Solana founder Toly recently shared his thoughts on the early-stage financing model of projects. In his view, if the mechanism is well-designed, new projects should consider these directions in tokenomics design.

First is to set up a staking mechanism for long-term holders. This can effectively lock in core supporters and prevent short-term arbitrage behaviors. Next is the token issuance strategy—at least 20% of the token supply should be released on the TGE day, ensuring sufficient market liquidity.

What’s more noteworthy is the approach to fundraising. Toly believes projects should try to avoid involving too many investors. But if fundraising is necessary, investors’ tokens should be fully unlocked only after one year from the TGE. The core logic of this plan is—neither the team nor investors should face the same selling pressure on the first day of token release, which could easily lead to a dump.

This set of ideas reflects many pitfalls encountered in the history of projects. Through reasonable staking design and phased unlocking, it can maintain market stability while protecting long-term participants. For many new projects currently raising funds and tokens, this perspective offers valuable insights.