代币销售强势回归。 发行代币一直是加密生态的核心组成部分。它带来了令人惊叹的创新与产品迭代。 但它同样也造成了严重问题——不公平的准入、最大化的价值攫取，以及激励错配——这些都会伤害用户并阻碍加密行业发展。尽管已经出现了一些不错的改进（例如 Echo / Sonar），更广泛生态中的劣质代币发行仍然不幸地很常见。 我们的团队花了很长时间研究代币发行中的所有问题，并设计出一种新的模型，力求逐一修复这些痛点。Coinbase 上的代币销售旨在让用户能够更早接触他们喜爱的项目，并通过我们的配售算法奖励真正的、长期的忠实用户。我们的系统也会惩罚诸如短线倒卖（flipping）之类的行为，力图在项目方与其社区之间实现激励对齐。 我也很高兴地宣布：自 2018 年以来，美国的散户用户现在将首次能够广泛参与。我们认为这是美国加密经济的一次重大胜利，也是加密监管取得积极进展的强烈信号。 发行代币是一个重要时刻，把事情做好对所有人都至关重要：发行方、购买者，以及整个加密行业。现在，终于有一种办法，能让团队把这件事做好了。 Token sales are so back. Launching tokens has always been a core part of the crypto ecosystem. It’s been a source of incredible innovation and product development. But it’s also caused serious problems - unfair access, max extraction, and misaligned incentives - all of which harm consumers and prevent crypto from growing. There have been some solid improvements (e.g. Echo/Sonar), but bad token launches in the broader ecosystem are still unfortunately common. Our team spent a long time studying all of the things wrong with token launches, and designed a new model to try to fix all of those things. Token sales on Coinbase are designed to give users early access to their favorite projects, and reward real, loyal users through our allocation algorithm. Our systems also penalize behavior like flipping, aiming to align incentives between projects and their community. I’m also happy to say that retail users in the United States will now be able to widely participate for the first time since 2018. We see this as a big win for the crypto-economy in the US, and a strong signal of the positive regulatory progress for crypto. Launching a token is a big moment, and doing it right matters for everyone: the issuer, the buyers, and all of crypto. It’s about time teams have a way to do it right.
观点原文
代币销售强势回归。
发行代币一直是加密生态的核心组成部分。它带来了令人惊叹的创新与产品迭代。
但它同样也造成了严重问题——不公平的准入、最大化的价值攫取，以及激励错配——这些都会伤害用户并阻碍加密行业发展。尽管已经出现了一些不错的改进（例如 Echo / Sonar），更广泛生态中的劣质代币发行仍然不幸地很常见。
我们的团队花了很长时间研究代币发行中的所有问题，并设计出一种新的模型，力求逐一修复这些痛点。Coinbase 上的代币销售旨在让用户能够更早接触他们喜爱的项目，并通过我们的配售算法奖励真正的、长期的忠实用户。我们的系统也会惩罚诸如短线倒卖（flipping）之类的行为，力图在项目方与其社区之间实现激励对齐。
我也很高兴地宣布：自 2018 年以来，美国的散户用户现在将首次能够广泛参与。我们认为这是美国加密经济的一次重大胜利，也是加密监管取得积极进展的强烈信号。
发行代币是一个重要时刻，把事情做好对所有人都至关重要：发行方、购买者，以及整个加密行业。现在，终于有一种办法，能让团队把这件事做好了。
Token sales are so back.
Launching tokens has always been a core part of the crypto ecosystem. It’s been a source of incredible innovation and product development.
But it’s also caused serious problems - unfair access, max extraction, and misaligned incentives - all of which harm consumers and prevent crypto from growing. There have been some solid improvements (e.g. Echo/Sonar), but bad token launches in the broader ecosystem are still unfortunately common.
Our team spent a long time studying all of the things wrong with token launches, and designed a new model to try to fix all of those things. Token sales on Coinbase are designed to give users early access to their favorite projects, and reward real, loyal users through our allocation algorithm. Our systems also penalize behavior like flipping, aiming to align incentives between projects and their community.
I’m also happy to say that retail users in the United States will now be able to widely participate for the first time since 2018. We see this as a big win for the crypto-economy in the US, and a strong signal of the positive regulatory progress for crypto.
Launching a token is a big moment, and doing it right matters for everyone: the issuer, the buyers, and all of crypto. It’s about time teams have a way to do it right.
相关观点
- 我们需要让私营公司的资本形成变得容易得多。 目前，部分大型私营公司需求极其旺盛，这其实正好说明了监管趋严带来的一个意外后果：现在的制度反而激励公司长期保持私有化状态。 公司在私有阶段停留多年，大部分收益都被私募资本和信贷投资者获取；等到真正上市时，股价表现往往并不理想。原因在于：在公司生命周期早期，并不存在一个具备流动性的市场来为其进行合理定价。 最终，公司将能够完全在链上上市（onchain IPO），这将大幅降低成本、减少摩擦、并显著扩大参与范围。希望这一切很快就能实现。 We need to make capital formation way easier for private companies. There's such high demand for some of the large private companies, it's actually a good example of the unintended consequences of higher regulation. Right now, companies are incentivized to stay public for too long. Companies stay private for years, and all the money is made by private/credit investors. When they go public, price performance often isn't great. There's no liquid market setting proper valuations early in the lifecycle. Eventually, you'll be able to go public entirely onchain, which will dramatically lower costs, reduce friction and increase access. Hopefully very soon!Brian Armstrong · 2026/01/26
- 中本聪曾有一句广为流传的话：“如果你不相信我，或者你无法理解，那我也没时间去说服你，抱歉。” 但不知为何，我有时还是会忍不住去试图说服别人🙂 加密正在重塑整个金融体系，而真正的怀疑者已经越来越少了——不过，确实仍然还有少数“坚守者”存在。 只要这是实现变革所必需的，我们就应该尽可能把它解释清楚。 Satoshi famously said “If you don't believe me or don't get it, I don't have time to try to convince you, sorry.” Yet somehow I do find myself trying to convince people at times :) Crypto is disrupting the financial system, and it's getting more rare to find true skeptics out there. But a few holdouts do still exist. We should explain it as much as is necessary to make it happen.Brian Armstrong · 2026/01/25
- 大多数人通常不会去追求自己最雄心勃勃的想法。但恰恰是这些想法，才能创造出最大的价值。而且，在那个层级上竞争的人也更少。 去做那件最难的事。 People generally don't go after their most ambitious ideas. But that's what creates the most value. Plus there's fewer people who play in that space. Go for the hard thing.Brian Armstrong · 2026/01/11
- 在某个时刻，你会突然产生一种冲动，想要随性地写点代码、做一个 App。这时非常重要的一点是：你一定要听从这种冲动，直接开始动手。 At some point you will get an urge to vibe code an app. It’s very important that you listen to that urge and just get started.Brian Armstrong · 2026/01/07