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。参与者通过在ZKF链上进行转账操作并消耗gas，即可获得空投资格。这一机制确保了Token分配的公平性，因为获得的代币数量将与消耗的gas金额成正比。此外，25%的ZKF代币将在活动结束后空投给为CommunityContributing 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 is a kind ofcryptocurrencyexchangeThe method of token issuance. In IEO,exchangeWill conduct due diligence for token projects and provide a venue for token sales on its platform. Investors need to register an account on the exchange and purchase new tokens through the platform. IEOs are often considered more attractive than ICOsSafety, 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’s Fair Launch demonstrates its fairness in the token issuance mechanism. The key is that this mechanism has no restrictions on the identity of the participants: whether they are large institutions or individual retail investors, as long as they perform corresponding operations on the ZKFair chain during the event, they will automatically be eligible for the ZKF airdrop. In addition, there is no whitelist or pre-sale process during the ZKF issuance process, ensuring equal participation opportunities. Of the total 10 billion tokens, in addition to those allocated toCommunityIn addition to the 2.5 billion tokens from contributors, the remaining 7.5 billion tokens are fairly distributed to all event participants through airdrops. The entire release activity is divided into four phases, each lasting 12 hours. The project party has set a total GAS consumption limit of 3 million USDC, and an average distribution of 1.875 billion ZKF worth 750,000 USDC in each stage. In each stage, if the gas consumption exceeds the predetermined limit of 750,000 USDC, the project team will calculate the number of airdrops the user should receive based on the proportion of the gas consumed by the user in that stage to the total gas consumption in that stage. For the excess gas consumed, the project party promises to return it in proportion after the event.

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Blockchainprojects, thus promoting the popularization and innovation of technology. In the long run, the IGO model can not only bring a broader user base to the project, but also help form a more active and healthyBlockchainecosystem.

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.

On this basis, the emergence of the IGO (Initial Gas Offering) model can be said to be a successful reference to the core concept of the Inscription project. The IGO model emphasizes openness in the early stages of the project and allows a wider range of ordinary investors to participate. This not only enhances the attractiveness and visibility of the project, but also effectively meets the financing needs of the project party and brings benefits to actively participating users. substantial returns. IGO is designed for flexibility and universal applicability, enabling it to be used in a wide range of first-tier (L1) and second-tier (L2) Blockchain network.

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 is the first Ethereum second-layer module blockchain to be launched fairly using the IGO model. When iZUMi cooperates with ZKFair, it values the team’s long-term accumulated technical strength and even more respect.Community, user-friendly low valuation, transparent and fair innovative token distribution model. As the earliest ecological supporter of multi-chain protocols and ZKFair, iZUMi expects more public chain partners to learn from ZKFair’s successful experience and achieve success. iZUMi also launched iZUMi Layer2 Fund in 2023 to provide sufficient on-chain liquidity for cooperative public chains on Day1. "

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 NavigationUse the IGO method to define this new token issuance method. From this project we sawweb3Innovation can come from self-drive and from innovation at the bottom of the community. This reminds me of the term "self-finance". In the case of ZKFair, we see not only a breakthrough in business models, but also a strong focus on de-financialization. The IGO model allows us to see a new way of starting projects and downplays the financial attributes. Just like when you go shopping in a supermarket, you consume and get basic services, and then the supermarket gives you points. For the cold start of the project, this not only attracts users, but also solves the problem of early start-up funds for the project. Of course, the current economic model of ZKFair still needs to be improved, but I am very optimistic about the self-iteration ability of the ZKFair team, especially its ability to quickly adjust to adapt to market changes when problems are encountered during the project startup process. "

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Safetysex. "

The article comes from the Internet:IGO born from ZKFair: a revolution in fair launch

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