Welcome to Bankless, where we explore the frontier of internet money and internet finance.

And today on the show, we explore the frontier of capital formation on public blockchains.

The big question we're asking today are ICOs back?

Mega-Eath, Monat, Aztec, Infinex, Zama.

These are five big, high-quality projects,

and they are all doing public token sales.

Some of these, even doing the work ahead of their sale

to classify their token as a consumptive good,

as opposed to a security,

which allowed unaccredited investors to invest right alongside everyone else.

Ryan, I want this to happen.

I want ICOs to return.

The fact that we are seeing not five C-tier projects or B-tier projects, but five A-tier industry-leading projects,

all doing token sales inside of two or three months of each other. I think it's a very big deal.

It's something that I hope continues. And if it does continue, the implications for what this does

to crypto and what this

means for Ethereum, I think, are very, very large. And that's what I want to discuss with you

here today on the show. Yeah, I think the question is not have they returned, but it's just

like observing that they are returning and then trying to extrapolate that moving forward if this

trend changes. To me, capital formation has always been

one of the central money verbs of decentralized finance, right? So when we started talking about,

like, what is this bankless thing? If Bitcoin brought us the ability to hold a store of value asset without a bank, going bankless and holding onto your value and also transacting some of that value, okay, those are two money verbs. There's holding and then there's also payment or transacting, right? Defi was about pursuing all of the other different verbs, borrowing and lending and

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