Author: Xiyou, ChainCatcher

Recently, there have been more and more news about the public sales of crypto projects. It is worth noting that the public sales of these crypto projects did not choose the early ICO platform Coinlsit as the sales platform, but turned to the new generation of ICO platforms that emerged in a low profile, such as Echo, Legion, Buidlpad, etc., and these platforms have already Established influence in the overseas crypto community.

Ethena, Usual, Monad, Initia, MegaETH, Fuel, Solayer and many other well-known crypto projects have used these platforms to raise funds for the community. Many overseas crypto community users admit that participating in the financing activities of these emerging ICO platforms has become their main way to obtain income.

On January 18, Solayer (LAYER), the first public sale project on the IC0 platform Buidlpad created by former Binance executives, ended its sale, and the final raised funds were as high as US$57.3 million, 545.24% more than the original plan of US$10.5 million.

On January 13, Cobie, the founder of the Echo platform, revealed an interesting phenomenon: some VCs are trying to prevent crypto projects by putting pressure on them They offer discounts to investors or conduct community sales through platforms such as Echo. In this regard, Legion, an ICO platform incubated by Delphi Labs, expressed sympathy and confirmed that there are indeed cases where VCs prevent projects from being publicly sold.

Although VCs try to resist the participation of crypto projects in ICO, this exactly reflects that these ICO platforms already have a certain influence and have already gained popularity among crypto projects and communities. occupies an important place in my heart. For a long time, the crypto community has been troubled by VC coins with "high valuation, high FDV, and low circulation", but these platforms provide users with early opportunities to participate in projects.

On the same day, Buidlpad stated that due to the large number of registered users participating in Solayer's public sale, its website was closed and KYC was temporarily paralyzed, and it had to postpone the sale time. .

These seem to indicate that the encryption ICO field is expected to usher in the dawn of recovery.

“Public and Private Sale” Echo Crypto Angel Investor Community Alliance

Echo is a crypto financing platform created by crypto KOL @Cobie. Cobie, formerly known as Jordan Fish, joined Lido in 2021 to be responsible for TVL growth and is regarded by the community as its co-founder and Web3 podcaster The creator of the program UpOnly, he has interviewed many big names in the encryption industry such as Vitalik Buterin, Michael Saylor, and Mark Cuban, and has become a hit.

In March 2024, Cobie announced the release of the beta version of the Echo platform and completed its first financing transaction: Ethena raised $300,000 through Echo.

Different from previous public fundraising ICO platforms (such as Coinlist) with large-scale user participation, Echo is not a public fundraising platform for retail investors, but more like a community alliance of crypto investors. On the Echo platform, users are supported as lead investors Create your own investment community and share your investments with group members, invest together, and then the lead investor can draw a certain share of the investment income.

The working mechanism of the Echo product is similar to Syndicates, a joint investment product launched by AngelList, an American startup fundraising platform. It is designed to allow individual angel investors to find other individual investors to raise money just like VCs find LPs to raise funds, and then Obtaining a certain share of the investment income allows investors with little money and large resources the opportunity to play the role of VC. Therefore, Echo is also known as a crypto angel joint investment platform.

Each financing amount on Echo in the early stage is usually concentrated in hundreds of thousands of dollars, and the number of investors participating in the investment is mostly around dozens of people. It is more suitable for the early angel round and VC financing stage of the project.

Currently, users who want to use the Echo platform to invest in projects must first go through the KYC process such as email, wallet, and X account.

It is worth noting that the project fundraising on Echo is a private sale, no details are disclosed, no marketing or publicity is carried out, and only qualified investors can see the transaction. Investing users need to join the lead investor to create The group has obtained fundraising information, and now you need to be invited by Echo to become a lead investor. Generally, well-known people in the encryption industry are more likely to be invited.

According to reports. Revealed, such as Larry Cermak, CEO of The Block, AAve founder Marc Zeller and others have created their own Echo communities. Users who want to join not only need to test, but also need to meet certain conditions to obtain specific investment opportunities in the group.

Since its launch, more than 30 crypto projects have raised funds through Echo, including Ethena, Morph, Usual, Hyperlane, OneBalance, Wildcat, Sphere, Dawn, Derive, Monad, Initia, MegaETH and many other well-known encryption projects. On January 17, the decentralized trading platform GTE_XYZ also raised $2.5 million through the Echo platform.

Among them, MegaETH’s $10 million financing through the Echo platform in December attracted the most attention, attracting the attention of the crypto community. According to an interview with Shuyao Kong, co-founder of MegaETH, MegaETH achieved its financing goal of US$4.2 million on Echo for the first time in just 56 seconds. Later, the project decided to raise another US$5.8 million on Echo and completed this in 75 seconds. One goal.

According to Dune statistics, as of January 17, the amount of financing completed on the Echo platform has reached US$66.6 million, and there are 6,104 investing users, which is greater than There have been 177 US$5,000 deal financings. The average financing amount per transaction is about 360,000, the number of investment participants in each transaction is 130, and the average investment amount per user is 3,130 US dollars.

Based on the public investment project information, some crypto community users concluded that Echo The lead investor recommendation mechanism and dividend model democratize trustworthy investment, and the platform prefers high-potential projects supported by a small circle of crypto elites.

Legion Crypto KOL Investor Alliance incubated by Delphi Labs

Legion is an on-chain ICO platform incubated by crypto venture capital Delphi Labs, aiming to build a set of investors Reputation system, allowing projects to decide the amount of investment funds allocated to investors and discount benefits. The platform announced the completion of a US$2 million seed round of financing in August 2024, led by Cyber ​​Fund, with participation from AllianceDAO, Delphi Labs, LongHash and others.

The specific implementation method is: Legion provides Legion Scores that aggregate the on-chain and off-chain reputation systems, so that each user on Legion will be assigned a Legion score to reflect the user's value in multiple aspects. Ability, etc.

After a user registers on the Legion platform, the user will receive a score by connecting their social account such as X, wallet address, and submitted personal ability information or resources available for the project. Currently, Legion's specific The score evaluation depends on the user's data in four aspects: "social media influence, development experience, on-chain interaction experience, investment history and value-added experience"

< /p>

Through Legion scores, investors can prove past transaction capabilities and data, and project parties can customize financing needs according to project needs, using each investor’s on-chain and off-chain standards to customize allocation, whiteout Lists, discounts, etc., only allow specific investor groups to participate. For example, initial projects can choose users with strong social media influence, resources and capabilities as the first batch of investment participants, and they are also the initial candidates for the project community launch. Taking allocations but not investing will lower your Investor Score

According to investment community users, Legion prefers KOLs with a large fan base. Therefore, Legion is also regarded as a crypto KOL investment alliance

On January 15, Legion’s official social media account DePIN project Silencio, privacy computing Enclave, AI Agent platform Almanak

Among them, Fuel was listed on the Bitget exchange on December 14. After its listing, it once shot up to US$8, and the return on investment through Legion has exceeded 27 times. It is the beneficial effect of Fuel that makes Legion enter the crypto community.

Buidlpad, a public offering platform created by former Binance executives

Buidlpad is an IC0 created by Nomad Capital managing partner Erick ZhangPlatform, of which Erick Zhang was also the director of Binance Research and was responsible for the Lanuchpad platform. In December 2024, he announced the launch of the cryptocurrency public offering Buidlpad platform for KYC compliance users in non-restricted areas.

On January 10, Buidlpad announced that Solayer, the re-pledge agreement of the Solana ecosystem, will conduct a public sale of LAYER tokens on the platform on January 13. This is The first public sale of the Buidlpad platform since its launch.

However, on January 13, Buidlpad stated that due to too many registered people participating in the platform (15 times higher than expected), the start time of Solayer subscription has been postponed. Until January 16th.

According to disclosed information, Solayer plans to raise US$10.5 million at a valuation of 350 million and provide 30 million Tokens at a price of approximately US$0.35 each. Except for the whitelist, which can obtain up to 5,000 US dollars worth of SOL purchase rights, each participating address needs to purchase a minimum of 50 US dollars worth of SOL, and can only purchase a maximum of 2,000 US dollars worth of SOL.

On January 18, the public sale of Solayer (LAYER) ended, and the final funds raised Up to US$57.3 million, 545.24% more than the original plan of US$10.5 million.

Similarly, users who want to use the Buidlpad platform need to pass KYC certification.

However, compared with financing platforms such as Echo and Legion, the Buidlpad platform is more open to users and is suitable for flat players who meet KYC qualifications. It is more like the previous platform for the public. IC0.