ICO 又回来了吗?Coinbase 为何投入 3.75 亿美元押注链上 ICO 众筹?

marsbitPublicado a 2025-10-20Actualizado a 2025-10-21

美国主要的加密货币交易所 Coinbase 已收购 Echo —— 一个允许社区为早期项目和初创公司筹集资金的平台。

Coinbase 于周二宣布,以 3.75 亿美元收购了由加密交易员 Jordan Fish(社区中被称为 Cobie)创立的众筹平台 Echo。

此次收购发生在前一天——Coinbase 向 Cobie 的钱包转入 2500 万美元的 USDC,用于购买并销毁一个非同质化代币(NFT),以此重启他的播客节目 UpOnly。

Cobie 在 X 上写道:“我确实没想到 Echo 会被 Coinbase 收购,但事实就是如此:今天 Coinbase 以大约 3.75 亿美元收购了 Echo。”

Ethena 是第一个通过 Echo 融资的项目

此次收购发生在 Cobie 于 2024 年 4 月推出 Echo 测试版不到两年之后。Echo 的使命是让社区能够共同参与私人融资轮,携手投资早期项目。

自平台上线八个月以来,Echo 已经筹集了至少 5100 万美元的资金,完成了 131 笔交易,其中包括 Ethena —— 这是一种合成美元协议,背后支持着市场上增长最快的收益型稳定币之一 USDe(USDE)。

Coinbase

据 Cobie 称,Ethena 是首个通过 Echo 进行融资的项目,这也凸显了该平台专注于早期投资的定位。

今年 5 月,Echo 推出了 Sonar —— 一款软件产品,允许项目创始人根据自己的条件和偏好的区块链(如 Hyperliquid、Base、Solana 或 Cardano)自行举办公开代币销售。

Cobie 周二在 X 上发文表示,在 Coinbase 完成收购后,Echo 将“暂时”继续以独立平台的形式运营,并保持现有品牌。

他补充说,Echo 的 Sonar 产品将被整合进 Coinbase 体系中。这一整合“很可能”会为创业者提供全新的融资渠道,同时让投资者能够在 Coinbase 上获得新的投资机会。

Coinbase

Coinbase 表示:“整合 Echo 的工具将帮助我们实现更直接的社区参与,使项目与资本能够完全在链上连接。” 并补充道:

“我们将首先通过 Sonar 开展加密代币销售,但未来计划逐步扩大支持范围,涵盖代币化证券和现实世界资产(RWA),充分利用 Echo 的基础设施。”

ICO 回归了吗?

Coinbase 收购 Echo 标志着一种以社区募资为核心的趋势正在兴起,这让人联想到 2017 年盛行的首次代币发行(ICO)热潮。

根据 Tiger Research 周四发布的报告,公开销售正以新形式重新崛起,Legion、Buidlpad、Sonar 和 Kaito 等 Launchpad 平台 正在引领这一趋势。

Tiger Research 表示:“ICO 热潮在 2017 年达到顶峰,但由于欺诈和信息不透明迅速失去信誉并萎缩,”并补充称,市场随后转向了 私募轮融资。

报告指出:“然而,公开销售最近正以新的形式复苏”,这里指的是像 Sonar 这样的公开 Launchpad 平台。

报告总结道:“围绕公开 Launchpad 的短期热度可能会逐渐降温。然而,由于结构性需求的存在,这类平台预计将长期存在。它们为项目方提供了一种工具,用于获取早期用户和流动性。”

尽管公开代币销售的回潮趋势如何发展仍有待观察,但今年早些时候,一些与特朗普政府有关的知名人士曾呼吁 重振 ICO。

特朗普家族加密货币项目 World Liberty Financial 的联合创始人 Zak Folkman 在 2 月表示:

“我们要让 ICO 再次伟大起来。”

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