The ICO market makes a strong comeback in 2025: MegaETH, Flying Tulip, and Jupiter get on board.

In 2025, the Initial Coin Offering (ICO) market is making a strong comeback. MegaETH raised $50 million in 5 minutes, Flying Tulip plans to raise $800 million, and the entry of industry giants like Andre Cronje further fuels this trend. Against the backdrop of gradually loosening regulatory environments, will the new generation of ICOs repeat the bubble of 2017? This article will deeply analyze the truth behind the recovery of the ICO market from multiple dimensions, including regulatory changes, institutional dynamics, and risk warnings.

Regulatory Easing: The Institutional Foundation for the Recovery of the ICO Market

Important Changes in the Policy Environment

The U.S. Securities and Exchange Commission (SEC) recently dropped its lawsuit against the Dragonchain ICO, a signal interpreted by the market as a potential shift in regulatory attitude. Meanwhile, the European market is gradually establishing compliant token sale standards under the MiCA (Regulation on Markets in Crypto-Assets) framework, providing institutional participants with clear regulatory guidance.

Compliance Features of the Next Generation ICO

Compared to 2017, the ICO market in 2025 shows a clear trend of regulation and institutionalization:

• Platform Compliance: The US exchange has partnered with Legion to launch token sales that comply with MiCA standards.
• Enhanced Transparency: Project parties pay more attention to information disclosure and legal compliance.
• Institution-led: Traditional financial institutions and crypto-native giants jointly drive market specialization.

Market Dynamics: Huge Financing and Platform Competition

Iconic Project Financing Performance

• MegaETH: Raised $50 million in 5 minutes, valued at $1 billion, recreating the glory days of ICOs.
• Flying Tulip: “DeFi Father” Andre Cronje's new project plans to raise $800 million through its own ICO platform.
• Jupiter: The leading DEX in the Solana ecosystem plans to launch a new ICO platform in November.

Platform Competitive Landscape

Institutional participants are actively laying out the construction of ICO platforms, forming a multi-level competitive landscape:

• CEX & Legion: Focused on the European compliance market
• Cobie's Echo: Launch of the Sonar platform, first project Plasma
• Nomad Capital: BuildPad platform for early-stage projects
• Top CEX in the US: Acquired Echo for $375 million, highlighting strategic importance

Institutional Entry: Paradigm Shift from the Margins to the Mainstream

Cautious Exploration by Traditional Financial Institutions

Traditional financial institutions that were once skeptical of ICOs are now beginning to participate in the market in a more systematic way. This shift is driven both by improved regulatory clarity and by a reassessment of the value of allocating to the blockchain asset class.

Ecological layout of crypto native giants

The deep involvement of industry opinion leaders such as Andre Cronje and Cobie has brought more mature token economic model designs and more complete governance structures to the new generation of ICOs. Their participation not only provides credibility but also promotes the continuous iteration of technological innovation.

Risk Warning: Historical Lessons and New Challenges

Experts' concerns about the overheated market

Despite the market's enthusiasm, several experts have issued cautious warnings:

• Co-founder of Berachain: Large-scale airdrops distort market incentives, ultimately harming small investors.
• Analyst Himanshu Malviya: The new ICO era is more favorable for institutional investors and crypto whales, leading to liquidity draining from sustainable projects.
• Arthur Hayes: High fully diluted valuation (FDV) - low circulation token model erodes investor confidence

Analysis of New Risk Characteristics

The risks facing the ICO market in 2025 are different from those in 2017:

• Institutional Dominated Risk: Retail investors are at a more significant disadvantage in terms of information and resources.
• Liquidity Risk: A large amount of funds concentrated in a few popular projects increases the difficulty of diversifying investments.
• Technical Risks: Increased complexity of smart contracts, higher requirements for security audits.
• Regulatory Uncertainty: There are still significant differences in global regulatory standards.

Investment Strategy: Finding a Balance Between Opportunity and Risk

Key Dimensions of Due Diligence

Investors should pay close attention to the following when participating in the new generation ICO:

1. Team Background: The technical strength and industry reputation of core members.
2. Token Economy: Issuance mechanism, unlocking plan, and value capture design
3. Compliance Status: Legal Framework and Regulatory Compliance
4. Technical Foundation: Code audit results and feasibility of the technical roadmap

Practical Recommendations for Risk Management

• Position Control: Single project investment should not exceed 5% of the total investment portfolio.
• Decentralized Participation: Cross-platform, cross-track decentralized investment
• Long-term perspective: Focus on the project's fundamentals and long-term value, rather than short-term speculation.
• Continuous Learning: Keep up with changes in regulatory policies and technological developments

Future Outlook: Pathways to Building a Sustainable Ecosystem

Industry Self-Regulation and Standard Establishment

The sustainable development of the new generation ICO depends on:

• Disclosure Standards: Establish a unified and transparent project information disclosure framework
• Investor Protection: Improve lock-up period arrangements, refund mechanism, and other protective measures.
• Industry Self-Regulatory Organization: Promote the establishment of industry self-regulatory supervisory agencies.

Governance Value of Technological Innovation

The development of blockchain technology itself provides the possibility for a fairer ICO model:

• Smart Contract Upgrade: Programmable Investor Protection Mechanism
• DAO Governance: Community-driven project supervision and decision participation
• Zero-Knowledge Proof: Enhancing transparency while protecting privacy.

Conclusion

The return of the ICO market marks a new development stage for the cryptocurrency industry. Compared to 2017, the ICO market in 2025 has significantly matured in terms of participant structure, regulatory environment, and technological level. However, historical lessons remind us that technological innovation and financial speculation often go hand in hand.

For investors, the new generation of ICOs represents both cutting-edge investment opportunities and a test of risk identification and management capabilities. Finding a balance between enthusiasm and caution—neither being overly pessimistic and missing the wave of innovation, nor blindly optimistic and ignoring potential risks—will be key to seizing the opportunities presented by this round of ICOs.

Ultimately, the healthy development of the ICO market requires the joint efforts of project parties, investors, regulatory agencies, and industry organizations. Only by establishing a more transparent, fair, and sustainable issuance mechanism can we truly realize the beautiful vision of blockchain technology empowering the real economy.