[Coinbase CEO: Entrepreneurs Should Conduct Fundraising On-Chain] According to a report by Jinse Finance, Coinbase CEO Brian Armstrong posted on the X platform, stating, 'Every entrepreneur I know believes the fundraising process is flawed. Why should capital formation (fundraising) shift to on-chain? There are three reasons: Higher efficiency: On-chain processes can be automated through smart contracts, reducing manual operations and intermediaries, significantly shortening the fundraising cycle. Fairer for both parties: Rules are pre-set and made public through code, avoiding the imbalance of interests caused by information asymmetry, ensuring equal rights for entrepreneurs and investors. Significantly enhanced transparency: Information related to fundraising, such as fund flows, equity/token distribution, and agreement terms, can all be checked on-chain, reducing the risk of opaque operations.'