people talk a lot about adverse selection on launchpads
I work a lot with launchpads at MetaLeX so let me explain why I think that's FUD
EVERYTHING GOOD IN CRYPTO STARTS WITH "ADVERSE SELECTION"
Bitcoin found pmf in dark markets
Equity capital markets have been "rigged" basically since the 1980s, or if you don't think that, then at least since the post-Enron debacle (Sarbanes Oxley)...IPO costs are prohibitive, ongoing public-company compliance costs are prohibitive
the result is what you're seeing with Anthropic now...low entries for the haves, $2T entries for the have-nots...all propped-up by a rigged tax system that juices retirement funds to create protocol-owned liquidity for the few companies that can reach IPO superstar status..
these problems cannot be fixed in a day, and also you cannot go to the next blue-chip IPO-worthy company that already knows it's a blue-chip IPO-worthy company and convince them to buck the entire system to do something crazy like early liquidity
the point of internet capital markets (ICM) is to disrupt that entire structure with earlier access, earlier liquidity, and all the rest...not to just take existing public stocks that already "won" and make them tradeable in a slightly different "tokenized" format
we have to explore every mechanism and every legal and incentive structure in the super early-stage market, yes it's "adverse selection" in some sense but so was Bitcoin on Silk Road....this is how innovation happens...