Former Microsoft employees went down to do the "ICM concept", why did Collaterize skyrocket 10 times in May?

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The concept of "Internet Capital Markets", which was preached by Lily Liu, chairman of the Solana Foundation, became hot on Solana after the explosion of Believe, while the market capitalization of Collaterize token, Collaterize token, another RWA project with an "ICM" concept, broke through $90 million in recent days and has now recovered to $54 million, and has continued to consolidate around $9 million since its launch in January Finally, on May 18, Toly, one of the co-creators of Solana, retweeted Collaterize's App Demo video, which skyrocketed the token, and also brought the market back to the RWA project of the two former Microsoft employees.



ICM?


A few years ago, Solana put forward the vision of building an "on-chain NASDAQ", but as NASDAQ itself explores the on-chain, the narrative focus has gradually shifted to the more crypto-native "Internet Capital Market (ICM)". ICM is an alternative to traditional capital markets (TCMs), enabling entrepreneurs to raise funds directly from the online community through tokenization, bypassing VCs and IPOs. The Solana project, represented by the Believe App, makes it easy to complete project issuance and investment on X.


Today, "ICM" has replaced "on-chain NASDAQ" as the core narrative of Solana. Lily Liu, Chairman of the Solana Foundation, has repeatedly emphasized that ICM's goal is to build a global financial infrastructure that will enable 5.5 billion internet users to participate in capital markets without barriers. The Solana team is also working hard to build it as a critical infrastructure for on-chain ICM.


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