Looking back on the past, I can't help but feel a surge of emotion. This battle between ICOs and airdrops seems to take me back to the passionate era of 2017. Having experienced that wave of ICO frenzy firsthand, I witnessed how it transformed the entire landscape of the crypto world. Now, it appears history is repeating itself, but the situation is vastly different.

Behind the return of ICOs this time, lies a reflection of the industry’s thoughts on the current funding models. In recent years, the dominance of venture capital, combined with low liquidity and high valuations, has deprived ordinary investors of fair participation opportunities. I have personally seen many projects’ valuations skyrocket upon listing, yet only a few insiders could profit from it. Such unfairness inevitably triggers backlash.

The rise of a new wave of ICOs is precisely a market call for more fair and transparent financing mechanisms. It may help rebalance the interests among project teams, investors, and communities. However, we must not forget the lessons from the previous ICO boom — issues like regulatory risks and market bubbles still require vigilance.

Looking ahead, I anticipate a hybrid model that combines ICOs and airdrops. The focus will shift more towards cultivating long-term users rather than short-term speculators. For ordinary participants, establishing a trustworthy on-chain identity and demonstrating ongoing contributions to the ecosystem will become increasingly important.

In any case, this industry is always innovating and self-correcting. As witnesses and participants, we have a responsibility to learn from past experiences and promote the industry’s healthier development. After all, only by enabling more people to participate fairly can this industry truly achieve sustainable long-term growth.