Arthur Hayes, co-founder of BitMEX, is advocating for a revival of initial coin offerings (ICOs) with a focus on decentralization and retail participation.
In his essay, “How to Make ICOs Great Again,” Hayes critiques the growing influence of venture capital (VC) firms and centralized exchanges (CEXs) in the crypto ecosystem, arguing that these entities have sidelined retail investors in favor of institutional interests.
Hayes asserts that the crypto movement has strayed from its original goals of decentralization and community empowerment. He describes the dominance of VCs and CEXs as a “CEXually transmitted disease,” accusing them of inflating token valuations and alienating smaller investors.
Meme coins, despite their speculative nature, are presented as a more inclusive alternative because they bypass traditional gatekeepers and give retail participants a chance to engage directly.
To restore the balance, Hayes proposes a return to decentralized ICOs. While acknowledging the speculative risks that led to many failures in 2017, he views this characteristic as essential for empowering retail investors.
His roadmap emphasizes faster token issuance, decentralized platforms, and improved blockchain technology, such as lower transaction costs and enhanced scalability. Tools like non-custodial wallets and user-friendly platforms further lower barriers to participation.
Hayes predicts a resurgence of ICOs in the next market cycle, fueled by retail investors and decentralized platforms like Pump.fun and Spot.dog. He calls on the community to reject VC dominance and embrace the speculative, democratic ethos that originally defined crypto innovation.
