Coinbase has completed the acquisition of Echo and has announced the upcoming token offering. Today, it was officially announced @monad

1. FDV is 2.5 billion, with a total allocation of 7.5% of tokens. This slightly differs from the previous speculation of a 3 billion FDV with a 10% token allocation, but it's very close.

2. Once again, this is a renaissance of ICOs. The valuation and proportions may seem exaggerated, but considering the weighted token structure, it's a different story.

TGE 3% airdrop, and 7.5% allocated based on a 2.5 billion FDV. The weighted average token cost is approximately 1.78 billion. A major issue with large-scale airdrops in the past was excessive dilution of the average cost.

High weighted average token costs and large fundraising ICO models were common in 2017. Two typical projects in this cycle are @soon_svm and @Pumpfun. Their secondary market performance has been quite good in hindsight.

3. The token offering is undoubtedly going to happen, and it will be aggressively pushed.

An interesting point is that during rumors of a 3 billion offering, @E0's pre-market FDV was roughly stable at @E0. As the official announcement approached, the valuation likely spread widely, pushing it up to $7 billion. However, after the official announcement, it fell back to $5 billion. The market pricing has always been around 2x the ICO valuation. So, the general expectation is that the offering could yield about 1x profit.

Considering the market sentiment after opening, profits might slightly decrease, but it's still worth going all-in because of the large capacity—single orders could be 100,000 tokens or even more.

4. Another key point is【should we hedge?】

Personally, I think it's very risky. Currently, BN+OK pre-market contract holdings are only about 5 million. If 20% of ICO participants hedge, that would amount to 20 million, and with 1-2 weeks until TGE, there's a lot of room for manipulation.

If you must hedge, it's best to wait until close to TGE when the contract depth is sufficient.