Monad's latest ICO marks the revival of the ICO era. I've experienced three phases of ICOs: 2013-2014: The early days. Mastercoin/ETH/NXT/Maidsafe, valuations ranged from a few hundred thousand dollars to Ethereum's peak of under $20 million. Token sale ratios were 80%-100%. 2017: The wild west era. A flourishing period, with median high valuations reaching $200-$300 million. Token sale ratios dropped to 60%-70%. 2025: The compliance era. High valuations now range from $1 billion to $2.5 billion. Token sale ratios are down to 3%-8%. On the bright side, ICOs have brought FDV, dominated by VCs, down from tens of billions of dollars, allowing more people to participate. But I still miss the days of Ethereum's $20 million valuation.