# Coinbase Buys Echo: Are Launchpads cooked?

> is the space getting monopolized by giants or is there still room to cook?

**Published by:** [cooked.business](https://paragraph.com/@cooked/)
**Published on:** 2025-10-23
**Categories:** coinbase, launchpad, metadao, believe, echodotxyz, pupmdotfun, zora, cooked.business, comedic, icm, metoera, metaplex, fourmeme, timedotfun
**URL:** https://paragraph.com/@cooked/coinbase-buys-echo-are-launchpads-cooked

## Content

Is every centralized exchange going to participate in internet capital markets? With Coinbase's latest move, it sure feels that way. Coinbase’s $375 million acquisition of Echo.xyz signals a seismic shift in how crypto projects raise funds and how exchanges are positioning themselves as gatekeepers in the evolving narrative of onchain capital formation. Let's break it down. What Are Internet Capital Markets? Internet Capital Markets (ICMs) represent a new paradigm in finance, leveraging blockchain technology to create borderless, internet-native platforms for raising and investing capital. Unlike traditional capital markets bogged down by intermediaries, regulations, and geographic barriers, ICMs enable anyone with an internet connection to tokenize assets—ranging from real-world assets (RWAs) like stocks and real estate to intangibles like memes, attention, or intellectual property—and trade them onchain. This democratizes access to early-stage investments, tokenized equities, and global liquidity, fostering a more inclusive, efficient system built on decentralized infrastructure. As @aeyakovenko put it, "amazing products with real utility == Internet Capital Markets," highlighting how ICMs blend speculation with tangible value creation. Introduction: Echo's Rise and the Coinbase Power Play Echo hosts token launches at seed or early stages for blockchain startups with strong fundamentals. The platform offers two primary paths: private rounds for accredited investors (requiring KYC verification including ID and accreditation proof) and public sales with gamified allocation mechanics. Since launch, Echo has facilitated over 300 deals, raising more than $141 million from 9,000+ investors. Success stories include Megaeth raising $10 million from the community, Fogo (an SVM project raising $8 million on the platform), and Plasma (Tether-backed stablecoin chains raising $50 million on the platform at a $500 million valuation via time-weighted vaults). These wins demonstrate Echo's ability to back utility-driven projects that scale post-launch. Echo's success is part of a broader resurgence in community-driven token sales, also exemplified by platforms like Legion.cc. In contrast to Coinbase's acquisition approach, Legion.cc partnered with Kraken to launch Kraken Launch, enabling compliant and transparent crypto-native fundraising with merit-based token allocations for millions of Kraken users alongside Legion's reputation-driven access system. Legion has raised $27.1M across 15 carefully curated launches at an average $1.81M per project. What sets Legion apart is its MiCA-compliant approach and merit-based Legion Score system, which rewards developers, power users, and community contributors with up to 20% priority allocation based on GitHub commits, on-chain history, and social engagement. While Legion and Echo share the goal of enabling compliant community participation in early-stage token sales, their approaches diverge fundamentally. Legion preserves its autonomy through partnership, using meritocracy to reward genuine contributors. In contrast, Coinbase acquired Echo outright, absorbing a platform that operates through a democratic syndication model where retail investors join lead investor groups (VCs, angels, DAOs) under identical terms with no preferential pricing—enabling anyone to participate with as little as a few hundred dollars. Echo prioritizes U.S. compliance and broad accessibility at higher velocity, while Legion emphasizes careful curation and developer recognition. The strategic contrast is clear: Legion built a partnership model that rewards merit while preserving independence; Coinbase bought full control of Echo to democratize access as part of its full-stack infrastructure play from token creation to trading. Other platforms have attempted similar accredited investor models with varying success. Buidlpad has facilitated approximately $29.75M across 4 deals, including notable launches like Lombard (1,400% oversubscribed with $94.7M in commitments), Solayer (9.77x ATH ROI), and Sahara AI (2.68x ATH ROI), while DAO Maker—$90mil+ raised with 315,00 KYC’d wallet—has faced criticism for centralized vetting and token unlock structures. Many platforms like Polkastarter have pivoted away from pure accredited models due to regulatory hurdles. Echo's edge lies in its modular "Echoes" for customizable raises, enabling higher success rates for real utility projects amid a sea of speculative failures. Echo's market position as the leader in compliant, onchain fundraising caught Coinbase's eye, leading to the acquisition announced on October 21, 2025, for approximately $375 million in cash and stock. Coinbase CEO Brian Armstrong highlighted the deal as a step toward "unlocking the future of onchain capital formation,". The Centralized Exchange Business Model and the Shift to On-Chain Centralized exchanges (CEXs) have long dominated crypto trading, generating revenue through multiple streams: trading fees (typically 0.1-0.5% per trade), listing fees (ranging from hundreds of thousands to millions of dollars for new tokens, sometimes including token supply allocation), withdrawal fees, and services like staking, lending, and margin trading. The global CEX market was valued at approximately $24.75B in 2024, with projections suggesting continued growth into 2025, though precise 2025 figures remain estimates. Trading fees typically account for 60-80% of revenue for most platforms. Coinbase demonstrates a more diversified revenue model compared to its competitors. In Q2 2024 (most recent verified data), Coinbase reported total revenue of approximately $1.4 billion, with transaction revenue at $781 million (56%) and subscription and services revenue at $599 million (43%), which includes $332 million from stablecoins like USDC, plus staking rewards, blockchain rewards, and custodial fees. This diversification strategy has helped Coinbase weather crypto market volatility better than competitors heavily dependent on trading volumes. By contrast, Binance and other major exchanges derive 70-85% of revenue from trading fees, supplemented by listing fees, their venture investment arms (like Binance Labs), and ecosystem tokens. This concentration makes them more vulnerable to trading volume fluctuations but allows for aggressive fee competition. Nearly every major CEX now offers non-custodial wallet integrations to bridge on-chain ecosystems, reducing reliance on pure custody models. Binance provides Trust Wallet and operates Binance Smart Chain (BSC). OKX has OKX Wallet and X Layer (its L2 chain). Crypto.com offers Cronos Chain. Bitget provides Bitget Wallet with multi-chain support. Coinbase integrates Wallet as a non-custodial option alongside Base, its Ethereum L2. Venture arms further support on-chain growth—Coinbase Ventures backs 200+ projects while YZi Labs (formerly Binance Labs) invests across the ecosystem. Yet, decentralized exchanges (DEXs) turning into super apps are eroding CEX dominance by replicating functionality with superior UX. DEX volumes surged 25% in Q2-Q3 2025, capturing 25-30% of spot trades. Projects like Infinex (offering gasless cross-chain trading), HOT Wallet (supporting 20+ DEXs with MPC security), and Base Super App (integrating social P2P and games) offer CEX-like experiences for trading, staking, and bridging across multiple chains in one app—without custody risks. These "everything on-chain" ecosystems integrate onramping, offramping, DEX trading, payments, DeFi, social features, and more, going far beyond the traditional trading offered by centralized exchanges. Even projects like Backpack exemplify this shift—launching as a multichain wallet supporting Solana, Sui, BNB, Aptos, Ethereum, Bitcoin + more, it evolved into xNet, a hybrid centralized exchange with on-chain settlement, while partnering with platforms like Hyperliquid, Titus, Magic Eden and Jupiter to create a super-app experience that integrates NFT trading, cross-chain swaps, perpetuals, and fiat on-ramps all in one interface. CEXs have been wealth generators for users via exclusive listings and pumps (e.g., 10-100x returns on new tokens), but this is migrating on-chain, where DEXs enable fairer access and higher yields through staking/decentralized mechanisms, democratizing alpha. Recent controversies highlight margin pressures: Binance faced backlash after Limitless founder CJ Hetherington exposed alleged demands for 8% token supply for listing & as well as million in deposits, sparking debates on transparency. As a Base ecosystem project, this nicely fits into the recent advancement, Coinbase's has enabled auto-listings for tokens created on Base, reducing traditional fees and allowing seamless integration. As CEX margins thin (trading fees compressed to near-zero in competitive spots), launchpads emerge as a huge opportunity to capture early-stage value and diversify beyond custody-dependent models. Is Coinbase Building the Ultimate Launchpad to Every Market Experience Coinbase's acquisition strategy has systematically built the infrastructure for a complete launchpad-to-listing vertical through eight deals in 2025 alone. The foundation was laid through early acquisitions focused on compliance and institutional access. In 2018, securities broker-dealer licenses via Keystone Capital Corp, Venovate Marketplace, and Digital Wealth LLC enabled regulated tokenized securities offerings. In 2019, Xapo's institutional custody business established Coinbase Custody for secure large-client storage. These moves created the regulatory framework and trust necessary for handling early-stage token raises. The institutional trading infrastructure came together through strategic deals that transformed Coinbase into a full-service platform. Tagomi's acquisition for $75-100M in 2020 formed the backbone of Coinbase Prime, adding advanced execution, custody, and financing for institutions. This was reinforced by Routefire in 2020 for optimized trade routing and Skew in 2021 for institutional analytics and risk management. By 2025, Coinbase had assembled the complete trading stack with Deribit's $2.9B acquisition. This brought the world's largest crypto options exchange into the fold to expand derivatives offerings, combining options with spot and futures for institutional traders. The 2025 acquisitions reveal Coinbase's vision for end-to-end token lifecycle management. Liquifi's integration with Coinbase Prime enables token creation, cap table management, vesting, and compliance—removing barriers for startups launching tokens. Echo's $375M acquisition complements this perfectly by handling the fundraising phase through on-chain capital formation, with plans starting with Sonar public sales into Coinbase and expanding to tokenized securities and RWAs. Together, these create a seamless pipeline: projects use Liquifi to structure their token, raise capital through Echo's compliant platform (accessing millions in capital and thousands of investors), and immediately list on Coinbase's spot and derivatives markets with institutional support through Prime. This vertical integration extends across Coinbase's ecosystem. Base, their Ethereum L2, provides the on-chain infrastructure where tokens can launch natively, while strategic investments like Iron Fish (via Coinbase Ventures) enhance privacy features and acquisitions like Spindlim improve on-chain marketing for user acquisition. The Opyn team acqui-hire strengthens decentralized options capabilities, and Sensible's team is developing user-friendly DeFi tools for the "everything exchange" vision. Even earlier deals like Cipher Browser for dApp access, BRD for self-custody wallet integration, and Bison Trails for staking infrastructure now serve as touchpoints in the launchpad journey—enabling users to hold, stake, and interact with newly launched tokens seamlessly. What makes Coinbase's approach distinct in the competitive launchpad landscape is this full-stack integration. Where competitors like Binance offer BSC's Launchpad with PancakeSwap integration, or Solana hosts pump.fun for meme coin launches, Coinbase can offer regulated raises through Echo, institutional-grade custody and trading through Prime and Deribit, token management via Liquifi, and native deployment on Base—all while maintaining compliance frameworks built through years of strategic acquisitions and the Base ecosystem, all accessible through the Base app. Projects launching through this ecosystem gain access not just to capital, but to immediate liquidity on one of the world's largest exchanges, on-chain economies, derivatives markets for sophisticated trading strategies, and institutional distribution channels that rival platforms lack. This positions Coinbase to compete not just as another launchpad, but as the premier platform for serious projects seeking compliant, institutional-grade token launches with built-in paths to market depth and global (on and off chain) trading access. Market Context: The Explosive Growth of Launchpads The launchpad sector has exploded, with platforms facilitating billions in capital flows annually. In 2024-2025, launchpads processed over $10 billion in token sales volume, with market caps for top launchpad tokens exceeding $5 billion collectively. Fees alone hit $21 million in the last seven days across protocols, while revenue streams from token graduations and bonding curves have made these platforms highly profitable—pump.fun, for instance, generates $2 million daily in fees despite market slowdowns. Capital flows through launchpads have surged 300% year-over-year, driven by meme coins, DeFi innovations, and real-world asset (RWA) tokenization. Echo and peers like Legion.cc have validated this: Echo's $100M+ raised through itsp platform shows demand for compliant raises, while Umbra’s launch shows an oversubscribed appetite in the market. Recent fundraising activity underscores the trend. Beyond Coinbase-Echo, Bybit-backed Printr raised $4.5 million for a cross-chain memecoin launchpad, enabling one-click deployments across Ethereum, Solana, and more, following Bybit's broader push into Web3 tooling post their 2025 hack recovery. Year Key Launchpad Milestones 2023 Echo founded; pump.fun launches on Solana 2024 Legion.cc goes live with MiCA compliance; Binance Launchpad hits $5B in raises 2025 $TRUMP launches through Meteora and Moonshot, Coinbase acquires Echo; Printerr raises $4.5M; Zora surpasses briefly, pump.fun in daily launches, four.meme letsbonk.fun, briefly surpass pump fun in daily revenue, believe.app, bags.fm launch, Meteora TGE, Competitive Landscape: Exchanges Battle for Launchpad Dominance The launchpad space is fiercely competitive, yet remarkably, a plethora of participants are profitable—demonstrating that new entrants can emerge and thrive alongside established players. This profitability extends across every layer of the stack, from infrastructure to individual platforms, creating a rising tide that lifts all boats. Consider the upstarts disrupting the market: Bags.fm, built on Meteora, achieved $1B in trading volumes in under a month and generates $20 million in total fees for creators, positioning it as the fastest-growing launchpad by revenue in August 2024. Believe.app (formerly Clout.me, also on Meteora) peaked at $7.17M in fees over 24 hours, with its token soaring 900% post-launch. These examples highlight that innovation in onboarding and tackling different creator/project niches can drive traction independent of building underlying smart contract infrastructure. Similarly, letsbonk.fun (built on Raydium's Launch Labs) temporarily surpassed pump.fun in daily meme coin launches and revenues in mid-2025, peaking at over 16K daily tokens and 66% market share by emphasizing fair launch modes and BONK ecosystem ties. Zora played a pivotal role on Base, surging to 75-80% market share in memecoins by enabling creator coin launches tied to social content, briefly outpacing Solana's daily token volume. four.meme remains competitive on BSC with low-cost, no-code deployments, community focus, and deflationary mechanics, fostering sustainable meme ecosystems. Virtuals Protocol acts as a launchpad for AI agents, tokenizing them for co-ownership and commerce, with its Unicorn upgrade addressing fair launches. DAOs.fun has risen as a specialized launchpad for DAOs and AI agents, enabling 1-click fundraising on bonding curves and turning speculation into structured investing, launching notable projects like ElizaOS' Ai16z. What makes this space remarkable is that every layer of the launchpad stack is now profitable, fostering symbiotic relationships where growth at one level benefits all others. At the base layer, blockchains like Solana ($2.85B revenue Oct24-Sep25, averaging $237.5M monthly) and Base ($156K average daily revenue, with priority fees at 86.1%) capture fees from all activity, including infrastructure like RPCs that scale with launches. The DeFi infrastructure layer—bonding curves, DEXes, and bridges—enables launching mechanisms and generates substantial revenue. Meteora powers $1.061B in daily volume and $1 billion in annualized fees, while pump.fun boasts over a billion in lifetime revenue, with successes like Dupe ($10M market cap on Believe) and Chill (7.19K holders launched on pump) driving ecosystem liquidity. The launchpad platforms themselves specialize in verticals while leveraging these underlying building blocks: Believe.app ($6.3M daily peak), Time.fun ($422K in first two weeks), Bags.fm ($1B volumes), and letsbonk.fun ($84K daily fees) all carve out profitable niches. Apps and tokens launched through these platforms benefit from this flywheel, with aggregators like Jupiter ($33M monthly record, $254K daily) optimizing trades, Axiom (trading app with $193M Solana total revenue in August,), and DAOs.fun (token baskets, symbiotic with launches for diversified exposure) closing the loop. This interdependence amplifies growth across the entire stack: Pump.fun's revenue funds creator incentives, boosting chain fees on Solana, while Jupiter's aggregation drives more volume back to DEXes—creating a virtuous cycle where every participant profits. The competitive dynamics demonstrate both fierce rivalry and profitable coexistence. Even when major players attempt vertical integration, competition intensifies rather than consolidates. For example, when pump.fun launched PumpSwap to capture revenue from graduated tokens, Raydium responded by launching Launch Labs, which powers letsbonk.fun and other competitors. Notably, Meteora—itself part of the Jupiter ecosystem stack—continues to thrive by powering multiple competing launchpads like Bags.fm and Believe.app, demonstrating that infrastructure providers profit regardless of which application-layer platform wins. Centralized exchanges are racing to integrate or build launchpads, turning them into ecosystems for token discovery. Coinbase Ventures remains chain-agnostic, with investments in 200+ projects like CoinDCX ($135M round) and Daylight (energy-focused). On Base—their Ethereum L2 built on Optimism—tools like Clanker (for Farcaster-integrated launches) and Zora (creator coins) exist, though they're not as meme-focused as Solana's pump.fun or as robust as Meteora's dynamic liquidity pools. Base surged past Solana in token launches thanks to Zora's 75-80% market share in Base memecoins, though Zora's revenue spike proved temporary as Base hype cooled. Solana's ecosystem remains a launchpad powerhouse: pump.fun controls 95% of token graduations with $100M daily volumes this past week, while Meteora offers customizable launches and has powered raises like Jupiter's $70M amongst a plethora of launchpads. Competitors like LetsBonk and HeavenDEX emphasize fair launches and token burns. Binance dominates with BSC's Chain and IDO Launchpad/Launchpool (e.g., CAKE.PAD for PancakeSwap-integrated launches) and four.meme for cheap, no-code meme deployments with PancakeSwap integration—remaining competitive as BSC gained traction with the debut of Aster in the onchain perpetuals markets. Other centralized players include KuCoin Spotlight, Gate.io Startup, and Huobi Prime—all featuring centralized structures with KYC gates. The decentralized versus centralized divide is blurring: Echo and Legion blend both approaches—onchain transparency with KYC for accredited investors (via Sumsub, requiring ID verification; Legion adds merit-scoring for allocations). All participants are benefiting from launchpad revenue streams, proving that multiple models can coexist profitably in this expanding market. Why This Matters: Launchpads as the New Way to Company Launchpads create strategic moats by funneling liquidity and users into exchanges. For Coinbase, Echo strengthens user acquisition—retail investors flock to compliant platforms, boosting retention through exclusive deals. Revenue diversification is critical: beyond trading fees, launchpads earn from bonding curves, graduations, and premiums—totaling billions over the past two years, making them one of crypto's best revenue generators. However, there's a glaring gap: while launchpads like pump.fun have birthed over 12 million tokens, few result in real companies or products with lasting utility. Investors increasingly crave real projects—evidenced by MetaDAO's ICO launchpad facilitating raises like Umbra, which saw $155M in commitments for a $3M raise cap (a 1169% oversubscription rate), alongside AVICI (a DeFi protocol with integrated governance), LOYAL (loyalty rewards platform), ZKSOL (zero-knowledge scaling solution), and PAYSTREAM (payment streaming app). These projects averaged over 500% first-day gains and raised $13.3M collectively across initial launches. Metaplex Genesis has powered sustainable token launches for projects like PORTALS (a cross-chain portal with millions raised and embedded governance utility), CARDS (collectible card game protocol, contributing $422K in August revenue), DeFiTuna (DeFi yield aggregator), Pipe Network (data piping infrastructure), Play Solana (gaming hub), Collector Crypt (NFT collector tools), Shaga (social gaming), and Goated (meme-utility hybrid), emphasizing onchain token offerings (OTOs) with real-world integrations and staking for yield. Platforms like star.fun (gamified crowdfunding on Solana) and Believe.app (X-based community raises) demonstrate demand for utility-driven projects beyond memes. Coupled with Legion and Echo, this validates the market for real businesses. On the flip side, established public companies are onboarding: Republic offers tokenized exposure to late-stage privates, Kraken's xStocks brings equities onchain, and Superstate launches native tokenized stocks via partnerships like Backpack. The U.S. Securities and Exchange Commission (SEC) is advancing regulations for tokenized securities on blockchain, emphasizing investor protections while exploring innovations like blockchain-based stock trading on crypto exchanges. Recent developments include Nasdaq's proposal to the SEC for tokenized stock trading, which could integrate with systems like DTC for settlement, amid growing interest from firms like Coinbase. Platforms such as Blockchain.com have launched over 100 tokenized U.S. stocks and ETFs for non-U.S. users, while Superstate's SEC-registered tokenized stocks are expanding via partnerships like Backpack exchange. This underscores an appetite for early-stage tokens with filtering mechanisms, bridging speculation and real-world value. Regulatory navigation is crucial. Echo's KYC/AML focus aligns with U.S. scrutiny, while Legion's MiCA compliance targets Europe. Accredited investor models highlight gaps: traditional rules limit participation to high-net-worth individuals (e.g., $1M+ net worth or $200K+ income), excluding retail and creating access barriers in crypto's democratized space. This opens regulatory arbitrage opportunities, where launchpads enable tokenized access in gray areas, allowing broader participation via onchain mechanisms while navigating uneven global rules—though risks like "cascading failures" from jurisdiction shopping persist, as warned by the FSB and EBA. Exchanges like Coinbase are positioned to bridge this gap, offering compliant tools amid inconsistent enforcement. Mems and Real Businesses Have PMF — why not both? The crypto space clearly needs real products, as evidenced by utility-driven launches on platforms like Echo, Legion.cc, and MetaDAO. But it equally needs viral meme content that captures attention and drives community engagement—the very catalyst that ignited the recent tokenization and launchpad meta two years ago. This is why as cooked.Business, we believe we are perfectly positioned at the opportunity that lies at the intersection: comedic tech through comedic capital markets that builds real products while addressing issues Gen Z cares about, packaged in the most entertaining way possible. This approach creates flywheel economics that transform niche punchlines into broad-based movements. Consider the gap in today's market: infrastructure tokens launch with serious utility but struggle with viral adoption, while meme coins capture attention but lack substance. Platforms like cooked.business are emerging to bridge this divide—building highly curated launchpads for comedic tech that turn real businesses into cultural phenomena, blending satire with products that genuinely scale. This isn't tokenization for its own sake; it's about aligning communities around missions that resonate with retail investors through humor and authenticity. Just as venture studios, accelerators, incubators, and VCs each carved profitable niches serving high-growth businesses with unique specializations, the launchpad ecosystem will support winners across all tiers and verticals—out of all these players, we’ll be the ones laughing the hardest to the bank. (Stay tuned on the cook up on new ways to make launchpad money) Conclusion: Predictions for Internet Capital Markets This acquisition establishes launchpads as essential infrastructure for exchanges' future strategies. Binance will likely expand BSC launchpads like four.meme and pursue compliant launchpad opportunities in regions where they dominate and can exploit regulatory arbitrage. Interestingly, even centralized exchanges with their own chains will build launchpad products that tap into liquidity wherever it's strongest, pursuing multi-chain and cross-chain strategies—witness Kraken launching tokenized stocks on Solana despite having Ink Chain, or Bybit pushing Printrr multichain. Expect newcomers like Kraken or Gemini to acquire or develop similar tools within 12–18 months. The consolidation timeline looks interesting: 2026 will see diverse launchpad volumes emerge, with new platforms launching like funds and accelerators in the post-2005 YC era. New entrants will capture top positions across different metrics—fees generated, tokens launched, and sustained market caps—as launchpads optimize for their chosen verticals. Launchpads will increasingly verticalize and function as accelerators—think AllianceDAO → Believe, or Base Builders Fund on Echo. Just as specialized funds incubate projects, vertical-focused launchpads will thrive by building support mechanisms that enable flywheels for their niches (e.g., cooked.business for comedic tech). Beyond aggregators and trading bots like Axiom, Slingshot, and BonkBot, expect new revenue-generating internal capital building blocks to emerge: advanced onchain capital allocation strategies, onchain ETFs (enzyme.finance, TokenSets, bands.fun), primitives leveraging launchpads (PMX.trade for prediction market liquidity through Meteora), compliance verification providers, and infrastructure enabling better liquidity raises and flywheel mechanisms. Bold take: Launchpads will transform internet capital markets into a $100B annual revenue ecosystem, merging traditional finance compliance with crypto's velocity—turning every exchange into a venture hub for the entire company lifecycle. At the same time, specialized launchpads like accelerators and launchpad-adjacent companies will proliferate, winning from every layer of the stack. Keep cookin'. @coinbase @echodotxyz @cobie @Bybit_Official @MetaDAOProject @SuperstateFunds @republic @believeapp Sources Echo.xyz Dune Dashboard: https://dune.com/sealaunch/echoxyz-early-stage-investing-in-startups-and-tokens Crypto Rank on Legion.cc: https://cryptorank.io/fundraising-platforms/legion Coinbase Acquisitions: https://tracxn.com/d/acquisitions/acquisitions-by-coinbase/#list-of-acquisitions Blockworks Solana Launchpads: https://blockworks.co/analytics/solana/solana-launchpads DefiLlama Fees: https://defillama.com/fees Coinbase Blog Announcing Echo Acquisition: https://www.coinbase.com/blog/coinbase-acquires-echo-unlocking-the-future-of-onchain-capital-formation

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