来源：共享财经
Source: Shared finance.
OK积木云的一地鸡毛彻底打响了IEO的鸣金号角。
One of the chicken furs of the OK built-up cloud completely rang IEO's golden horn.
虽然现如今还有众多交易所在各个渠道打着各自IEO的口号，但是，不可否认的是，IEO的疯狂浪潮已经开始出现颓势。
Although there are now numerous exchanges using the slogans of their respective IEOs through various channels, it is undeniable that the crazy wave of IEOs has begun to decline.
所谓一朝天子一朝臣，在IEO没落之际，记者发现，一个名为ILO的新的发币模式正逐渐浮现在人们眼前。
At the time of the fall of the IEO, journalists discovered that a new currency model called ILO was beginning to emerge.
ILO模式
ILO mode
币圈的人们似乎对I*O的简称代号情有独钟，而这主要是由于币圈人们对I*O中，Offerings（融资）的渴望。
People in the currency circles seem to have a unique nickname for I*O, which is largely due to the desire of the currency circles for I*O, Offerings (financing).
要知道，无论是最先兴起的ICO，还是之后出现的IMO、IFO、IEO等名词，都是人们对数字货币发行方式或融资方式的探索。
You know, whether the ICO is the first to emerge, or the following terms such as IMO, IFO, IEO, etc., are an exploration of the manner in which digital money is issued or financed.
而在这一个个探索模式几经更迭、火了又凉之后，近日，币圈又出现了一个名为ILO的发行模式。
And after this exploration model was changed several times, and it was hot and cold, the currency ring recently came up with a distribution model called ILO.
不过，记者发现，虽然该发行模式名为ILO，但与以往I*O模式不同的是，ILO并不具备融资属性，反而更像是币圈之前玩过的空投模式。
However, journalists have found that, while the distribution model is called ILO, unlike the previous I*O model, it does not have a financing attribute, but rather is more like an air-drop model that was played before the currency circle.
据记者了解，ILO模式是由比特时代海外站A网（AEX）新推出的上币模式。其全称名为Inital Lock Offerings，首次锁仓发行的意思。
According to journalists, the ILO model is a new upper currency model introduced by AEX, an overseas station of the Bit era.
即，用户通过持有并锁仓交易平台通证，获得发行于该交易平台的项目方token，并同时获得锁仓平台通证时产生的利息。
That is, the user obtains token, through the possession and locking of the warehouse trading platform pass, the project party issued on the platform and, at the same time, the interest earned on the lockup platform pass.
简而言之，就是只要持有该交易平台的平台币并进行锁仓，一段时间后，即可获得新币的Token。除此之外，还能获得利息。当然，锁仓时间越长，获得的Token和利息就越多。
In short, it is to hold the platform's currency and lock it in, and then get the Token in the new currency for a while. In addition, interest will be earned. Of course, the longer the locking time, the more Token and interest will be earned.
可以看到，与IEO的拼手气不同，ILO无需抢购，参与即得。但要说最大的不同，那还是在融资层面。
As you can see, unlike the hard work of IEO, ILO does not have to buy, participate, but the biggest difference is at the financing level.
众所周知，无论是前一段时间大火的IEO，还是之前的各类I*O模式，实际上都是ICO的变种，其遵循的发行过程，无非就是涉及到融资发行、上线交易两大过程。
It is well known that neither the IEO, which was the fire of the previous period, nor the different models of the I*O, are in fact variants of the ICO, and that the distribution process followed is related to the two main processes of financing issuance and on-line trading.
反观ILO，只要你锁仓平台币，那就能获得新币Token。在此期间，压根就没涉及到“融资”层面。
Contrary to ILO, if you lock the warehouse bill, you can get the new currency Token. In the meantime, there is no "financing" dimension at all.
这也意味着，ILO根本不像是I*O模式，反而更像是币圈之前玩过的空投模式。而这种新的模式，会有带来怎样的局面呢？
It also means that the ILO doesn't look like the I.O. model, but more like the air-drop pattern that the currency has played before. And this new model, what's going to happen?
难做的鸡肋
It's hard to make chicken ribs.
取消了“交钱”环节的发币模式，貌似就显得有些平易近人。
The elimination of the “money-for-money” link appears to be somewhat easy to pay for.
首先，就单从用空投模式来进行发币的想法来看，这无疑大大降低了用户的投资风险。而于交易所而言，其目的就是为了吸取流量以及促进平台币的上涨。只不过对于发币的项目方来说，就不再具备原始资本积累的条件，反而更多的是为了推广。
First, there is no doubt that the idea of using an air-drop model alone will significantly reduce the investment risk for users. For an exchange, the objective is to absorb flows and promote a rise in platform money.
如此看来，ILO算是一个三方共赢的局面。
So, ILO is a three-party win-win situation.
但是，事实真的如此吗？
But is that true?
众所周知，有关新币的价格赋予，起初都是在私募环节产生，之后再开放众筹，最后上线交易所。
It is a well-known fact that the prices of the new currency in question are initially generated through a private fund-raising process, then open up to the public and, finally, to the online exchange.
就拿币安的IEO来说，在推出BTT时，当时币安以0.00012美元的价格开放众筹，众筹的数量不及发行量的十分之一。
In the case of IEO, when the BTT was launched, the currency was set at a price of US$0.00012 and raised in quantities less than one tenth of the circulation.
并且开设BNB以及TRX波场，用户可以用BNB以及TRX兑换BTT，其中BNB众筹总数为237.6亿枚BTT，TRX众筹总数为356.4亿枚BTT。
BNB and TRX have also been set up, and users can convert BNB and TRX to BTT, with BNB raising a total of 23,760 million BTTs and TRX raising a total of 35,640 million BTTs.
而AEX交易所打算推出的首个ILO项目PLD，其首先要面临的问题就是PLD的定价问题。目前，就其官网透露的消息来看，该项目如果是以ILO模式进行首次发行的话，那就不会涉及募资，即也就没有定价基础。这是ILO项目所要面临的首个问题。
The first issue that the AEX Exchange intends to launch is PLD, which is the price-fixing problem. Now, according to information revealed by its network, if the project is first released in the ILO model, there will be no fund-raising, that is, no pricing basis. This is the first problem that the ILO project will face.
其次，就算ILO成功发行，且附带了价格，但失去了“造富效应”的ILO，很难获得用户的青睐。
Secondly, even if the ILO is successfully issued with a price attached, it is difficult to obtain user preferences without an ILO with a “rich effect”.
根据AEX的官网公告，有关新币的瓜分规则为，该用户的基础系数/参与ILO用户的总系数*本次瓜分PLD的总数=该用户获得PLD的数目。
According to the AEX web bulletin, the rules for the classification of the new currency are that the user's base coefficient/total coefficient for the user participating in the ILO* is the total number of PLDs divided in this instalment = the number of PLDs obtained by the user.
其中，用户锁定系数=锁仓数量*锁定期限；总系数为当前项目所有参与用户的锁定系数之和。
Of this, the user locking factor = number of locks * locking periods; the total is the sum of the locking factors for all participating users of the current project.
这就意味着，一旦参与用户较多，总锁定系数较大的话，那么个体用户所能瓜分到的Token数量极其有限。
This means that the number of Tokens available to individual users is extremely limited once more users are involved and the overall lock-in factor is greater.
不仅如此，从AEX指定的ILO项目来看，除了PLD无法定价，其余三个币种都是老币。
Moreover, it appears from the ILO project designated by AEX that the remaining three currencies are old coins, except for the PLD, which cannot be priced.
而经估算其价值后记者发现，ENU目前价格为0.086RMB，赠送额度100万，总价值为86000RMB；SAFE价格为13.5RMB左右，赠送额度50000，总价值为675000RMB；ZCC目前市场单价0.028RMB左右，赠送额度为5000000，总价值140000RMB。
According to an estimate of its value, the journalist found that ENU currently had a price of 0.086 RMB, with a gift value of 1 million, with a total value of 86,000 RMB; SAFE had a price of about 13.5 RMB, with a total value of 50,000, with a total value of 675,000 RMB; and ZCC currently had a market price of around 0.028 RMB, with a total value of 140 million RMB.
如此算来，除去新币不说，单是这三种老币，用户总共能分得的量大概在不到100万RMB，这对于参与的众多用户来说，其盈利无异于杯水车薪。
In this way, with the exception of the new coins, the total amount that users can share is approximately less than 1 million RMB, which is no less profitable for the many users involved than a glass of water.
此前，针对此次的ILO模式，就有业内人士表示，“ILO不太可能成功，至少引爆不了币圈。韭菜之所以为韭菜，在于喜欢赌博，不喜欢真正的投资。大家都是盲目追求高收益产品，IEO对他们来说是快速致富的好途经，毕竟运气到了人也就发财了。”
Previously, with regard to this ILO model, there were practitioners who said, “ILO is unlikely to succeed, at least not to blow up the currency. The only thing that makes a pickle is that it's gambling, not real investment. We're all blindly looking for high-yield products, and IEO is a fast-earning business for them, and we're lucky enough to be rich.”
除此之外，由于没有融资环节，就算交易所开放了平台币和新币的交易对，其所流转的资金也都是平台币资金，这也会造成平台币资金的分流。不仅如此，庄家也丧失了拉盘条件，没有拉盘动力。
In addition, in the absence of a financing link, even if the exchange opens up the exchange’s trading pairs of the platform currency and the new currency, the funds flowing from the exchange are those of the platform currency, which can lead to the diversion of the platform’s funds. Moreover, the estate has lost its pull-out conditions and has no pull-over power.
所以，从长远的结果来看，由锁仓所引起的上涨的平台币，最终可能会价格回流，甚至下跌。参与其中但食之无味的用户，可能会再无进场欲望。而没有获得资本积累的项目方，也可能会在Token具有价值之后，抛售套现回本。
So, in the long run, the rise in the platform’s currency, caused by the lockdown, may eventually return to price, or even fall. Users who participate in it but have no appetite for food, may no longer want to enter the market.
诚然，ILO模式的出现，比IEO更公平，也更合理。没有融资模式的发币，也可能会大大降低加密市场的投机性。但是，在币价还没有具体价值支撑的情况下，目前的币圈之中，又有多少人能摒弃暴富心理，敢以自身资产继续为信仰而战呢？
The emergence of the ILO model is, of course, fairer and more reasonable than the IEO. The absence of a finance model may also significantly reduce the speculative nature of the encrypted market. But, in the current currency circle, how many people can abandon their rich mind and fight for their faith with their own assets?
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