#加密IPO热潮#

Is the IPO frenzy here? Don't let Web3 mistake leeks for champagne!

The crypto market in 2025 is very much like Silicon Valley in 2010: it's almost embarrassing for Web3 entrepreneurs not to have an IPO dream. Even protocols that haven't even named themselves dare to come forward and issue a "listing announcement," with valuations casually reaching 3 billion USD. You could say this is either a springtime for capital or a winter for retail investors.
This wave of crypto IPOs started with the "on-chain fundraising roadshow" from the Celestia brothers and swept through LayerZero and EigenLayer. Even those making NFT plugins can claim to be involved in decentralized IPOs. What's even more ridiculous is that: the VC round hasn't even finished, and the official website is still being built on Notion, yet they boldly announce a "public fundraising plan," as if Web3 can't be called a new era without an IPO.
The question arises, are these crypto IPOs really the next wave of wealth opportunities, or just a rebranded harvest battle in the primary market? The past "ICO", "IFO", "IDO" have changed names, upgraded their gameplay, but the core logic remains the same - financing comes first, products can wait, and users rely on airdrops.
The IPO of Web3 is not the problem; the problem is the "loss of control over the pricing mechanism." You ask me to bid for shares, but you haven't even clearly defined the KPIs. This is not fraud, but rather an art form. Investors need to have judgment, rather than just being the backdrop for "listing means cutting." Retail investors who lack risk awareness will eventually become mere props in this crowdfunding performance.
Conclusion: Crypto IPOs are very appealing, don't let rationality be excluded. Remember one thing: on the Web3 stage, the biggest fear is not that projects will run away, but that you still don't know where they are planning to run.