There is no doubt that IEO is the hottest word in the currency.
Since January 3 this year, the company announced the restart of Launchpad. In just three months, IEO has not only accumulated amazing wealth, but also pulled the currency circle from the low tide on its own.
The players in the currency circle will never miss this feast. Even if you buy KYC, you are deceived, the plug-in of the purchase fails, and the price of the platform currency is turbulent, which can't stop the hearts of the players in the currency circle.
- Exchanges are temporarily withdrawing cash, data is garbled, or the Amazon server failure in Tokyo
- New gameplay? A rubbish currency exchange where everyone can use the currency
- The currency circle "剿匪": the fund is checked, the exchange is full, and the "catch" has just begun.
- How terrible is the IEO? 62% of 87 projects broke, with a maximum loss of 99%
- Will Upbit's $ 50 million loss bring Defi's "prosperity"?
- Data tells you how the DEX ecosystem evolved in 2019
The IEO rekindled the rich dreams of the players in the currency circle. Just how long can this gorgeous and fragile dream remain?
Text / 31QU Murphy
The team earned more than 1 million
At 11 pm on January 28, 2018, BitTorrent (BTT) will open the purchase at the Dollar Launchpad.
Millennials, Blackpool (a pseudonym) waited for a breath, several colleagues stared at the computer, on the screen, the countdown of the gold-plated gold words flashed.
Two hours ago, they received their respective tasks, used Alibaba Cloud to do the plug-in test, and simulated the grab several times.
In the words of Blackpool, the plug-in they prepared for this time is very simple. "You can teach you one in half an hour." After using the plug-in, the steps that need to be completed step by step in the original snapping, such as opening the page, determining the purchase amount, inputting the verification code, etc., can be completed with one click.
"The plug-in is for the sake of speed." Blackpool told 31QU, "I missed nothing after 2 seconds."
At 11:00, BTT rushed on time, and after a few crisp buzz, the Blackpool team successfully grabbed the BTT share. The simple action of tapping the mouse will bring them more than 1 million income.
The panic lasted for 18 minutes. "Because of system problems, it only takes 18 seconds." Chan Chang, CEO of Changan, said on Twitter.
At that time, the word IEO had not been bundled with the currency Launchpad, and no one predicted that in the next three months, IEO would set off waves in the currency circle.
IEO is called “Initial Exchange Offerings”, Chinese translation is issued on the first exchange, “E” refers to exchanges and platform coins. This is the crowdfunding method that has become popular after ICO and IFO.
In fact, as early as July 2017, the LanternPad has been available, and has launched two projects, Gifto and Bread Wallet.
However, due to regulatory and ICO effects, IEO did not form a wave at the time. After launching two projects, Launchpad fell silent until January 3, 2019, when the Binance team announced the restart of Launchpad.
The distributed communication company BitTorrent was the first project after the restart of the company's Launchpad. In July last year, BitTorrent was acquired by Sun Yuchen's wave field for $140 million.
Blackpool paid attention to this project very early, and he can judge it. There are three reasons: First, the BitTorrent team has a history of 20 years, and it has 100 million users. Second, the new projects on the currency will rise, and most of them will rise. The flow of the currency itself can also support the first day of the first day of the increase; the third Sun Yuchen, Zhao Changpeng, and a few of the currency KOL are "calling" for this project.
After the intelligence collection was completed, the Blackpool team began preparations.
Since the currency-based Launchpad is not open to users in mainland China, how to get overseas accounts and complete KYC is a problem.
"This KYC audit is the most loose. As long as it is an overseas identity, don't face recognition. Submit a PS certificate." Blackpool told 31QU.
Then it is plug-in, the team needs to have 1 to 2 days of development and debugging time.
In the end, the staff cost, KYC purchase cost, and plug-in development cost were added together. The Blackpool team earned more than 1 million yuan with a cost of 50,000 to 60,000.
In fact, for the first project launched by the company's Launchpad this year, the players who have been greeted by the cold winter are mostly holding a wait-and-see attitude and are not willing to take it easy.
However, after the official opening of the transaction on January 31, the news that "BTT opened up 10 times" shocked the players who slept in the cold winter.
More people took the initiative to join the IEO game, people began to look forward to the next project of the currency of Launchpad.
The currency has not allowed the players to be eager to wait. After the official opening of the BTT transaction, the company announced that Launchpad's second IEO project, Fetch.AI (FET), will be launched on February 25.
Earn 60,000, and bring strength
"Do you know BTT?"
In the friend Amway, He Wenxin (a pseudonym) learned about the currency of Launchpad and the BTT that has increased 10 times.
He Wenxin's identity is “pre-blockchain media person”. He entered the market when he was the last in the last year. After the cold winter of the second half of the year, he turned his attention to other fields.
Last year, He Wenxin also invested in some projects. When the price of the currency plummeted, he "had not lost much." When a friend gave him a popular science IEO, he had more than 30 ETHs that he bought at more than 6,000.
After learning that BTT has risen more than ten times, He Wenxin took the opportunity to make a decision. He re-boarded the dusty account for a long time, and replaced more than 30 ETHs with BNB, ready to snap up the second project launched by the company, Launchpad. Fetch.AI (FET).
But for the background and direction of Fetch.AI, such as its combination of machine learning and artificial intelligence, He Wenxin does not pay attention. In fact, if it is not 31QU reminder, He Wenxin can't even remember that its Token abbreviation is FET.
There are generally three types of participating in the IEO project: the first category is a special group with a share, which is small and very concealed; the second category is institutional investment; the third category is individual investors. Although individual investors are not professional, they are definitely the backbone of the IEO wave.
On the night of the 25th, it took only 22 seconds and the FET was snapped up. The currency security announcement shows that there were 19,800 people participating in the IEO, and 2,758 people snapped up successfully, and the probability of grabbing was about 14%.
"If you place an order within the first 22 seconds, you can grab it." Chan Chang, CEO of Changan, tweeted on Weibo.
He Wenxin once again became a lucky one. He grabbed a $1,500 FET by "hand speed."
According to the currency security schedule, the FET will officially open the transaction on the 28th. But He Wenxin couldn't wait. He asked his friend to sell 2/3 of the FET on the sidelines, twice the price.
After the official opening, the price of FETs has risen more than five times, and He Wenxin has completely disposed of the remaining 1/3 of the tokens.
"I am more stable, and I earned a lot after I ran." He Wenxin counted, "This time earned 5 or 60,000, and I am energetic."
In his opinion, IEO is "very good", unlike the ICO that I participated in, because of the long period of locks. Similar to the IEO, it is the most comfortable to run and open.
"Now this market, I don't want to be able to rise by a dozen or twenty times." He Wenxin is realistic and rational.
BTT has risen 10 times, FET has risen 5 times, and the market's enthusiasm for IEO has been completely ignited. For the IEO project, “grabbing is to earn” and “more robbing and earning more” has become the consensus of the players in the currency circle.
KYC and plug-in
According to the plan, the currency will launch an IEO project every month. The third project of the company's Launchpad this year is Celer Token (CELR), which opened on March 19.
He Wenxin found a few friends and planned to participate in the third IEO together.
The first thing they have to solve is the KYC issue in foreign accounts.
At this time, the purchase of a foreign account KYC price has risen from the previous 300 yuan to 1,000 yuan.
The price increase is not only because of the influx of players, but the KYC process has become complicated and an important promoter.
From the FET, Coin has added face recognition to the KYC link, which means that the "person" who sells to your foreign account must be able to show his face.
"KYC is now sold by other websites, or it is bought by the dark network." Blackpool told 31QU, so after adding video certification, the threshold of the currency KYC has improved a lot.
By the time of CELR, KYC had a subtle national change. For example, the original registered account in Malaysia was also restricted.
In addition to the increased threshold, users are also at risk of fraud when purchasing KYC accounts.
Some claim to sell KYC, the user will be blacked out when he hits the money; some accounts are opened, but the currency security has various risk control methods. Once it is identified, the account will be forbidden to withdraw or be added. In the blacklist.
"At present, the account that can't be used for face recognition needs 300 yuan, and the face that can do face is about 600~1000." Blackpool said, plus the account that was controlled by the wind and was blacklisted. "Overall, a KYC. The cost will be around 1500."
But domestic users are not completely unable to share the Ganan Launchpad feast. There are user tests, foreign driver's licenses can be verified by KYC; and Blackpool "sells out" a legal way – registering a company abroad, the company's person in charge, can be mainland China identity.
"This is equivalent to becoming an institutional investment, completely legal, but the audit time will be two more days." Blackpool said.
And He Wenxin found a "reliable" channel, 1000 a foreign account, KYC package.
After KYC is completed, another threshold that He Wenxin faces is plug-in.
"When we collected intelligence in the early stage, the first link was to judge whether the plug-in could be made, and how much success rate it made. This is a very important indicator that determines the project." Blackpool told 31QU, " Of course, the plug-in will not be 100% successful, and the success rate will be 80%."
However, with the advancement of the exchange's anti-plug technology, Blackpool will continue to make adjustments to their plug-ins.
For example, some transactions will have "slider validation" at the end, and the slider is very difficult to crack. Even if you use a plug-in, you need to wait for confirmation from the background. This is a 0 and 1 problem. As late as 0.1 seconds, the IEO share is not yours.
Therefore, some people in the currency circle have to go to Japan to "rent a server" for a "network speed" and do a "front-end machine", just to get closer to the currency security server room.
He Wenxin has a certain understanding of the external hang, he is worried that if the plug-in is like "grab the train ticket", the account will be blocked by the exchange.
In the end, he spent 300 bucks and bought a plug-in added to the browser at Weibo V. The guarantee is not blocked by the exchange.
But in fact, Blackpool will share the team's plug-ins for free. The reason is that "there is no guarantee that 100% will be robbed", but some people will go public on the Internet after receiving the free plug-in.
KYC and plug-in are ready, and finally, you are ready for ample BNB.
Recharge your batteries, and the players will wait until March 19.
The coin security server collapsed and BNB went up.
He Wenxin is a bit embarrassed. He has just been rushing to buy CELR shares in accordance with normal procedures. As a result, the account assets are displayed as “0” and cannot be purchased.
After a few seconds, the snapping page jumped to the landing page, and He Wenxin rushed back to log in and verified, but found that the CELR share was long gone.
Blackpool also encountered similar problems, and he immediately realized that this was the collapse of the currency security server.
What is wrong with the coin security server? Industry insiders speculate that the money security server may not receive the user's purchase request within a certain period of time.
There have been similar situations in exchanges. "It may be that the currency security server has broken 40 seconds." The above-mentioned insiders told 31QU, "For example, starting at 10:00, the purchase request sent out in the first 40 seconds, the coin security server did not receive it, but sent after 40 seconds. The request was received by the server."
"It’s better to come early than to come," is to describe this embarrassing situation.
In fact, in the announcement later, the currency also mentioned the technical problem encountered in the CELR snapping: "This panic is still purely in the 'upgrade' version of the capacity / caching problem, causing some users to encounter the need to re-login / balance is zero Case."
Because of this technical problem, the black pool team's plug-in did not make any sense, they only grabbed 2 copies, "just returned."
And He Wenxin and his friends, did not grab a copy, "have not grabbed the share, before buying KYC and hanging money, the blood is gone."
But a few days later, He Wenxin will no longer entangle these "small money", because BNB has ushered in a wave of big gains.
In fact, with the wave of IEO, platform coins also ushered in a wave of gains.
Since the announcement of the restart of Launchpad on January 3, the BNB price has climbed from $6 to $19, a three-month increase of 197.6%.
Therefore, even if you do not grab the share, 囤 "BNB" seems to be a better choice.
In the IEO mess, the long-lost currency circle began to pick up. The users couldn’t help but the exchanges were starting to move.
According to 31QU incomplete statistics, there are currently 13 trading platforms that have opened IEO.
The rules are slightly different. Some are several platforms that jointly launch an IEO project. Some IEOs do not restrict their participation in their platform currency, and Firecoin has always emphasized that Firecore Prime is not an IEO.
Which project fundraising models can be called IEO?
"IEO doesn't really have to be tied to the platform currency, but it is bound to the platform trust endorsement." The founder of an exchange told 31QU.
This means that the key to judgment is not what Token is used for snapping up. As long as the project is strongly endorsed by the platform, it should be classified into the IEO.
The first TOP Network purchase of Firecoin Prime will be held at 9:00 pm on March 26th. The purchase, there is no KYC threshold, and there is no requirement for HT positions. The panic buying is divided into three games, and after the completion of the three games, the official transaction is immediately opened.
The result of the lowering of the threshold is that the number of people is full. The fire currency announcement showed that a total of 130,000 people participated in the three rounds of buying, and 3,774 people successfully subscribed, with a poor success rate of only 3%.
Before the day's rush to open, there were even all kinds of funny pictures on the Internet. For example, the photo of the small brother holding the computer sitting on the stairs, the countdown of the fire coin Prime on the screen, and the video of the Internet cafes, red The K-line diagram of the green phase is unusually conspicuous under the dim light of the Internet cafe.
The team where Wang Kai (pseudonym) is located is one of the videos of “Bags to buy online”.
Wang Kai told 31QU that they had more than 20 people in a row. "Packaged the Internet cafe, opened the website, and then grabbed it."
In fact, "the Internet cafes snapped up" is not a temporary rise. When the HT card was released last year, their team grabbed 800,000 HTs in Internet cafes.
In addition to "fast Internet cafes, high probability can grab", Wang Kai team also summarized other tips, such as "can not fill 400HT, to enter 399, too greedy is not able to grab."
The Wang Kai team had a lot of battles and they snapped up in three games. They grabbed 16 TOPs in total.
"Our combat power is relatively strong. I have a friend who packs 50 seats in the Internet cafe and only grabs 2 copies." Wang Kai told 31QU.
The TOP snapped up, the Wang Kai team received 10 times the revenue, and the cost they paid was only a few hundred Internet access fees.
However, the rushing mode is not foolproof. In the IBO of the ZB exchange, Wang Kai, who had been in the field, but "one did not grab it."
Maximize platform benefits
The "high-yield" that has not been seen for a long time has made the people of the coin blind.
Among the three exchanges, OKEx just announced the IEO rules and harvesting projects. Although the speed of the online IEO is late, the OKEx platform currency OKB is not slow.
In the past three months, OKB's increase reached 212.17%; on April 4, OKEx opened the first IEO project for the day of building blocks, and OKB reached the highest of $2.55.
In addition to OKEx, the third IEO project, the Matic Network, will be launched soon this year. The IEO projects of other exchanges will also appear on the market, and they will take turns to grab the attention of the players.
“It’s too early to make money in China.” Yao Wei (a pseudonym), a player in the currency circle, told 31QU excitedly, “Everyone can’t understand, but if they are slow, they can’t make any money.”
In order to taste the feast of this IEO, Yao Wei prepared a $6,000 principal. Although he has not made a profit yet, he estimates that "2 or 3 times should be no problem."
Like Yao Hao, there are not a lot of players who are rushing in. Even if they don't understand IEO, they even know that IEO is essentially different from ICO, but they always think that they can perfectly avoid the plunge and make a profit.
Nowadays, major exchanges have begun to adjust the IEO rules. The most obvious trend is to turn "rushing" into a "shake lottery" mode.
For the Blackpool team, the most direct impact of this modification is that the plug-in is useless, everyone is equipped with the same equipment and stands at the same starting point.
Although the rules seem fair and allow more users to get the IEO share, Blackpool believes that a seemingly fair snap will make users lose their sense of participation.
But most players prefer the "draw" gameplay. Yao Wei thinks that the new rules are progress. He told 31QU: "There are a lot of people in the IT industry who can write scripts and simply can't grab them."
“From snapping to lottery, it’s really an innovative breakthrough.” The founders of the above-mentioned exchange told 31QU, “But in essence, it is to maximize the benefits of the trading platform itself.”
Therefore, there is a voice in the currency circle that the platform coin is the ultimate winner of this IEO.
Consumption stock market
It is undeniable that the emergence of IEO has brought long-lost vitality to the currency circle; on the other hand, high-quality blockchain projects are rare, and the platform auditing standards are mixed, and the vitality has evolved into false prosperity.
"IEO is still a small pattern." Blackpool told 31QU, "The exchanges are robbing each other's users, or they are consuming the stock market."
The IEO causes the internal friction of the coin, which is almost a fact that players deliberately avoid. Although the on-line IEO exchanges are emphasizing that they are “chosen of quality projects,” in the early days of the blockchain, entrepreneurship has died for a lifetime. Investors have used the tone of the tune to say that 31QU, now it is difficult to find a blockchain quality project like "Breaking in the Light".
In fact, we can find some unusual clues from recent events:
On April 3, KuCoin completed the first IEO project MTV, “sell 600 million in 7 seconds”, but immediately, KuCoin platform KCS price dropped from 2.08 US dollars to 1.37 US dollars today, a drop of 34%.
On April 6th, Coineal's IEO project officially opened. Users found that “a single purchase order has not been returned to the original place.”
Today, riding the IEO vent, the Gate Exchange will open a $120 million point card sales (ie platform currency), even if the problem of brushing is ignored, this figure is the sum of the platform fee income of the gate for nearly 7 years.
The IEO Box has been opened, although no one can accurately predict when the IEO rout will come. Everyone knows the end of its collapse.
At that time, IEO will become the same joke as ICO and trading mining.