兼容，而且还可以通过整合游戏中的经济系统支持传统游戏，大部分的游戏行业利益相关者都能在该网络中实现其价值，并在经过一定法律或技术流程后成为授权节点。在该网络中，所有交易都无需GAS费用，TPS则达到以太坊的十多倍。
At the same time, the network is compatible with most of the block chain DApp games, and traditional games can be supported through the integration of the economic systems in the game, where most players in the game industry can realize their value in the network and become authorized nodes after a certain legal or technical process. In the network, all transactions are free of GAS costs, and TPS is more than ten times as high as in Ether.
据了解，GTEX将于4月初在Coineal启动IEO，这也使得GTEX成为第一个进行IEO的区块链游戏类项目，由此可见游戏类项目的发展前景与质量也已经得到多方认可。
It is understood that GTEX will launch IEO in Coineal in early April, which will also make GTEX the first block chain-type project to carry out IEO, and thus the prospects and quality of the game-type projects have been widely recognized.
而在各大公链DApp活跃度榜单中，靠前的位置也大多由游戏类DApp占据，EOS、波场、NEO等公链都公开表示将游戏视为其近阶段最主要的发展战略之一，投入了巨大资金与人力资源。因此，游戏等具有明显应用场景、流量丰富的垂直项目可能会成为IEO下一个受到更多青睐的方向。
In the Dapp Active Lists of the major public chains, where the front line is mostly occupied by the game type Dapp, the EOS, the waves, the NEO, among others, have publicly stated that the game is one of their most important development strategies in the near future, and that it is invested in huge financial and human resources. Thus, vertical projects such as the game, which have a clear application landscape and a high flow of vertical projects, may become the next more favoured direction for the IEO.
以太坊用户量排名前8的DApp中有一半是游戏类DApp 来源：DappRadar
当然，推动IEO模式持续健康发展的核心力量还是在于各大交易所，同时作为审核方与利益相关方，它们需要平衡好IEO项目质量与推出频率的潜在冲突。
Of course, the central force behind the continued healthy development of the IEO model lies in major exchanges, which, as reviewers and stakeholders, need to balance the quality of the IEO project against the potential conflict with the frequency of roll-out.
而在经历交易挖矿、投票上币等种种乱象与前车之鉴之后，交易所们理应学会以更加负责任、更加妥当的方式去处理这种情况，毕竟这也更符合它们的长期利益，一旦IEO走向负反馈模式，大部分平台币价格以及交易所名誉都将会受到极大冲击。
After experiencing all sorts of disruptions, such as trading for mining, voting for money and the past, exchanges should learn to deal with this situation in a more responsible and appropriate manner, which, after all, is more in their long-term interest, and most of the price of the platform currency and the reputation of the exchange will be severely affected as soon as the IEO moves towards a negative feedback model.
而从更长远来看，无论是协议类项目，还是游戏、金融等垂直类项目，只要区块链行业本身在持续发展与进步，就会不断有优质项目能够踊跃出现，进而驱动IEO模式的自我进化，保持优质项目、交易所与普通投资者的利益统一与平衡。
In the longer term, whether agreement-based or vertical, such as games and finance, as long as the block chain industry itself continues to develop and progress, there will be a steady rise in high-quality projects, which in turn will drive the self-evolving IEO model and maintain the unity and balance of good-quality projects, exchanges and the interests of ordinary investors.
总而言之，IEO模式其实是在加密货币行业整体萎靡不振情况下的一针强心剂，它表面是ICO的变形，但实质上通过种种博弈设计，尽可能避免了IEO存在的质量参差不齐、野蛮发展等问题，相当程度上保障了投资者的利益，早期阶段甚至向投资者让渡了大量利益，很可能会成为长期存在乃至于主流的区块链项目融资方式。
In sum, the IEO model is in fact a powerful instrument in the face of the overall weakness of the crypto-currency sector, which is ostensibly a deformation of the ICO, but which essentially avoids, through various games and games, as much as possible the uneven quality, barbarous development of the IEO, considerably safeguarding the interests of investors and, at an early stage, even transferring substantial benefits to investors, is likely to become a long-standing and even mainstream method of financing block-chain projects.
现今IEO模式或许存在一些不足，但随着行业的规范化发展，IEO未来必然会进化出更加丰富多元的形态，也只有更多这样的创新才能带动整个区块链行业的进步。
There may be some shortcomings in the IEO model today, but with the normative development of the industry, the future of IEO will inevitably evolve into more diverse forms, and only more such innovations can drive progress across the block chain.
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