#代币销售与分发 Looking back on the past, I can't help but feel a surge of emotions. I remember the 2017 bull market, when token sales and distributions became the market focus, and various projects emerged like mushrooms after rain. Now, seeing the prediction markets Kalshi and Polymarket with nearly one billion dollars in trading volume in November, I can't help but recall the glory days of ICOs back then.

At that time, project teams often designed complex token allocation schemes to attract investors. Some used tiered pricing, some combined private and public sales, and others played with lotteries and whitelist methods. The market was hot, but hidden risks lurked beneath.

Looking back in hindsight, many projects faced difficulties due to improper token distribution. Some had excessive initial circulating supply, leading to immediate price drops upon listing; some set unreasonable lock-up periods, resulting in large sell-offs upon unlock; others had teams and foundations holding too high a proportion of tokens, sparking concerns over centralization. These lessons are valuable for today's projects to learn from.

Currently, although the forms have changed, the essence remains the same. The surge in trading volume on platforms like Kalshi reflects the market's demand for new financial products. However, we must also be vigilant about potential regulatory risks and speculative bubbles. History often repeats itself, and we should view the present with a historical perspective, staying clear-headed amid opportunities.