在加密货币投资中，ICO、IEO、IDO是常见的虚拟货币筹款方式，具体都代表什么意思？三者之间有何差异？为何大家喜欢投资IEO？
In crypto-currency investments, ICO, IEO, IDO are common virtual currency fund-raising methods. What does that mean? What is the difference between them? Why do people like to invest in IEO?
这篇文章将带大家了解以IEO为主的加密资产（虚拟货币）的筹资手段，并介绍其优缺点、具体示例以及参与方式。
The article will provide an insight into the financing of IEO-based encrypted assets (virtual currency) and describe their strengths and weaknesses, concrete examples and modalities of participation.
ICO全称Inital Coin Offering（中文：首次代币发行），是加密货币市场中的一种募集资金方式。
ICO, fully known as Inital Coin Offering (Chinese: first issue of tokens), is a form of fund-raising in the crypto-currency market.
简单来书就是，ICO发行方提出愿景叫你投入资金，并将自己的项目“代币”出售给投资人，以换取比特币（BTC）、以太币（ETH）等主流虚拟货币的融资行为。
A simple book is the ICO issuer's vision for you to invest in your own projects & & ldquo; token & rdquao; sell to investors in exchange for financing in mainstream virtual currencies such as Bitcoin (BTC) and Etherco.
ICO源自股票市场的IPO概念，但和IPO不同的是，ICO属于无监管的币圈融资，目前许多国家还没有相关法律规范，投资风险很大。
Unlike ICOs, which derive from the IPO concept of the stock market, which is unregulated in currency circles, many countries do not currently have relevant legal regulation and investment risks.
一些诈骗集团会以ICO的名义，用毫无价值的“空气币”来换取投资人的比特币、以太币等主流币。即便这些空气币能上架交易所，大部分都会破发（跌破发行价）。甚至有些项目机构融资后直接卷钱跑路。因此投资人要自行辨别此项目的真实性。由于ICO涉及的诈骗案件较多，目前已经被很多国家明令禁止。
In the name of ICO, some fraud syndicates use worthless & & ldquo; air currency & & rdquo; in exchange for investors’ main currencies, such as bitcoin and tats. Even if they can be put on an exchange, most of them will break down (by breaking the issue price).
虽然ICO给人很多负面印象，但也有很多成功的ICO案例。比如，当前市值排名第二的以太坊（Ethereum），就在2014年推出了ICO，42天内筹集了1800万美元。是相当成功的ICO项目之一。
While ICO gives many negative impressions, there are also many successful ICO cases. For example, the second-highest market-market place, Etherum, launched the ICO in 2014, raising $18 million in 42 days. This is one of the very successful ICO projects.
ICO从募资到上市，主要经过以下四个步骤：
From fund-raising to listing, ICO follows four main steps:
1）发起：ICO项目方提出区块链相关想法，在公有链上发行可流通的数位代币
1) Launch: ICO project party to develop ideas related to the block chain and issue negotiable digital indents on the public chain
2）推广：ICO项目方发布白皮书，吸引投资人和参与者，组建社区开始推广。
2) Outreach: ICO projects publish white papers, attract investors and participants, and start community formation.
3）募资：投资人以BTC、ETH或者法币来购买ICO代币份额，项目方给予投资人自己发行的代币作为凭证（投资权益证明）。
3) Fund-raising: investors purchase shares of ICO in BTC, ETH or French currency, and the project party gives the investor a certificate of interest in the currency issued by the investor himself (a certificate of interest in the investment).
4）上市：ICO项目方去加密货币交易所申请上市（上架）自己的代币，如果上币成功，投资人就可以在交易所买卖该“代币”。
4) Listed: ICO party went to the Encrypted Currency Exchange to apply for the listing of its own currency, which, if successful, would enable the investor to buy and sell the & ldquao; & rdquao;
ICO的最大好处是，项目方无需获得政府许可，即可通过ICO获得资金，但对投资人来说却存在很大的风险。投资人如果投对项目，ICO报酬会相当可观。
The greatest benefit for ICO is that the project party can access funds through ICO without a government permit, but there is a great risk for the investor.
| ?ICO优点： | ?ICO缺点： |
|---|---|
| ●ICO项目方可以简单募资 ●可能给投资人带来丰厚回报 ●投资人可以通过多种方式参与 |
●不受监管，安全度低 ●投资人的风险报酬不对称，诈骗较多 ●如果ICO代币无法上市，可能一文不值 |
目前要参与ICO，大多数可以直接去ICO项目方网站购买代币。比如Google搜寻「ICO项目投资2003」，就可以找到进行中的ICO。
For example, Google can search for the "ICO Project Investment 2003" and find the ICO in progress.
项目方会通过网路文章、社区、各种群组来推广其代币。有些群组内会用“空投”的形式，直接给大家发福利，以达到营销目的。
Some groups use &ldquao; airdrop & rdquao; in the form of direct benefits for marketing purposes.
ICO购买方法：
ICO purchasing method:
以上图2023年5月进行中的ICO（LPX代币）为例，可以在其官网照牌价购买，支持ETH、USD和信用卡申购。
For example, the ICO (LPX) in progress in May 2023 above can be purchased at the registration price on its official network to support ETH, USD and credit card requisitions.
由于LPX代币还没有上架交易所，所以申购前需要先注册一个加密货币钱包（比如MetaMask）来接收该代币。拿到代币后，等待上交易所就可以了。
Since the LPX is not yet on an exchange, an encrypted wallet (e.g. MetaMask) needs to be registered before requisitioning.
在ICO的热度降温后，加密货币公司开始对ICO的机制进行研究和改进。推出了例如IEO、IDO、DAICO、ETO和STO等概念。
After the heat of the ICO cooled down, cryptographic money companies began to study and improve the ICO mechanism. Concepts such as IEO, IDO, DAICO, ETO, and STO were introduced.
目前虚拟货币交易所打新的主要方式是IEO（首次交易所发行），和ICO比较，IEO有加密货币交易所的背书，安全性较高，新币的破发率也较低！
At present, the main new approach of the Virtual Currency Exchange is the IEO (first issue of the Exchange), which, compared to the ICO, has an encrypted currency exchange endorsement, is more secure and has a lower rate of failure of the new currency!
IEO全称Initial Exchange Offerings（首次交易所发行），是加密资产发行方透过「交易所预售机制」向虚拟货币投资人募资的一种方式。
IEO, fully known as Initial Exchange Offices (first issue of the exchange), is a way for encrypted asset issuers to raise funds from virtual currency investors through 's "exchange pre-sale mechanism"
简单来说，就是项目方和虚拟货币交易所合作，来发行自己的代币。投资人可以在交易所中直接申购，无需经过ICO的传统步骤。 Simply put, the project party collaborates with the Virtual Currency Exchange to issue its own currency. IEO和ICO最大的差别在于，IEO由交易所平台充当中间人负责筹募资金，对项目审核更为严格，可靠性相对较高。 The biggest difference between IEO and ICO is that IEO acts as an intermediary for the exchange platform to raise funds, is more rigorous in project clearance and is relatively reliable . 币安交易所的CEO赵长鹏曾经评价IEO ：“从贡献者的角度来看，每个IEO参与者都必须在交易所创建一个帐户并用ETH发送到该帐户，而不是将ETH发送到管理ICO的智能合约（项目方）。当IEO开始时，参与者可以直接从交易所购买代币。” According to the contributor, every IEO participant must create an account on the exchange and send it to the account instead of sending it to an intelligent contract to manage the ICO (project party). When IEO starts, participants can buy tokens directly from the exchange. ICO从募资到上市，主要经过以下四个步骤： From fund-raising to listing, ICO follows four main steps: 1）发起：项目方提出新项目的想法，并为项目准备一份白皮书。 1) Launch: project participants propose ideas for new projects and prepare a white paper for the project. 2）找合作交易所：寻找要协助合作募资的加密货币交易所，申请IEO。 2) Looking for a cooperative exchange: looking for an encrypted currency exchange to assist in collaborative fund-raising, applying for IEO. 3）交易所审核：交易所对该项目进行评估审核，如果批准，则为IEO设定募资日期和方法。 3) Exchange Audit: The Exchange evaluates and reviews the project and, if approved, sets a date and method of raising funds for IEO. 4）上市：用户抵押交易所的平台币（比如币安的BNB）来申购IEO的代币。拿到代币之后，可以在交易所中马上卖掉。 4) On the market: User Mortgage Exchange Platform Currency (e.g. BNB) for the purchase of IEO tokens. 由于IEO有公信力较高的交易所背书，在上架币种的涨幅和破发率方面，都要优于ICO（首次代币发行），因此也受到投资人的关注。 Since IEO has a more credible exchange endorsement, it is also of interest to investors that it is better than the ICO (first issue of a token) in terms of both the increase and the failure rate of the previous currency. 需要注意的是，虽然IEO的风险低于ICO，但并非适合所有人。因为IEO只能透过交易所获得代币，反而更加中心化。虽然经过交易所审查，并不代表其没有风险。 It is important to note that while IEO risks are lower than ICOs, they are not suitable for everyone. Because IEOs can only get tokens through exchanges, they are more central. 要参与IEO，只能去各大虚拟货币交易所「申购」，根据交易所不同，推出的IEO项目也不同。 In order to participate in IEO, it is possible to “require” from the major virtual currency exchanges, and the IEO projects are different depending on the exchange. 币安(Binance)是第一间推出IEO的加密货币交易所。在其官网中找到理财?资产发行平台?Launchpad，就可以找到IEO项目（新币申购）。 Binance is the first encrypted currency exchange to launch IEO. 需要在持仓计算周期的「第一天」就质押BNB，币安会「照比例」给你申购额度。 The BNB has to be pledged on the first day of the warehousing cycle, and the Money Security Council will "share" the amount to be requisitioned to you. PS：能够上币安Launchpad的IEO项目大多都是币安已经审核过的Web3.0专案，在最近的1年中仅推出了四档，分别是STEPN、Hooked Protocol、Space ID、Open Campus，这些IEO代币在上架24小时后的收盘价，涨幅都超过1000%，有些币甚至超过3000%，这也是大家竞相申购币安IEO的原因。 PS: Most of the IEO projects that were able to secure Launchpad are web3.0 projects that have been audited by the currency, and only four have been introduced in the last year, namely STEPN, Hooked Protocol, Space ID, Open Campus, which collected more than 1,000 per cent of the prices after 24 hours on board, and some more than 3,000 per cent, which explains the competition for currency IEO. 需要注意的是，过去的绩效并不代表将来的结果。投资必有风险，特别是一些小交易所推出的IEO，完全有破发的风险！ What needs to be noted is that past performance does not represent future outcomes. Investments are at risk, especially when IEOs are introduced by small exchanges, and they are at full risk of collapse! IDO全称Initial Dex Offering（首次去中心化交易所发行），指的是透过去中心化交易所(DEX)发行代币的募资方式，也称「首次首次透过DeFi发行」。 IDO和IEO的差别在于是否「去中心化」。 IDO, referred to as International Dex Offering (first release to a centralized exchange) , refers to the way in which money is raised through decentralized exchanges, or ‘for the first time through DeFi’. The difference between IDO and IEO is whether or not to ‘decentralize’. IDO让用户质押资金以换取新代币，部分筹集到的资金与新代币一起加入流动性资金池(LP)，之后再返还到项目中。整个流程是透过链上的智能合约自动完成。 The IDO allows users to pledge funds in exchange for a new currency, and some of the funds raised are added to the liquidity pool (LP) with the new currency and then returned to the project. The process is done automatically through a smart contract on the chain. IDO的规则和阶段取决于运营方DEX，通用的运作方法如下： The rules and phases of IDOs depend on the operator, DEX, with the following common operating methods: 1）审查：项目方在DEX提出IDO专案，审查通过后，目方以固定价格供应代币。 1) Review: project parties present IDOs at DEX and, after review, provide tokens at fixed prices. 2）锁定资金：用户锁定资金来换取代币。通常会有一份投资者白名单。投资者可能需要完成营销任务才能加入其中，或者仅需提供钱包地址。 2) Locked funds: users lock funds in exchange for replacement currency. 3）创建流动性资金池：筹集到的部分资金用于创建＂流动性资金池＂，其余资金留给团队。投资者可在TGE之后交易代币。提供的流动性通常会锁定一段时间。 3) Creates a liquidity pool: some of the funds raised by are used to create a liquidity pool, while the rest is left to the team. Investors can trade in tokens after TGE. 4）开放交易：在TGE阶段，代币转帐给用户，代币的流动性资金池开放交易。 4) Open transactions: , during the TGE phase, money transfers to users and a liquid pool of money in currencies open to transactions. IDO为项目提供一种简单易行，成本低廉的代币发行方式。并且参与的客户不需要身份认证 (KYC)。缺点是IDO并不成熟，了解和使用IDO的人很少。 IDOs provide the project with a simple, easy-to-do, low-cost currency issuance. And participating clients do not need identification (KYC). The disadvantage is that IDOs are immature and few people know and use IDOs. 1.在哪里参与IDO？ Where do you participate in IDO?
?IEO优点：
?IEO缺点：
●有交易所的审核，比ICO安全性高
●回报率高，破发率低
●任何人都可以参加申购●IEO更加中心化,只能通过交易所购买代币
●必须注册加密货币交易所，完成KYC才能购买
●由于不受监管，可能面临和ICO一样的风险
?IDO优点：
?IDO缺点：
●投资者可以低价获得大量代币
●资者者可在代币发行后立即购买
●用户无需KYC●去中心化交易所没有治理，IDO项目欠缺尽职调查
●购买代币没有限制，可能会被鲸鱼操控币价
●没有KYC或AML
参与IDO最简单的方法是访问去中心化交易所DEX（如PancakeSwap或），了解即将推出的IDO项目。
The simplest way to participate in IDOs is to visit the decentralised exchange DEX (e.g. PancakeSwap or otherwise) and learn about the forthcoming IDO project.
2.如何参与IDO？
2. How to participate in IDO?
准备钱包加密货币钱包（例如MetaMask）和资金即可参与IDO。完成申购并支付交易费用。项目方会提供有关资金锁定方法的说明。
The project party will provide a description of how the funds are locked in.
投资者必须首先在去中心化金融(DeFi)流动性资金池中质押，以赚取流动性资金池的代币，而不是直接锁定代币。
Investors must first pledge in the decentralized (DeFi) liquidity pool in order to earn the currency of the liquidity pool, rather than directly lock it in.
注意：参与前，需要自己做好功课，通过值得信赖的DEX进行投资。
Caution: Before participating, we need to do our homework and invest through a trustworthy DEX.
具体措施包括密切关注IDO的机制、项目团队及其代币经济学。 IDO代币发行风险较高，应始终在自己能够承受范围内投资。
Concrete measures include paying close attention to the IDO’s mechanisms, the project team, and the economics of its tokens. IDOs are more risky to issue and should always invest to the extent they can afford.
IDO跟IEO很相似，差别在于是否去中心化,而且参与IDO的投资人比较少。以下主要介绍ICO与IEO的差异比较。
IDOs are very similar to IEOs, and the difference is whether they are centralized or not, and there are fewer IDO investors involved.
ICO与IEO的最大不同之处在于，IEO项目在融资前要经过交易所的审查，可直接在交易所上架。而ICO在融资时，大多都没有经过交易所的审核，你买的“代币”可能永远无法在交易所“上架”。
The biggest difference between ICO and IEO is that the IEO project is subject to review by an exchange before financing, and can be directly placed on the exchange. Most of the ICO financing is not subject to review by the exchange, and you buy & ldquao; token & rdquao; may never be able to be on the exchange & & ldquao; top & rdquao;
| 运作流程 | ICO | IEO |
|---|---|---|
| Step 1 | 代币发行方提出想法，准备白皮书 | 代币发行方提出想法，准备白皮书 |
| Step 2 | 直接向公众融资（ICO），用户将“代币”存到钱包 | 寻找合作募资的IEO交易所 |
| Step 3 | 向交易所申请“上币” | 交易所批准后设定IEO募资日期 |
| Step 4 | 交易所批准后“上架”，如果被拒绝代币就无法在交易所流通 | 投资人直接在交易所申购或出售 |
| ICO | IEO | |
|---|---|---|
| 资金募集 | 代币发行方 | 加密货币交易所 |
| 审核 | 项目独立运营销售，因此没有审核流程 | 交易所会对自家IEO项目审查 |
| 参与方法 | 代币发行方指定方法，只有部分人能参与 | 在交易所“申购”，谁都能参与 |
| 智能合约管理 | 项目方 | 交易所 |
| 上币 | ICO后需要向不同交易所申请“上币”，获准才能在交易所交易 | 由交易所上币，投资人可直接在交易所申购 |
| KYC | 无 | 有 |
| 透明度 | 低 | 中 |
| 风险 | 高 | 中 |
从ICO和IEO的运作方式来看，IEO的“代币”一定会在交易所流通。而ICO的“代币”可能不会在交易所流通，也不会有价值。
In terms of how ICO and IEO operate, IEO & ldquao; token & rdquao; will certainly circulate on the exchange. ICO & ldquao; token & rdquao; may not circulate on the exchange and have no value.
笔者在2017年曾经被人推荐ICO代币-TLC（True Life Coin），声称在1年之内会上架某交易所，但5年之后我依然没有看见其“代币”有上架哪间交易所，还被集体诉讼。明显就是ICO资金盘骗局。
I was recommended to ICO-TLC (True Life Coin) in 2017, claiming to have an exchange in one year, but five years later I still haven't seen it & ldquao; token & rdquao; and which exchange I had on, and was subject to class action.
ICO、IEO、IDO其实都有各自的投资风险和优缺点。在2017年的大牛市期间，ICO由于破发率较高，甚至存在较多欺诈行为，逐渐被IEO、IDO取代。
ICOs, IEOs, and IDOs actually all have their own investment risks and advantages. During the Cattle Market in 2017, ICOs were gradually replaced by IEOs and IDOs because of higher incidences and even more frauds.
就以往经历来看，一些大型加密货币交易所推出的的IEO项目，无论在胜率，还是回报率方面，都有不错的表现。
In terms of past experience, the IEO projects launched by a number of major crypto-currency exchanges have performed well, both in terms of success and return.
币安(Binance)是首先推出IEO的交易所，对IEO项目都有严格的审核。最近一年间推出的5个IEO项目都没有破发，并且回报率高达2000%。
The Binance is the first exchange to launch IEOs, and there is a strict audit of IEO projects. The five IEO projects that have been launched in the last year have not broken down, with a return of up to 2000%.
其他主流交易所也都跟随，推出了自己的IEO平台。以下列举较知名的几间：
Other mainstream exchanges also follow, launching their own IEO platforms.
| 虚拟货币交易所 | IEO平台 | 参与描述 |
|---|---|---|
| Binance(币安) | 币安Launchpad | 切换到繁体中文?理财?资产发行平台?Launchpad，质押BNB参与 |
| OKX(欧易) | Jumpstart | 可以查看过往项目的收益率，质押OKB参与 |
| Bybit（拜比特） | Bybit Launchpad | 可以查看过往项目第一周平均收益，质押BIT参与 |
以上就是币圈的ICO/IEO/IDO是什么意思?一文读懂ICO/IEO/IDO的区别和参与方法的详细内容，更多关于ICO/IEO/IDO全面介绍的资料请关注脚本之家其它相关文章！
What does that mean by ICO/IEO/IDO? Read the details of the ICO/IEO/IDO distinction and participation methodology, and more information about the comprehensive ICO/IEO/IDO presentation.
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