来源：链得得
对于交易所来说，坚持选择好的资产，这场游戏就仍有玩下去的可能。
IEO模式下，平台币的价值逐渐放大。对于交易所来说，坚持严选好项目，这场游戏就还有玩下去的可能。 In IEO mode, the value of the platform coins is increasing. For the exchange, there is a chance that the game will continue. 新加坡时间3月26日晚21时，火币Prime首期“抢购”正式开始。 On the evening of 26 March, Singapore time, at 21 p.m., the first “buy-in” of the tender Prime was officially opened. 仅仅7秒钟，第一轮限价出让的3亿枚TOP于7秒钟全部以涨停板的价格销售一空。在整个过程中，共有13万人在线参与抢购，最后却只有589人抢到份额。 In just seven seconds, the first round of price limits for 300 million TOPs were sold in seven seconds at a flat-rate price. During the process, 130,000 people took part online, and only 589 took their share. TOP是火币Prime优选上币通道首发项目TopNetwork的代币简称。面向普通投资人的强融资功能，令IEO一词近期身处风口浪尖。尽管火币在公开场合均否认Prime产品的IEO属性。可TOP风卷残云般抢走的画面，恰是目前IEO火热的缩影。在IEO背后，是投资人逐利心态的生动体现，是交易所掌控风险的新模式，也是交易所盘活平台币、掌握市场话语权的关键一步。 The TOOP is a proxy for TopNetwork, the first-in-the-coalition project, where the fire price Prime is preferred. The strong financing function for ordinary investors makes the term IEO a recent feature. 交易所不断提高平台币权重 加密数字货币之所以被贴上“炒作”、“赌徒”、“骗局”等这样的标签，主要是由于ICO击垮了市场交易的信任基础。没有交易量，没有活跃度，空气币让二级市场的存在没有了任何意义。 Encrypted digital currencies are labeled “false”, “gaming” and “false” mainly because the ICO destroys the trust base of the market transactions. No amount of transactions, no activity, and the air currency makes the existence of secondary markets meaningless. 对于交易所来说，流动性决定着市场的话语权和地位。FCoin曾经在去年上半年推出“交易即挖矿”模式，用户只要交易就会得到交易所返还的一定数额的FT（FCoin平台币）。以至于在FCoin上线半个月内，交易量雄踞全球榜首，还超过了第二名和第七名的总和。 For an exchange, mobility determines the voice and position of the market. FCoin introduced the “trade is mining” model in the first half of last year, where users would get a certain amount of FT (Fcoin platform coins) returned by the exchange. So much so that, within half a month, Fcoin was at the top of the global list, surpassing the sum of second and seventh places. 但是当项目方质量、资金安全、交易所风控等因素上没有解决时，多大的交易量都会化作泡影，“交易所补贴用户”的模式不出意料的在短时间内陨落。 However, when factors such as project quality, financial security, exchange control and so on are not addressed, the volume of transactions becomes inflated, and the “exchange-subsidized users” model is unexpectedly collapsing in a short period of time. 如何募资？怎么发行？如何保住交易量？交易所总在试图跳出传统一二级市场，却又总依附于证券交易的逻辑。数字货币交易所只有提高了自己的中心化地位，才有可能减低代币投资带来的风险。 How do you raise money? How do you distribute it? How do you keep the volume of transactions? The exchange is always trying to get out of the traditional second-tier market, but it is always dependent on the logic of securities transactions. 从ICO到IEO，交易所试图在寻求一种新的平衡关系，那就是“平台币”。通过平台币去平衡项目方和投资人的关系。 From ICO to IEO, the exchange is trying to find a new balance between the “platform currency” and the relationship between the project side and the investor through the platform currency. 平台币作为一种数字资产交易平台官方发行的数字资产，随着币安平台币BNB的走红而快速崛起，多家交易所争相效仿，交易费减免、定期回购等优惠拉拢到一批散户的入场。 Platform money, a digital asset officially issued as a digital asset trading platform, has risen rapidly as the currency’s BNB has been rededicated, several exchanges have raced to follow suit, and concessions, such as transaction fees and periodic buy-backs, have been brought into a group of bulk households. 此后，平台币的玩法不断升级，包括火币推出的投票上币、FCoin的交易即挖矿等，都是交易所尝试占据流量中心的举措。 Since then, the platform currency has been being used with increasing frequency, including the tender roll-out of the voting coin, the FCoin transaction, or mining, has been an attempt by the exchange to occupy the centre of the flow. 从平台币的性质来看，主要是积分和股票两种。持有相关交易所的平台币，可以享有分红、收益、投票权等权益，相当于将交易所的发展状况直接反应在了平台币上。交易所的交易量越大，用户越多越活跃，其平台币的价值也就越高。 The value of a platform currency is higher if the exchange’s volume is larger and the number of users is more active. 交易所试图利用平台币来建立一个以交易所为中心的数字资产世界，但是情形却不容乐观。交易所过去通过与项目方代币绑定交易对，来间接提高平台币的流动量和交易额，但是在惨淡的市场行情下，平台币首当其冲。 The exchange tried to use platform money to create an exchange-centric digital asset world, but the situation was not encouraging. The exchange indirectly increased the flow and turnover of platform money by tying it to the project side’s currency, but it was the platform’s currency that was the first to hit in the face of a bleak market situation. 无法真正链接项目端和资金端的平台币还在摸索着新的出路。 The platform currency, which cannot be really linked to the project end and the fund end, is still searching for new ways out. 平台币在IEO模式下的新价值 IEO是Initial Exchange Offerings（首次交易所发行）的缩写，指交易所作为发行方，直接向该交易所用户发行代币、帮助项目方直接募资的行为。与ICO模式不同的是，IEO跳过了提前向大众“公募”的环节，直接将资产份额放在二级市场上进行交易。 Unlike the ICO model, IEO skips the pre-publicization link, directly trading its share of assets on the secondary market. 这个模式的核心在于交易所为项目方背书，并掌握着项目方代币的发行权，二级市场的兜售模糊了传统一级发行市场和二级交易市场的界线，将申购直接变成了认购。 At the heart of this model lies the endorsement by the exchange of the project party and the ownership of the issue of the project party's currency, and the peddling of the secondary market blurs the boundaries between the traditional first-tier distribution market and the second-tier trading market, turning requisitions directly into subscriptions. 交易所筛选一批区块链项目登陆自己的IEO平台，利用平台币对区块链项目进行公开募资。这样的做法带来了两个最明显的结果。第一，项目方利用交易所的背书，在二级市场上吸引到大量的散户参与；第二，平台币在新一轮募资需求下被盘活，价格随之水涨船高。 The exchange selects a group of block chain projects to land on its own IEO platform and uses the platform's currency to publicly raise funds for block chain projects. This approach has two most obvious results. First, the project side uses the exchange's endorsement to attract a large number of dispersed participants in the secondary market; and second, the platform's currency is overtaken by a new round of fund-raising demands, resulting in higher prices. 2019年1月28日，孙宇晨此前收购的项目BitTorrent（BTT）在币安区块链资产发行平台Binance Launchpad完成了594亿BTT的发行，用时14分左右，融资710万美金。BitTorrent成为币安的第一个IEO项目。此后，Launchpad又相继发行了Fetch.AI和Celer。 On January 28, 2019, BitTorrent (BTT), the project that Sun Woo acquired earlier, completed the distribution of 59.4 billion BTTs at Binance Launchpad, the distribution platform for block chain assets in the currency, financing $7.1 million at about 14 minutes. BitTorrent became the first IEO project in the currency. Launchpad has since published Fetch.AI and Celer. 基于市场信心的重新燃起，币安的平台币BNB从年初就开始拉涨。两个月时间，从6美金涨到如今的17美金涨幅高达180倍。除BNB之外，火币平台币HT、oKEx平台币OKB等平台币至少实现了翻倍的增长。 The BNB, based on renewed market confidence, has been rising since the beginning of the year. Two months, from $6 to $17 today, it has increased 180-fold. With the exception of BNB, platforms such as HT, OkEx, and OKB have at least doubled. 在IEO大张旗鼓的宣传中，币安和火币都在讲的一个逻辑，就是“严选好项目”。赵长鹏曾表态，IEO模式的核心在于找好项目，Launchpad的初衷是帮助创业者，帮助行业发展，这里面最重要的一点就是选好的、实际干活的项目。李林也曾表态，交易所最核心的能力就是选择好的资产，没有之一。 In the IEO campaign, one of the logic of both the currency and the gun is that it is “strictly chosen projects.” Zhao Chang Peng said that the core of the IEO model was to find good projects, and Launchpad was designed to help entrepreneurs and industry, and the most important of which was to choose good projects and actually work. Li Lin also said that the best ability of the exchange was to choose good assets, none of them. 传统经验来讲，面对一个不成熟的交易市场，需要设置与市场风险相匹配的投资者门槛，而币安和火币正在为自己筛选出来的项目，创造一个相对稳定的二级市场。 Traditional experience suggests that, in the face of a premature trading market, investor thresholds that match market risks need to be set, while currency security and coins are sifting out their own projects to create a relatively stable secondary market. 也正是在这种稳定的二级市场中，作为交易筹码的平台币，才会打通项目端和资金端的桥梁。平台币的使用价值愈加凸显。 It is also in this stable secondary market that platform money is used as a trading chip to bridge the project end and the capital end. The value of platform money is becoming more pronounced. Launchpad要求“参与用户可以申请的彩票数量取决于您在结算当天之前在Binance帐户中持有的20天BNB的金额”。 Launchpad requires that “the number of lottery tickets that participating users may apply for depends on the amount of BNB held in the Binance account for 20 days prior to the closing day”. 火币也在交易规则上做了限制，Prime宣布首发TOP的同时，在规则上引入了“阶梯限价期”的机制：限价期分为三轮，每轮30分钟，共计1.5小时，每轮设置一个限价区间（最高可交易价格），用户可在限定的价格范畴内进行买卖交易，类似于设置一个涨停板，从而抑制暴涨暴跌。 Fire money is also limited in the rules of the transaction, where, at the same time as Prime announces the initial release of TOP, a “step limit period” has been introduced: the price limit period is divided into three rounds of 30 minutes each, for a total of 1.5 hours, with one price limit range (the maximum tradable price) for each round, and the user can engage in a transaction within a limited price range, similar to the creation of an upscaling board, thus curbing a surge or collapse. 所以，控制好“项目方质量”和“投资人门槛”，等于控制住了“进出”两端的风险。 Controlling the “project-side quality” and the “investor threshold” is therefore equivalent to controlling the risks at both ends of the “in and out”. 据PAData的一份数据来看，Launchpad项目启动后，BNB剧烈波动的频率阶段性降低。自2月运行Launchpad以来，BNB单日振幅超过10%的概率约是20%，也即10天里只有2天可能发生剧烈波动。而在此前，这一概率大约是40%。Launchpad和BNB的联动效应正在形成。 According to data from PAData, after the launch of the Launchpad project, the frequency of BNB volatility decreased. Since the operation of Launchpad in February, the probability of BNB having a single day amplitude of more than 10% is about 20%, or only 2 days in 10 days. 对于币安来讲，BNB的第一步确实是平台币，随着Launchpad的不断成熟，二级市场的流动性不断提高，BNB可成承载的价值将会越来越大。 For currency security, the first step for BNB is indeed platform currency, and as Launchpad matures and the liquidity of the secondary market increases, the value that BNB can carry will grow. 把游戏玩下去 ♪ Strange ♪ Play the game ♪ ♪/ strong ♪ ICO模式一地鸡毛，“交易即挖矿”模式昙花一现。IEO作为阶段性的新玩法与前者并无本质区别。散户眼中，既然IEO的特点在于“严选好项目”，只要项目不破发，获利的概率就大了很多。而对于交易所来说，坚持选择好的资产，这场游戏就仍有玩下去的可能。 The ICO model, the "trade is mining" model, is not different. The IEO, as a new phased game, is essentially different from the former. In the open view, since the IEO is characterized by “strict selection” of projects, the probability of profit is much greater as long as the project remains intact. 目前，Binance Launchpad平台已经启动了BitTorrent（BTT）、Fetch.AI（FET）和Celer Network（CELR）三个项目，据bitcoinist数据，Binance Launchpad平台今年推出的三次IEO的收益已超过270%。 Currently, the Binance Launchpad platform has launched three projects: BitTorrent (BTT), Fetch.AI (FET) and Celer Network (CELR). According to the Bitcoinist, the three IEOs launched by the Binance Launchpad platform this year have generated more than 270 per cent of the proceeds. 责任编辑：唐婧 
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