IGO born from ZKFair: a revolution in fair launch
ZKF Fair Launch
In the current Ethereum ecosystem, zk-rollup technology is widely recognized by the industry for its significant advantages in network expansion and transaction cost reduction. This technology greatly improves the throughput of the network by packaging a large number of transactions and processing them off-chain, while reducing user transaction fees, makingBlockchainThe application of technology has become more practical and economical.
In this context, the first EVM-compatible Layer 2 (Layer 2) developed based on Polygon's CDK and Celestia databaseL2) platform - ZKFair, launched a 48-hour Fair Launch event on Christmas Eve 2023. The purpose of the event is to launch its newTokenZKF. ZKFair plans to issue a total of 10 billion ZKFToken. Participants can obtain air investment qualifications by performing transfer operations on the ZKF chain and consuming gas. This mechanism ensures fairness in token distribution, as the number of tokens obtained will be proportional to the amount of gas consumed. In addition, 25% ZKF tokens will be airdropped toCommunityContributing members, and the remaining 75% will be distributed fairly to the participants of this Fair Launch.
Token issuance model
1. Traditional Token Issuance
The traditional token issuance method usually refers to the project party issuing tokens directly to investors through private sales, pre-mining or public sales. This approach may not have clear specifications and processes, and lackexchangeor participation in other third-party platforms. It may include early-stage private investment rounds, distribution of tokens to early backers, development teams or consultants, etc. The transparency of this issuance method andSafetyThe performance may be low because it is completely controlled by the project side.
2. ICO (Initial coin offering)
An ICO is an early form of token sale, similar to an initial public offering (IPO) in traditional finance. In an ICO, a project sells newly created tokens to the public, usually to raise funds for the development and operation of the project. Investors usually purchase tokens with the expectation that the tokens will increase in value in the market in the future. ICO led the bull market from 2017 to 2018, but its reputation has been damaged due to regulatory issues and fraudulent behavior by some project parties, and it is now rarely used.
3. IEO (Initial Exchange Offering)
IEO是一种通过加密货币交易所进行的代币发行方式。在IEO中，交易所会为代币项目进行尽职调查，并在其平台上为代币销售提供场所。投资者需要在该交易所注册账户并通过该平台购买新代币。IEO通常被认为比ICO更Safety, because exchange participation provides investors with a level of trust and verification.
4. IDO (Initial DEX Offering)
IDO is conducted on a decentralized exchange (DEX). It does not rely on traditional centralized exchanges, but directly through intelligentcontractIssue and sell tokens on DEX. The advantages of IDO include greater transparency and lower barriers to participation, making it a fairer and more consistentweb3Industry-specific issuance methods. IDO helps projects quickly obtain liquidity because tokens can be traded on DEX immediately upon issuance. However, in actual applications, IDO is mostly used as an auxiliary issuance means, and its proportion in the total issuance is not high.
IGO (Initial Gas Offering)
This ZKFair Fair Launch can be considered a revolution in token distribution. His form does not fit any previous mold. Participants receive token airdrops in proportion to the gas burned through their on-chain transfer behavior; the issuer uses the gas paid by participants as the income of this token issuance. This is innovative in terms of airdrop rules and financing forms. After internal discussions, Bitrise Capital believes that this new form of token issuance can be called IGO (Initial Gas Offering), and the biggest features of IGO can be summarized as the following two points:
1. Issuance standards
ZKFair的Fair Launch展现了其在代币发行机制中的公平性。关键在于，该机制对参与者的身份没有限制：无论是大型机构还是个体散户，只要他们在活动期间在ZKFair链上执行了相应操作，便自动获得了ZKF空投的资格。此外，ZKF的发行过程中没有设立白名单或预售环节，确保了平等的参与机会。在总计100亿枚代币中，除了分配给社区贡献者的25亿枚外，其余的75亿枚代币均通过空投方式公平地分配给所有活动参与者。整个发行活动被划分为四个阶段，每个阶段持续12小时。项目方设定了总计300万USDC的GAS消耗上限，以及每个阶段平均分配价值75万USDC的18.75亿枚ZKF。在每个阶段中，如果gas消耗超过了75万USDC的预定额度，项目方将按照用户在该阶段内消耗gas占该阶段总gas消耗的比例来计算其应获得的空投数量。对于多消耗的gas部分，项目方承诺在活动结束后按比例进行返还。
For example, if a total of 1 million USDC gas is consumed in the first phase, user A who consumed 10,000 USDC will receive an airdrop of approximately 18.75 million ZKF after the event ends, and 2,500 USDC will also be returned. This mechanism ensures that ordinary participants will not lose their participation opportunities due to fierce competition from big-fund players. At the same time, by returning excess gas costs proportionally, this mechanism also solves the problem of unnecessary burning of gas costs in previous airdrop activities. Such rule design not only reflects careful consideration in fair issuance, but also demonstrates ZKFair's commitment to fairness in action.
2. Nature of issuance
Under the Initial Gas Offering (IGO) framework, the roles and motivations of participants are significantly different from the traditional token issuance model. This new issuance mechanism is not based on direct financial investment, but on active participation and contribution to the ecosystem. In this framework, participants obtain air investment qualifications through interaction and transaction activities on the ZKFair chain, which includes using various applications on the chain and thus consuming gas. This type of participation is closer to consumption behavior, where users actively participate by using services and applications in the ecosystem, and in return, they receive token airdrops as additional rewards.
This model can be compared to traditional business promotions. For example, in a shopping mall's anniversary event, consumers can receive additional gifts after spending a certain amount in the shopping mall. Here, the mall (i.e., the ZKFair ecosystem) provides a variety of goods and services for consumers to choose from, and the gifts are equivalent to the token airdrops that users receive by participating in ecosystem activities. This model not only encourages users to participate more deeply in the ecosystem, but may also reduce the legal risks associated with traditional token issuance to a certain extent, as it places more emphasis on participation and consumption rather than direct financial investment.
In addition, this design of IGO mode also reflectsBlockchain技术和加密货币领域对用户参与的重视，强调了建立一个更加包容和动态的生态系统。这种模式鼓励用户通过实际使用应用和服务来体验和支持Blockchain项目，从而促进了技术的普及和创新。长远来看，IGO模式不仅可以为项目带来更广泛的用户基础，还有助于形成一个更加活跃和健康的区块链生态系统。
Market prospects of IGO
The Mint project has played a vital role in the current bull market. Its success lies not only in effectively solving the asset issuance problem in the BTC ecosystem, but also in that the "fair mint" principle it adopts has become a key narrative for the project's success. The core of this principle is to create a fair and open market environment driven by a wide range of retail investors, ensuring that everyone has the opportunity to participate. The openness and inclusiveness of this market environment is one of the main reasons why the market gives high recognition to the inscription project.
在此基础上，IGO（Initial Gas Offering）模式的出现，可谓是对铭文项目核心理念的一次成功借鉴。IGO模式强调在项目早期阶段的开放性，允许更广泛的普通投资者参与其中，这不仅提升了项目的吸引力和可见度，还有效满足了项目方的融资需求，并为积极参与的用户带来了实质性的回报。IGO的设计兼顾了灵活性和普遍适用性，使其能够广泛应用于多种第一层（L1）和第二层（L2）区块链网络。
Both the Inscription project and the IGO model reflect the current high emphasis on innovation and fairness in the cryptocurrency market. They not only provide new opportunities for participants, but also promote the healthy development of the entire blockchain ecosystem. With the application and development of these models, we have reason to believe that they will continue to have a profound impact in the field of cryptocurrency, stimulate market vitality, and promote the attention and activity of more public chains. Just like the Inscription project has brought major breakthroughs to the BTC ecosystem, the IGO model is also expected to trigger a series of new innovations and active trends in the cryptocurrency field.
Industry evaluation
iZUMI Jimmy：
“ZKFair是第一条采用IGO模式公平发射的以太坊二层模块区块链，iZUMi与ZKFair合作，看重的是团队长期积累的技术实力，更看重的尊重社区、用户友好的低估值、透明公平的创新代币分发模式。作为多链协议和ZKFair最早期的生态支持者，iZUMi期待更多公链合作伙伴可以借鉴ZKFair的成功经验取得成功。iZUMi在2023年也推出了iZUMi Layer2 Fund，为合作公链在Day1提供充足的链上流动性。”
Bitrise Capital Kevin:
"ZKFair is a very successful and high-profile project case recently. I think its case can be called a textbook level. I find this is an innovation and try toXiaobai Navigation用IGO的方式来定义这种新的代币发行方式。从这个项目中，我们看到了web3的创新可以来自自驱动、来自社区底层创新。这让我想起了一个术语“自金融”。在ZKFair的案例中，我们看到不仅仅在商业模式方面有所突破，而且非常注重去金融化。IGO的模式让我们看到了一种新的项目启动方式，并淡化了金融的属性。就像你去超市购物，你消费了并获得了基本的服务，然后超市又赠送了你积分。对于项目的冷启动来说，这不仅吸引了用户，还解决了项目早期启动资金的问题。当然，目前ZKFair的经济模型还有待提升，但我对ZKFair团队的自我迭代能力非常看好，尤其是在项目启动过程中遇到问题时能够快速调整，以适应市场的变化。”
Lumoz Alvaro:
“Lumoz is committed to developing and promoting advanced applications of blockchain technology. The project we are collaborating on, ZKFair, is a Layer-2 solution based on ZK-Rollup technology, which integrates Polygon’s Co-Development Kit (CDK) and Celestia’s Data Availability Layer (DA), designed to improve transaction processing efficiency and maintain full compatibility with the Ethereum Virtual Machine (EVM). ZKFair chose the USDC stablecoin as a means of payment for transaction fees to reduce network congestion and increase transaction speed. In addition, ZKFair's architectural design supports a decentralized prover network, which reflects our commitment to network autonomy and sustainable development. This decentralized network structure is designed to increase network participation and achieve greater success through a community governance model. Transparent and fair operations.
Fair-L2 LaunchBase的推出标志着Lumoz在支持新兴ZK-L2项目上迈出的坚实步伐。此平台旨在为后续新项目提供关键的技术支持，促进其顺利上线。与Polygon的合作也利用了ZK-Rollup的优势，以提高交易效率和网络安全性。”
The article comes from the Internet:IGO born from ZKFair: a revolution in fair launch
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