#代币发行与分发# Looking back at the history of token issuance and distribution, I have witnessed the rise and fall of countless projects. The news that Rainbow is about to issue the RNBW token reminds me of those successful and failed cases from the past.

From the ICO frenzy in 2017 to now, the token issuance model has been continuously evolving. Early projects often neglected the design of reasonable token economics, leading to drastic fluctuations in token prices. Today's projects pay more attention to long-term value and community governance. The Rainbow project plans to issue tokens in Q4 and is not in a hurry to disclose details; this cautious attitude is commendable.

Particularly noteworthy is Rainbow's acquisition proposal for Clanker. Committing 4% of the total RNBW supply to CLANKER holders, this integration is a common practice in the community and has been seen throughout history. Successful cases can achieve a 1+1>2 effect, but there are also many lessons from failures. The key lies in how to balance the interests of the new and old communities to avoid fragmentation.

From a cyclical perspective, the current market sentiment is cautious, in stark contrast to the euphoria of 2021. Rainbow's decision to issue tokens at this time may be to avoid the bubble and focus more on products and users. However, one should also be wary of the risk of insufficient market liquidity.

History tells us that token issuance is not the end, but a new starting point. The real test lies in how to continuously create value for users and establish a healthy token economic model. Rainbow, as a well-known wallet, has its advantages but also faces fierce competition. Whether it can become an important part of the Ethereum ecosystem in the future remains to be seen.