Initial coin offerings (ICOs) and initial exchange offerings (IEOs) are distinct blockchain-based token offerings. Following multiple frauds associated with decentralized and unregulated ICOs, IEOs are emerging as a novel pathway that relies on centralized crypto exchange platforms acting as intermediaries. However, the question as to how this shift affects fundraising processes in what has traditionally been a decentralized environment remains unresolved. We here address this issue by empirically comparing the performance of ICOs and IEOs through the lens of signaling theory, focusing specifically on the impact of social media information across 305 token offerings (ICOs and IEOs). Our work introduces IEOs and explains how and why the volume and sentiment of social media signals may serve as predictors of fundraising performance. We furthermore find that the impact of these electronic word-of-mouth (eWOM) media signals is reduced in the case of IEOs—in the presence of a central cryptocurrency exchange platform mediator. We delineate implications for investors, ventures, platform providers, and regulators alike.

首次代币发行（ICO）和首次交易所发行（IEO）是不同的基于区块链的代币发行。继与去中心化和不受监管的 ICO 相关的多起欺诈事件之后，IEO 正在成为一种依赖集中式加密货币交易平台作为中介的新途径。然而，这种转变如何影响传统上分散的环境中的筹款流程的问题仍然悬而未决。我们在这里通过信号理论的视角对 ICO 和 IEO 的表现进行实证比较来解决这个问题，特别关注社交媒体信息对 305 种代币产品（ICO 和 IEO）的影响。我们的工作介绍了 IEO，并解释了社交媒体信号的数量和情绪如何以及为何可以作为筹款绩效的预测指标。我们还发现，在 IEO 的情况下，在存在中央加密货币交易平台中介的情况下，这些电子口碑 (eWOM) 媒体信号的影响会降低。我们描述了对投资者、企业、平台提供商和监管机构等的影响。