The Initial Reputation Offering (IRO) model—operating across both on-chain and off-chain ecosystems—is gaining traction in the Web3 space. MegaETH has demonstrated this approach effectively, and Fluent is now adopting a similar framework, which is quite compelling from a design standpoint.

The model has genuine appeal. However, there's a notable caveat: it's not particularly accessible for newcomers. Most beginners struggle because projects are still in active development phases, making the onboarding experience steep. This creates a natural friction point that arguably limits broader adoption in early stages, though the long-term potential remains significant for more experienced participants.