Looking back at the token sale strategies of crypto projects, it can be said they've experienced a rollercoaster journey. From the initial ICO frenzy, to the emergence of various innovative models, and now to stricter regulations—each step has left a deep mark.

Seeing Vitalik’s concerns about Zcash’s token voting mechanism, I can't help but recall Ethereum’s ICO years ago. At that time, token sales were still a brand-new concept, full of opportunities and challenges. Ethereum chose a public, transparent crowdfunding model, which was a bold attempt at the time and set a precedent for future projects.

However, as time went on, we witnessed too many cases of abuse of token voting rights. Some projects, for short-term gains, ignored long-term development and allowed token holders to influence the project’s direction. This approach often leads to shortsighted decisions and can even deviate from the original intent of the project. Especially for privacy-focused projects like Zcash, if the decision-making power over privacy protection falls into the hands of ordinary token holders, it could gradually weaken the privacy features due to short-term interests.

Looking back, successful projects are often those that stay true to their original mission and focus on long-term value. They are more cautious with their token sale strategies and are reluctant to transfer key decision-making power to token holders. On the other hand, many failed projects rely too heavily on “community governance,” ultimately losing their way.

In today’s market environment, project teams should carefully consider their token sale strategies. They shouldn’t be blinded by short-term gains but focus on long-term development. Building a balanced governance mechanism that listens to community voices while maintaining the project’s core values is the wisest approach.

Vitalik’s call is not just advice for Zcash but a warning for the entire industry. We should learn from history and prioritize the long-term healthy development of projects when formulating token sale and governance strategies. After all, true value often takes time to prove, rather than being decided by short-term votes.