I'll drop the conclusion first: If you believe that there will be greater funds on the blockchain in the future, then the security layer will definitely be a race track that crosses cycles; In the race of safety, Immunefi is the character who has already stood on the mountaintop and is now starting to issue coins This time they went to Coinlist for crowdfunding (starting at 1am Beijing time on November 13th), essentially cutting off their own "secure operating system" and throwing it to the market for pricing What exactly does Immunefi come from? Simply translate their resumes: Since 2020, I have been doing one thing: helping the entire industry find loopholes and plug them So far: Prevented over $25 billion in losses Actually protected over $180 billion in assets A bounty of $120 million has been awarded to white hat security researchers Standing behind is a pile of real money and silver institutions coming in: Framework Ventures、Electric Capital、Samsung Next、Hypersphere、North Island、Fenbushi（ Distributed)... raised a total of 30 million US dollars Security Researcher Network: 60000 people, covering 650+protocols, you can name the major protocols: Ethereum、Optimism、Arbitrum、Chainlink、Aave、Morpho， All on the protection list In summary: Others are still talking about 'who will be protected in the future', but Immunefi is already insuring half of the industry. And now they are upgrading from "post reward (vulnerability bounty)" to "pre defense (Security OS)" Security OS: Turning Security into an On Chain Firewall Immunefi's new approach now is to create an AI driven on chain security operating system (Security OS): Pull all previously scattered audit, monitoring, alarm, and emergency response into a unified 'security command center' Use your own Immunefi AI to scan on chain, contract, and historical attack data, attempting to detect and intercept attacks before they occur. This AI was not trained out of thin air, they have one of the largest and most private secure datasets in the entire industry: Various real vulnerability exploitation and attack paths Detailed report submitted by White Hat Project repair process, patch details Every new attack event feeds back their model, so this thing becomes stronger and thicker as it is used. Currently, over 120 projects are integrating into this Security OS in advance, covering assets exceeding $81 billion, including DeFi protocols, stablecoin reserves, RWA assets, project vaults, and more You can understand it as: The entire chain economy is booming, and Immunefi is building a flood control dam. ” What role does IMU play in this system? The crowdfunding on Coinlist this time is the "oil" and "equity shadow" of this secure operating system - IMU token. It is not the kind of air coin that goes away with just a governance title, but rather has clear use cases and allocation logic. I simply removed the "official website cavity" and said three layers in human language: 1) Project team: Use IMU to buy security, tools, and levels If the project party wants to use advanced security features, get discounts, or upgrade defense levels, they must use IMU payment or pledge; The more you stake, the higher level of protection packages can be unlocked, and their security data will also be fed to Immunefi AI to continuously upgrade the system Essentially, it is anchoring the project's security budget onto the IMU asset. The more projects, the larger the assets, and the more concerned about safety, the stronger the demand for IMU 2) Security Researcher: Using IMU as a 'passport to record and income' 60000 white hat/audit/researcher, receive a bounty by submitting vulnerability reports; In order to have more opportunities, participate in higher-level plans, and share more profits in the future, it is necessary to hold or pledge IMU Equivalent to: 'I bet on your network, and at the same time, I earn your growth.'. The more active the security network is, the more IMU becomes the core chip of the industry's "technical labor force" 3) Community: You can choose to "bet on the person" or "bet on the project" This design is quite interesting: you can use IMU to support a researcher, help them increase their weight in the network, and indirectly share their achievements and benefits; IMU can also be used to support a project's security plan, enhance the security resources it receives, and share incentives Simple understanding: This is not "waiting for others to work with coins", but "whoever you bet on, they will go to the blockchain to fight against hackers for you" From an investment perspective, how do I view crowdfunding? Still the same sentence: It doesn't constitute any investment advice, it's just my own opinion and possible gameplay ideas. My own judgment logic is as follows: At the industry level: Since 2016, on chain hackers have caused $11.7 billion in losses, and in the first half of 2025, they have eliminated another $2 billion. This is a completely unacceptable number in TradFi. If traditional funds and institutions want to go live on the blockchain on a large scale, security issues are the last hurdle that cannot be bypassed. Competitive landscape: There are a lot of projects on the safety track, but there are few that truly have scale, data, and network effects. Immunefi's set: 30 million financing+endorsement from top VC 180 billion asset protection record 25 billion loss prevention, 60000 researchers+650+protocols Adding another AI Security OS, I'm already playing the game of 'grinding dimensions' Token logic: IMU is the "fuel" for the platform's native token and security system, which cannot be bypassed by the project team, security researchers, and community. As long as the industry scales up, the security budget will not disappear, it will only move to the side of IMU pricing. So for me, the positioning of Immunefi as an asset is: Either the industry grows bigger and follows the long-term premium, or the industry becomes thin and the safety track will also be the last to die As for whether Coinlist's crowdfunding value is worth participating in, it's always an old saying: See if you have time to research, patience, and can withstand fluctuations. All I can give as a personal summary is one sentence: The team that can protect 180 billion assets in their hands, if they start issuing coins, is worth at least a careful look at the token economy before deciding whether or not to get on board Immunefi has already made the "white hat bounty" an industry standard, and next they want to make the "on chain secure operating system" a basic standard. Whether to follow this vote on Coinlist or not depends on whether you believe in this' long-term beta of the safe track ' Here is Immunefi's link on Coinlist. If you are interested, you can participate: https://coinlist.co/immunefi