#加密项目融资趋势 Looking back at the history of cryptocurrency project financing, it is not hard to see that this is a field full of ups and downs. From the early ICO boom to later models like IEO and IDO, each stage has its characteristics. Now seeing Vitalik's comments on Zcash governance mechanisms, one cannot help but think of the past projects that failed due to poor governance.

Token voting may seem democratic but can actually lead to short-sighted decisions and conflicts of interest. There was a privacy coin project that adopted this mechanism, which ultimately led to a split between the core team and the community, causing the project to stalemate. In contrast, governance models led by developers, like Ethereum, although less decentralized, are more efficient in technological iteration.

Current financing trends are shifting towards a focus on long-term development and real application value. Investors are increasingly paying attention to project governance structures and decision-making mechanisms. Vitalik's perspective reminds us that while pursuing decentralization, we should also be wary of the negative impacts of excessive democracy.

For emerging projects, balancing efficiency with decentralization, and short-term interests with long-term development, will be an ongoing challenge. History shows us that ultimately, the projects that succeed are often those that can find a balance among these contradictions.