#代币分配与空投 Octra's recent funding structure is worth noting. A $200 million FDV compared to an early-stage $4 million raise doubles the valuation, but the core issue lies in token distribution—67% allocated to the community, a design worth analyzing.

From an on-chain perspective, key data points are: early investors at 18%, Labs at 15%, and the community at 67%, with an emphasis that no single investor exceeds 3%. This decentralized design theoretically reduces the risk of large holders dumping, but in practice, how the 67% allocated to the community is distributed to specific addresses is crucial for assessing true liquidity.

The sale uses a fixed price + commitment-based distribution, meaning participants share proportionally, avoiding price distortions from rush buying. The unsold tokens are burned, which is relatively standard. However, it’s important to note that the full unlock of tokens occurs "shortly after" the sale ends—how short? If unlocked all at once, there could be concentrated selling pressure.

In terms of funding pace, pre-seed raised $4 million → now $20 million, indicating a rapid fundraising speed. The Coinbase-related background (Sonar launched by Echo, which was acquired by Coinbase) indeed boosts project credibility, but does not change the essence of token liquidity—post-sale, ongoing attention to large addresses and exchange inflows/outflows is necessary.

Key signals to track in this early stage of funding include: distribution of sale participation addresses, token unlock curves post-sale, and the ratio of institutional to retail investors.