BitMEX co-founder Arthur Hayes analyzed the evolution of ownership structure and fundraising methods in the cryptocurrency industry in his latest blog post. By comparing the business model of the East India Company in history with the operating methods of modern cryptocurrency projects, Hayes explored how from Bitcoin to the first token issuance (ICO), liquidity mining (yield farming), and even the latest points system have become a natural evolution for user participation and fundraising. Hayes emphasized the fundamental difference in fundraising and attracting users between Web 2.0 and Web 3.0 projects, especially in the cryptocurrency industry, where holding tokens or points allows users to directly participate in project ownership, which is a major paradigm shift. He believes that the emergence of Bitcoin marks a new beginning, where participation is equivalent to ownership. Subsequently, ICOs as an early fundraising method allowed retail investors to participate early, while liquidity mining further incentivized participation by rewarding users for directly using the protocol. According to Hayes' analysis, the latest points system combines the strengths of both ICOs and liquidity mining. This system rewards users who interact with the protocol with points, which may be converted into tokens in the future, creating a more flexible and sustainable incentive mechanism. Hayes believes that this method can not only effectively attract and retain users, but also provide a more equitable way for retail investors to participate in the project at a lower cost in the early stages. In addition, Hayes also mentioned the potential impact of the points system on fundraising strategies for cryptocurrency projects, pointing out that this could reduce reliance on pre-selling tokens to venture capitalists and high net worth investors. He emphasized that the success of this system depends on a high level of trust between project founders and users, while also warning of potential risks and improper behavior.