Echo vs. Legion: A Quick Comparison After Investing in 15+ Deals
Unfortunately, I can't share specific deal terms as I'll get banned from platforms so I will share general process & thoughts.
• In Echo, you must join groups and be accepted before you can invest
• In Legion, you submit an application to participate in the sale, specifying why you should be selected and desired allocation.
In both cases, your social or on-chain status matters but in Legion it's explicitly stated and calculated.
Your score depends on:
1) social clout like KOLs
2) dev experience
3) on-chain experience
4) Value-Add investor score.
Your Investor Score decreases if you get granted allocation but don't invest.
Echo doesn't have an official social score but being "known" will help you get into the top groups.
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In Echo, you invest with USDC on Base. Sign every tx with Passkeys. Gas taken care for you.
Legion experience has been painful so far:
• Deals are on Base, Arbitrum, Solana and Ethereum L1. There's no balance unification, making it annoying as you're unsure which chain to send USDC to.
• You need ETH for gas on every chain (team will soon launch gas sponsorship).
• You must invest a specific amount per deal allocated to you. In Echo, there's only a maximum limit, but you can deposit less.
The good: When you are given an allocation, you have a specific time period to invest.
However, I had only 12 hours to join the Fuel sale after my application was approved. Missing the deal would have damaged my Investor Score.
Echo functions as First-Come-First-Serve principle. I often miss the best deals. MegaETH sale was sold out in seconds.
I prefer Legion model here, but longer than 12h window should be given.
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Echo and Legion public-private sales is the return to the old ICO days?
Not quite, as you must pass KYC and both platforms are quite exclusive.
Yet it's understandable as teams want to allocate tokens to holders who might contribute to the protocol growth, like devs, KOLs and diamond hands.
For now, I ape into any sale I can get into with less diligence than I buy memecoins lol
Allocation sizes are usually small so I just spray-and-pray, just like real crypto VCs.
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