According to LongHash, on June 19th, Algorand opened the first round of auctions in the five-year Dutch auction and received very high attention in the next two weeks. Algorand's innovation is to join the team to guarantee an optional 90% repurchase mechanism after one year. In financial industry terms, the repurchase mechanism can be considered a put option. This put option attracts users participating in the Dutch round of auctions to arbitrage through first- and second-tier market linkages. These users will also help the project in the secondary market spontaneously. Provide liquidity. Compared with the traditional cryptocurrency market, the 10% loss in a year is relatively small. Combined with the pledge of the PoS mechanism, the loss may even be less than 5%, providing a very good risk-to-reward ratio and a positive positive effect on prices. . The current valuation of the project is about 40 times higher than that of private placement, and the price is still relatively strong. Part of the reason is the excellent repurchase mechanism. In the next auction, for investors, if the price of coins continues to decline, the guaranteed price mechanism given by the auction will lead to low-cost opportunities for replenishment, whether it is a set-up or a new speculator, and will also promote the project to continue to maintain High heat. For the project side, the one-year free automatic market value management guarantees the price of the project, and the Dutch auction and repurchase model also helps the project party to get a lot of attention. At present, this high-quality model helps investors and project parties to achieve a rough Nash equilibrium from the perspective of the game, and the operation is simple and easy to use. It can be said that a new road has been opened for blockchain project financing.