In simple terms, on-chain subscription is the '抢首发' in Web3—before the new project's tokens can officially be traded, you can directly act on the blockchain to acquire new coins at a low price, similar to buying 'original shares.'
It's completely different from buying it after it goes live on the exchange. The former is the primary market, betting on 'early dividends,' with sky-high risks but potential for several times the profit; the latter is the secondary market, relatively stable, but the price has already been speculated.
The process is actually very simple, completed in four steps:
1. Project announcement: New coins are about to be released, and activities will be held on public chains like Ethereum and BSC, such as directly selling quotas, asking you to complete tasks, or giving benefits to whitelist users.
2. You use a wallet to fund: Open wallets like OKX or Binance, connect to the project's official website, and pay according to the requirements—usually using mainstream coins like USDT or ETH.
3. Wait to receive coins at launch: After paying, just wait for the project to 'issue coins' (TGE) to receive new coins, which can then be sold freely.
4. Trading upon launch: New coins usually first appear on decentralized exchanges (like Uniswap), and only after gaining popularity will they be listed on major platforms like Binance and OKX.
There are just three common types of plays:
• Direct presale: The project openly sells new coins at a set price, first come, first served.
• Complete tasks to gain qualifications: Help the project by sharing and interacting to get on the 'whitelist', which allows you to buy at a low price once you have it.
• Airdrop scams: No money is needed, but you must interact with the project contract on-chain (like transferring small amounts, authorizing). If you're lucky, you can get free new coins.
The difference compared to participating in new projects on exchanges is very obvious:
• On-chain new projects: Play on the project's own territory; you have to find projects and verify contracts yourself. The threshold is high, but costs may be lower, allowing you to acquire the earliest chips.
• Exchange new projects: Play on the exchange platform, which has screened projects for you, safer but harder to grab quotas, and the prices are not necessarily 'floor prices'.
Why are some people willing to take this risk? The logic for making money is very direct:
Early projects have low valuations, and new coins are not circulated much. Once the market heats up, prices can soar. For example, a project might have a presale at $0.05, and after launching, it could go straight to $0.5—10 times increase is very common.
But you must not get too carried away; there are many traps:
• The project is a 'scam': Many teams take the money and run, causing new coins to drop to zero.
• The contract has tricks: malicious code can directly take the money in your wallet, and there's no way to defend against it.
• Can't sell or crashing: After launching, no one buys, and the price plummets; or early players collectively sell off, and you won't have time to escape.
• Fee traps: For public chains like Ethereum, during peak times, the transaction fees (Gas fees) can exceed the money you invest.
Finally, here's some practical advice, don't be a victim:
1. Only use spare money to play, at most invest 5% of your total investment to try, going all in is sure to lose.
2. Don't blindly follow trends; first check the project team's background, whether there are large institutional investments, and it's best to have contracts verified by professionals.
3. Use wallets and exchanges that are well-known; avoid small platforms and random wallets, as you won't be able to recover lost money.
4. Don't bet on one project; spread your net wider, what doesn't shine in the east may shine in the west.
On-chain new projects are indeed an opportunity for ordinary people to access early Web3 chances, but essentially it is 'high-risk for high returns', not a guaranteed profit. Remember, greed is the biggest pitfall; preserving your principal is more important than anything else.
Do you need me to help you outline the core differences of several currently popular public chains (like Ethereum, BSC, Solana) when participating in new projects on-chain, including fees, project types, and risk points? This way, you'll have more direction when choosing projects later.
