INOs: A New Era in Web3 Fundraising — Opportunities and Challenges

**Executive Summary:** The report examines Initial Node Offerings (INOs) as an emerging Web3 fundraising model, detailing node types, stakeholder benefits (users, projects, community, exchanges, investors), factors behind INO success for large-scale projects, and key challenges including token lock-ups, limited liquidity, KYC and operational barriers, concluding that INOs offer promising alignment of incentives but must balance inclusivity and long-term commitment.