this is what i think a lot of the launchpad wars have come down to: those who (largely incorrectly) believe the value is in the product, and those who believe the value is in the reputation and brand when your product is commodity, as basically every product is these days - not just launchpads (there are extremely few products that exist with any form of "tech moat") the only value is brand, curation, and growth (probably 80% of this stems from trust, which in turn creates belief) the ability to launch a token is very uninteresting

really all starts with heart & commitment, innit

anyone who doesn't realize their product is commodity (largely because of ego), and the only assets they have are trust (via continued customer support and success), and momentum will be outcompeted and displaced plain and simple

what people dont understand about "capital markets" in the tradfi world - it's mostly about setting up for success for growth *after* launch. the reason banks want to lead ipos is 1) fees obviously 2) but the bigger part, relationship management with the client. the ongoing relationship. help them grow and continue success (yes investment banks suck, i used to be one yada yada) this is what's missing for me imo. the launch is very uninteresting. curating and incubating the msot talented people, is interesting