ICO structuring and valuation still needs a lot of work, but the goal here is to get the conversation moving in the right direction. Carefully considering valuation and its implications should be top of mind for founders, investors and ultimately users of protocols. Raising $300m in an ICO is tantalizing — but my argument is that turning down that urge will lead to higher long term returns for all parties.
Potentially consider “building an order book” and only allowing known value add individuals or users into the sale (who will actually use the protocol, will be long term holders or can bring marketing, legal, tech, or financial expertise)
Take an additional discount to that value to compensate for what is likely overzealousness and risk that has not been taken into account (potential smart contract bugs, changes in the regulatory environment, scaling challenges, etc.)