大家好我是币研选区块链—币诸葛，为大家深入讲解一下一二级市场的概况。
目前，加密市场与传统股票市场有许多相似之处。它们都是由一级市场和二级市场组成的。在一级市场上，股票市场具有IPO(首次公开募股）流程，而币圈具有ICO（首次代币发行）。在二级市场上，股票市场具有以订单为导向的证券交易所。同样，币圈市场包括加密交易所。
股市拥有以报价为驱动的离岸场外交易（OTC）机制。加密市场也是如此。此外，加密市场正在不断创新和更新金融产品的类型，例如衍生产品和固定收益产品。以金融产品的形式出现了抵押，带息抵押和比特币合约交易。
本文试图梳理和总结加密货币主要市场的特征和情况，为相关从业者和加密货币爱好者提供参考。
一级市场|发行机制
可以通过以下方式定义加密货币的主要市场：
发行人首次向投资者发行新的加密资产，而投资者直接从首次发行中购买资产的地方或场合。
但是，有些文章的声明过于简单，因为代币的ICO与股票的IPO相比是粗略的。他们将加密货币的主要市场定义为ICO，但这是有偏见的。股票发行过程中没有矿工，因此矿工无需保证任何成功的股票发行。对于加密货币，必须在某个特定点精确启动此过程。任何令牌的分发机制都会确定令牌的基础。因此，在进入ICO流程之前，采矿也应被视为主要市场投资的行为。
随着加密产业的发展，过去十年来，一级市场的发行机制发生了巨大的变化，引入的发行人和投资者之间的交易更加公平。截至目前（2021年10月），我们可以将一级市场的资产发行机制分为七个类别，并且可以按时间序列出现的顺序来展开以下类型：
With the development of the encryption industry, the distribution mechanisms of the first market have changed dramatically over the past decade, introducing fairer transactions between issuers and investors. As of now (October 2021), we can divide asset distribution mechanisms in the first market into seven categories, and the following types can be developed in chronological order:
Pow（Pos）挖矿：通过投资实物虚拟资产资源进行原始资产挖矿；
Pow (Pos) mining: original asset mining through investment in physical virtual asset resources;
分叉：基于原有网络分叉一个新资产发行;
Fork: a new asset issue based on the original network fork;
非公开DLT：基于分布式分类帐技术的非公开发行；
Non-public DLT: non-public distribution based on distributed ledger technology;
ico：首次代币发行；
Co: First currency issuance;
STO：确保一致性的令牌发行；
STO: Distribution of medals to ensure consistency;
改进的ICO：基于ICO的更公平的ICO方法;
Improved ICO: a fairer ICO approach based on ICO;
连续销售：与一次性发行相反的一种销售方式
Continuous sales: a pattern of sales contrary to one-off issuance
阶段1：PoW挖矿
Phase 1: PoW mining
最早的分发机制是PoW挖掘机制。中本聪（Satoshi Nakamoto）计算工作量证明机制（PoW）中的创世块区时 ，它始于比特币。PoW标志着比特币网络和加密货币的正式开始。PoW加密货币分配机制涉及矿工分配其资源（时间，设备和能源）以解决计算问题。
The first distribution mechanism was the PoW Excavation Mechanism. It started in Bitcoin when Satoshi Nakamoto calculated the creation zone in the PoW. PoW marked the official start of the Bitcoin network and encrypted currency. The PoW Encrypted Money Allocation Mechanism involves miners allocating their resources (time, equipment and energy) to solve computational problems.
故事开始于矿工在网络上投资物理资源（矿机或图形卡）并尝试开采区块。由于他们投入了大量物质资源来交换比特币，这意味着他们正在一级市场上购买加密资产。
The story begins with miners investing physical resources (mine machines or graphic cards) on the Internet and trying to exploit blocks. Because they invest a lot of material resources in exchange for bitcoin, this means that they are buying encrypted assets on the first level of the market.
此外，开发人员可以在加密资产正式流通之前对加密资产进行“预挖矿”操作。在这种情况下，加密货币发行会在其ICO之前关闭，这可以被认为是一种不公平的资产分配。
In addition, developers can “pre-mining” encrypted assets prior to their official circulation. In such cases, the release of encrypted money closes before its ICO, which can be considered an unfair distribution of assets.
阶段2：分叉
Phase 2: Forks
由于加密货币具有开源结构，因此当加密货币开始运行时，任何人都可以更改代码库。
Since the encrypted currency has an open source structure, any person can change the code library when the encrypted currency becomes operational.
从而，矿工可以开始新的区块开采。矿工可以通过分叉原始加密货币来创建和发行新型加密货币。（注意：这里的分叉不仅是硬分叉，而且是基于原始代码改进的独立网络。通常，在硬分叉的情况下，为了鼓励矿工将资源切换到硬分叉，矿工会持有原始分叉加密货币分配了相同数量的硬叉硬币。）原始代码一旦得到改进，就会出现新的资产。如果矿工在这种情况下想要在一级市场上购买分叉的加密货币，他们可以将诸如采矿设备之类的物理资源分配给分叉网络。
The miners can then start new block mining. The miners can create and distribute new encrypted currencies by split-fork primary encrypted currency. (Note: The fork here is not just a hard fork, but an independent network based on improved original codes.) Usually, in the case of hard fork, in order to encourage miners to switch resources to hard fork, the unions hold the original fork encrypted currency and allocate the same amount of hard fork coins.) When the original code is improved, new assets emerge. If miners in this case want to buy secret currency for splits in the first-level market, they can allocate physical resources, such as mining equipment, to the fork network.
打开UC浏览器 查看更多精彩图片
Open the U.C. Browser to see more wonderful pictures.
基于改进的比特币网络和资产分叉图
Improved Bitcoin network and asset fork maps
以下每个缩进都代表一个基于分叉的原始网络，包括FOF（分叉）
Each of the following indents represents an original network based on the fork, including the FOF (fork)
比特币的叉子清单：莱特币（LTC）狗狗币（DOGE）比特币现金（BCH）比特币黄金（BTG）Zcash（ZEC）等...
Bitcoin's fork list: "Letcoin" (DOGE) Bitcoin cash (BCH)bitcoin gold (BTG) Zcash (ZEC) etc....
阶段3：非公开DLT（私募）
Phase 3: Private DLT
在智能合约开发平台诞生之后，公司开始尝试将区块链数据结构用于自己的业务运营。
After the launch of the Smart Contract Development Platform, the company began to try to use block chain data structures for its own business operations.
例如，传统银行使用分布式账本技术（DLT），该技术将其他银行作为节点集成到银行联盟中，从而实现跨境资金汇款。
For example, traditional banks use distributed bookbook technology (DLT), which integrates other banks as nodes into banking unions, thus enabling cross-border financial remittances.
在这种情况下，DLT是在封闭的网络中建立的。它仅包括几个财团成员作为节点，并且导航访问非常有限。因此，不会向公众投资者提供DLT代币。相反，它保留在这些企业建立的联盟网络上（即联盟链）。
In this case, the DLT was created in a closed network. It included only a few consortium members as nodes, and navigational access was very limited. Therefore, DLT tokens would not be available to public investors. Rather, it would remain on the network of alliances (i.e. the chain of alliances) established by these enterprises.
在联盟链的场景中，投资者既是代币发行者又是代币持有者。资产的发行和分配是财团成员之间或组织内部进行私下谈判的结果。
In the context of the chain of alliances, investors are both issuers and holders of tokens. The issuance and distribution of assets are the result of private negotiations between or within consortium members.
4. ICO：首次代币发行
4. ICO: First currency issue
PoW挖矿和Forks分叉发行机制通常使早期开发者获得了超额回报，这对后加入的投资者来说并不公平。随着以太坊智能合约的诞生，通过智能合约发行ERC20 Token并销售的ICO模式开始以难以置信的速度与规模持续扩张。
PoW digs and Forks split-off mechanisms usually yield excess returns to early developers, which are not fair to latercomers. With the advent of the Etherno Smart Contract, the ICO model that distributes and sells ERC20 Token through smart contracts began to expand at incredible speed and scale.
从表面上看，ICO貌似比PoW挖矿和Forks分叉这两种发行机制更加合理。发行者通过智能合约平台发行代币，并将其提供给潜在投资者，由投资者自行评估该代币的经济模型并决定是否购买代币。
On the face of it, ICO appears to be more reasonable than the PoW mining and Forks split-fork distribution mechanisms. Issuers issue tokens through smart contract platforms and make them available to potential investors, who themselves evaluate the economic model of the coin and decide whether to purchase it.
不幸的是，通常ICO（Initial Coin Offering）为投资者提供了有限的议价机会，从本质上讲，ICO是首次代币发行，发行人将数字资产出售给一级市场投资者以换取主流加密货币，并且无需任何形式的价格谈判。此时发行人通常会高估项目，这使得ICO的效果并不一定理想
Unfortunately, often the ICO provides investors with limited bargaining opportunities. In essence, the ICO is the first currency to be issued, and the issuer sells digital assets to first-level market investors in exchange for mainstream encrypted money, without any form of price negotiation. At this point, the issuer usually overestimates the project, which makes the ICO’s effectiveness not necessarily ideal.
最常见的ICO有三种方式：
The most common ICO in 一、上限销售(Capped sale) 上限销售指的是发行具有上限或即将达到上限的的代币。换句话说，在上限销售过程中发行人只会发行有限数量的代币。 The cap sales refer to the issuance of a currency with a cap or nearing the cap. In other words, the issuer will only issue a limited number of coins during the cap sales process. 带有Cap（顶，即上限）的ICO可以使参与者清楚地评估网络价值，但是将软顶（Soft Cap）与硬顶（Hard Cap）结合在一起则会增加资产评估的复杂性。Soft Cap代表成功出售所需筹集的最小金额，而Hard Cap则代表最大金额。如果一个项目既有Soft Cap又有Hard Cap，那么这一系列筹款金额的不确定性给网络估值带来了很大的难度。 An ICO with Cap (top, or ceiling) allows participants to clearly assess network values, but combining Soft Cap with Hard Cap increases the complexity of asset assessment. Soft Cap represents the minimum amount of money needed to sell successfully, while Hard Cap represents the maximum. 例如：本次发售代币占比=20%，软顶=1美元，硬顶=500万美元。则该网络的最小价值为1美元 / 20%=5美元，最大价值为 500万 / 20%=2500万美元。该网络最终估值在5美元~2500万美元范围之间，这是一个巨大的价差，它使得最终的估值结果近乎无意义。 For example, the sales ratio = 20%, the soft cap = US$ 1 and the hard top = US$ 5 million. The minimum value of the network is US$ 1 / 20% = US$ 5 and the maximum value is US$ 5 / 20% = US$ 25 million. The final valuation of the network is between US$ 5 and US$ 25 million, a huge price difference that makes the final valuation almost meaningless. 此外，即使通过提高软顶或降低硬顶来缩小价差范围，那么没有卖掉的代币可能会产生以下三种结果，这些结果依然会大大改变对该网络的估值： In addition, even by reducing the range of price differentials by raising the soft or hard ceilings, unsold tokens may produce three outcomes that will significantly change the valuation of the network: 这种现象在2017年和2018年普遍存在，上限销售使得代币发行人收益更多，而不是那些经常忘记考虑代币基本面的一级市场投资者。 This phenomenon was prevalent in 2017 and 2018, with cap sales making the issuers more profitable than first-level market investors who often forget to consider the basics of the currency. 二、无限销售(Uncapped sale) II Unappated Sale 与给代币发行设定上限相比，无限销售（Uncapped sale）意味着发行人可以无限量供应代币，并且不设置代币销售上限。 Unlimited sales, as opposed to caps set for the issuance of tokens, mean that the issuer can supply the tokens in unlimited quantities and does not impose a cap on the sale of the tokens. 这种ICO方式没有明确说明资产的价值，但可以向参与者保证一定出售。此时投资者只知道代币的价格，而不知道网络的估值，也不知道发行人希望筹集的最大资金额。 This ICO approach does not clearly state the value of the asset, but it can assure participants that it will be sold. At this point, investors know only the price of the token, not the value of the network or the maximum amount of money the issuer wishes to raise. 无上限销售的ICO方式对投资者来说是危险的游戏，但对发行人而言却是赚钱的机器。 The 三、荷兰拍卖(Dutch auctions) 通常荷兰拍卖也称为反向拍卖，它是随着时间增大而资产价格反而降低的ICO方式，与拍卖相似，资产的价格会持续下降直到有买方同意购买该代币。 Often Dutch auctions are also referred to as reverse auctions, which are the ICO mode of lowering asset prices over time, and similar to auctions, the price of assets continues to decline until a buyer agrees to purchase the coin. 这种ICO方式为那些想要出价超越其他出价者来获得代币的购买者之间创造了竞争环境。另一方面，发行人是定义拍卖价格曲线的人，在没有市场反馈的情况下，如果有FOMO（Fear of Missing Out）出现在投资者中，可能导致价格被高估。此外，荷兰拍卖未售出的代币依旧存在发行人是否会销毁的问题，发行人既可以保留它们也可以销毁它们。 This ICO approach creates a competitive environment between buyers who want to bid more than other bidders to obtain a token. On the other hand, issuers are those who define the auction price curve, and, without market feedback, the presence of FOMOs in investors may lead to overvalued prices. 以上三种类型的ICO都遵循了“Caveat Emptor”卖家优势原则，这个原则简单来说就是：买主购物时有责任检查所购货物是否有问题，对自己所做的交易决策负责，产品出门概不负责。归纳成六个字就是：买家自求多福。 All three types of ICO are guided by the principle of “Caveat Emptor”
在ICO方式下，投资者几乎没有议价能力；加之对代币的经济模型了解不足，一级市场投资者必须在ICO项目选型过程中投入大量精力。 In the ICO approach, investors have little bargaining power; in addition to a lack of knowledge of the economic model of tokens, first-level market investors must devote considerable effort to the ICO project selection process. 05 STO 在加密货币热潮和各国监管抵制之后，发行人开始探索安全合规的发行方式，即：STO（Security Token Offering） Following the boom in encrypted currency and national regulatory boycotts, the issuer began to explore the way in which security compliance would be issued, i.e., Security Token Offering. 证券型令牌（Security Token ）是受监管金融工具支持的加密资产，也可以称作令牌化证券（Tokenized security），它代表着在某特定司法管辖区发行的证券的债权化。 The Securities Token, an encrypted asset supported by regulated financial instruments, can also be called Tokenized security, which represents the creditorization of securities issued in a particular jurisdiction. 例如，一个令牌化证券，它可以代表公司的股权，债务，不动产，甚至是其他某种加密货币。 For example, a branded security may represent a company's equity, debt, real estate, or even some other cryptographic currency. 当代币（Token）由证券支持时，发行人必须与金融监管机构协调，在受许可的环境中发行和提供代币。与其他任何证券发行一样，令牌化证券的一级市场需要投资者和发行人共同严格遵守与维护。 Token is supported by securities, and the issuer must issue and provide tokens in a licensed environment, in coordination with financial regulators. As with any other issue of securities, the primary market for branded securities requires strict compliance and maintenance by both investors and issuers. STO具有非常严格的前提，发行人必须遵循现有的证券法律框架，持有人通常必须注册为被鉴定合格的投资者才能在一级市场上进行购买。另外，发行人需要确保持有人对所述证券具有直接求偿权。 The STO has a very strict premise that issuers must follow the existing legal framework for securities, and the holder must normally be registered as an accredited investor in order to be able to purchase in a first-tier market. In addition, the issuer needs to ensure that the holder has a direct claim to the securities in question. 例如，如果你要发行一个“稳定币”，并打算用黄金来做资产背书。那么你必须提供一条快速通道，来让投资人可以赎回资产换取黄金，并提供透明的机制来评估代币的储备。 For example, if you want to issue a “stable currency” and intend to use gold as an asset endorsement, then you have to provide a fast track through which investors can redeem their assets for gold and provide transparent mechanisms to assess the reserves of the tokens. 目前，也存在一些以指数或加密货币来做资产背书的令牌化证券。但由于背书的储备资产本身不在现有法律框架管辖之内，以此类资产背书的令牌化证券是否符合证券法尚有待商榷。返回搜狐，查看更多 There are currently some asset endorsements in indexed or encrypted currencies. Since the endorsed reserve assets themselves are not covered by the existing legal framework, it remains to be seen whether the endorsed securities are in compliance with the securities law.
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