#代币分配与空投 Seeing the fundraising case of Octra, I have a few heartfelt words to say. A $200 million valuation, $20 million token sale, with 67% allocated to the community and a promise-based distribution sounding very democratic on the surface, but I’ve seen this routine too many times.

First, ask yourself a few questions: Why did the valuation jump from $40 million in April to $200 million now? A fivefold increase, what’s the reason? Then look at the token unlock—shortly after the sale ends, it’s fully unlocked. That "shortly" is the risk point; a large amount of liquidity being released simultaneously usually means you should be aware of what it implies.

The 67% allocated to the community sounds good, but when broken down: early users, validators, funding, ICO buyers are all mixed together. Large early investors and later retail investors have completely different profit expectations. Plus, the fact that no investor holds more than 3% suggests high token distribution, which can be easily manipulated in low liquidity phases.

My straightforward advice: before participating in this kind of IDO, carefully check the actual circulation plan of the tokens, the historical performance of the core team’s projects, and don’t be fooled by the $200 million valuation. Many projects issuing tokens on platforms acquired by Coinbase have become the last stop for rug pulls. To survive longer, you need to be more pessimistic than expected.