# ICM Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "ICM", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Mobile: The Next Battleground for Solana

The era of competing solely on blockchain performance and technical roadmaps is over. Layer-1 blockchains must now compete at the top of the application stack—focusing on applications and users rather than just infrastructure. Solana is well-positioned to lead this shift by targeting the Internet Capital Market (ICM), where capital formation happens at scale, especially on mobile devices. Unlike neutral backend infrastructures of the past, L1s now face competition from regulated entities, high-performance tech, and financial giants. Centralized crypto apps like Binance and Coinbase have built their own chains to capture more value, while new chains from companies like Stripe and Circle leverage existing distribution channels. To stay competitive, established blockchains must adopt opinionated approaches to their tech stack usage. Solana’s performance and foundational components make it an ideal default operating system for mobile crypto applications. However, the current on-chain experience remains fragmented and browser-based. Solana Labs, with its mobile-focused initiatives like Solana Mobile and the recent SKR token, is uniquely equipped to drive ICM adoption on mobile. By building vertically integrated application that reflects its design philosophy—integrating DEXs, perpetuals, and payments—Solana Labs can demonstrate large-scale capital formation in action. While some ecosystem developers may fear competition, Solana’s permissionless nature ensures a level playing field. Solana Labs’ efforts can benefit the entire network by highlighting and integrating ecosystem components in ways independent apps cannot, ultimately making the ecosystem more competitive. The winners in crypto over the next five years will be determined by which core teams make the right opinionated decisions to win at the top of the stack—and Solana is poised to lead in mobile ICM.

比推01/28 20:50

Mobile: The Next Battleground for Solana

比推01/28 20:50

Pantera Capital Partner: The Current State and Future of Internet Capital Markets

"Internet Capital Markets" (ICM) refers to the use of tokens for fundraising, spanning from meme coins to tokenized stocks. This article categorizes ICM projects into five maturity stages: Anonymous (e.g., Pumpfun, meme coins like WIF), Creator (e.g., Zora, tokens tied to influencers), Venture (e.g., MetaDAO, projects with teams and roadmaps), ICO (e.g., Binance, mature projects with traction), and Public Assets (e.g., xStocks, tokenized real-world assets like xNVIDIA). Value accumulation varies by stage: early stages (Anonymous, Creator) benefit platforms (e.g., fees from high-volume token launches), while later stages (Venture, ICO, Public Assets) favor the assets themselves due to stronger fundamentals. Centralized exchanges (CEXs) like Binance are exceptions, profiting from liquidity and user base. The future of ICM lies in the convergence of venture and ICO stages, where token financing expands access to productive projects, though legal and governance challenges remain. The trend suggests tokens will increasingly align with real-world value creation, potentially fulfilling Silicon Valley’s mission to "make the world a better place."

marsbit01/27 10:50

Pantera Capital Partner: The Current State and Future of Internet Capital Markets

marsbit01/27 10:50

What Exactly Is a16z's 'New Media'? New Media Is a Migration of Power

The article explores a16z's concept of "new media," arguing it represents a fundamental shift in power dynamics rather than just new content formats. It posits that in an era of content oversupply and near-zero distribution costs, attention and trust have become the new scarcities. The core value is no longer mere exposure but the ability to influence decisions—termed "agency"—the power to make others act based on your judgment. The piece contrasts old media (centralized, institution-owned, creators as employees) with new media (decentralized, individual-as-node, creators building direct influence). This transforms media from an institutional asset into personal capital and a tool of power. a16z treats this media capability as core infrastructure, recognizing that the traditional model of "capital → company → market" has flipped. Now, "agency → community → market → capital" is key, as capital alone no longer guarantees action. The article concludes by introducing Internet Capital Markets (ICM) as the next evolution, solving new media's flaw by turning influence and consensus into tradable, ownable capital structures—moving from "right to distribute" to "right to price." The ultimate leverage shifts from code to new media: scalable narrative, judgment, and taste.

marsbit01/23 08:41

What Exactly Is a16z's 'New Media'? New Media Is a Migration of Power

marsbit01/23 08:41

Can Pump.fun Crack the Creator Token Conundrum by 2026?

Based on Delphi's upcoming 2026 applications report, this analysis examines Pump.fun, a leading meme coin launchpad, and its challenges in realizing its vision for creator tokens. While Pump.fun dominates the launchpad space, its core challenge remains unresolved: creating a sustainable economic model for creator tokens. Most creator tokens fail to retain value, as the token itself becomes part of the product with unclear utility for holders. The notable exception was the viral @onlybagwork phenomenon, which demonstrated the potential of the model by generating over 2300 SOL in fees for its creators without them selling their holdings. However, such success has proven fleeting, and no subsequent creator token has achieved similar organic momentum or valuation. The platform's shift to using 100% of net revenue for $PUMP token buybacks has fueled a significant price increase, giving it a lower market-cap-to-revenue ratio than major competitors like Hyperliquid. Despite a sharp decline in daily launchpad revenue from its peak, Pump.fun maintains a structural advantage and dominant market share. Looking ahead to 2026, key questions remain: Can Pump.fun design a sustainable incentive structure for creator tokens? How will it manage upcoming token unlocks? The report suggests the team may need to focus its strategy, which currently spans streaming, Initial Community Offerings (ICM), and mobile. Potential strategic directions include expanding into iGaming—a natural fit for its user base—or further developing its mobile application to reach a broader, more mainstream audience. Success in any of these key areas could significantly shift market sentiment and help the platform attract non-crypto-native users.

比推12/17 13:58

Can Pump.fun Crack the Creator Token Conundrum by 2026?

比推12/17 13:58

Next Year, Can Pump.fun Tell a New Story?

Pump.fun remains a dominant meme coin launchpad, yet faces challenges in realizing its broader vision. While its core business is resilient, generating significant daily revenue even in a bear market, its foray into creator-driven tokens via streaming has largely struggled. The isolated success of @onlybagwork demonstrated potential—achieving viral events and substantial creator fees without token sales—but no subsequent creator tokens have sustained similar momentum. Most trend toward zero due to unclear value propositions and reputational risks for creators. Key issues for 2026 include designing sustainable incentive structures for creators, managing token unlocks, and expanding multi-chain via the Padre acquisition. The platform’s brand aligns with speculation and meme culture, making ventures into areas like ICM (initial community offerings) less natural fits. However, opportunities exist in iGaming or mobile expansion, which could leverage Pump’s user base and drive mainstream adoption. Despite market skepticism around long-term revenue and product execution, Pump’s low valuation multiple and aggressive token buybacks highlight potential upside. Success hinges on focusing its strategy—whether in streaming, gaming, or mobile—to attract non-crypto-native users and creators.

深潮12/17 10:36

Next Year, Can Pump.fun Tell a New Story?

深潮12/17 10:36

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