Dilemma and Dawn: Exploring the Path to Value Restoration in the Crypto Industry through "CZ's Crazy Idea of Token Issuance"
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Dilemma and Dawn: Exploring the Path to Value Restoration in the Crypto Industry through "CZ's Crazy Idea of Token Issuance"
Regardless of whether CZ's proposal can truly be adopted by the industry or may face various challenges during initial implementation, it must be said that it serves as a beneficial guide for the industry's development path.
Navigating Web3 tides with focused insightsAuthor: Haotian
Following CZ's line of thinking, we can see that this idea essentially aims to strike a balance between solving the problem of "projects issuing tokens recklessly" and achieving "sustainable development." However, there remain considerable opportunities for exploitation. Below are several additional optimization suggestions:
1) A small initial unlock amount (e.g., 10%) does reduce early investors' risks, but it could also allow small sums of capital to manipulate the market, thereby increasing volatility in the token’s price during its early stages. This may even encourage shell projects designed solely to exploit the 10% unlock mechanism for speculative gains.
It is recommended to increase the initial unlock percentage (perhaps to 20%-30%?) and, more importantly, to set a minimum market cap requirement to prevent immediate market cap inflation and unfair distribution. Crucially, early-stage VC backers, supply chain partners, exchanges, and other stakeholders should publicly endorse the project by transparently disclosing information on team background, code quality, business logic, and token distribution.
2) If unlocking is based solely on maintaining a certain price level, it could lead to collusion between the founding team and large holders (whales), directly linking token unlocks with price manipulation—ultimately failing to protect the broader investor base.
It is suggested to extend the observation period (e.g., 90 days). Most importantly, before any unlock occurs, a comprehensive and transparent "data report" should be published, including metrics such as trading volume, number of token-holding addresses, price volatility, and records of large transactions, ensuring that supply increases align healthily with genuine price growth.
3) Simply tying supply to price fails to reflect a project's real value. For instance, most meme coins lack intrinsic value. If projects only need to maintain a high price, the industry loses the possibility of aligning true value creation with pricing, further weakening the credibility of technological narratives within the space.
Therefore, the data report should incorporate additional value-based dimensions such as DAU (daily active users), TVL (total value locked), developer activity, community growth, technical implementation progress, number of ecosystem partners, and project revenue—multiple indicators that genuinely reflect value creation.
4) The current困境 (predicament) in tokenomics stems from the imbalance between price and value, but the core issue lies in the lack of an effective "elimination and clearance mechanism." This absence has led to a surge of fundraising scams, turning project creation into an assembly-line process—when one fails, simply repackage and relaunch another.
This behavior—launching low-quality projects devoid of basic regulatory or ethical constraints—must be countered with structured mechanisms. For example, projects could be required to stake a portion of USDT in their smart contract; if they fail to meet sustained growth conditions within one year, the industry could initiate liquidation and accountability procedures. Regular community votes should also be held to provide developmental guidance and impose constraints on projects—such as voting to adjust unlock schedules or team allocation ratios.
Regardless of whether CZ's proposal will be widely adopted by the industry or face various challenges during early implementation, it undeniably represents a constructive step toward guiding the industry’s evolution. This exploration—starting from tokenomics design to address fundamental flaws in existing token economic models—evokes memories of the early pioneers who tirelessly advocated for BTC. Their spirit remains admirable and worthy of respect!
Mountains stand firm, enduring through time. As the industry now faces numerous contradictions and difficulties, we need exactly these kinds of whistleblowers and trailblazers.
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Haotian | CryptoInsight
