Is the ICO cycle winding down? There's plenty to monitor on the horizon. ZAMA's Dutch auction mechanics kicking off January 15 should be instructive—worth seeing how the market prices it. Meanwhile, Perceptron Network is gearing up its own token launch. Both represent the kind of experiments that shape how we think about fundraising in Web3. Honestly, I'm torn on the whole thing. Some ICOs crack it, others flop spectacularly. There's a solid breakdown worth revisiting that breaks down what actually works versus what doesn't. The patterns matter if you're trying to spot which ones have real staying power.