Launching a token is a delicate task.

On the one hand, you’ll thrill your die-hard audience of early adopters, rewarding them for sticking it out for so long.

On the other, you invite hungry whales to come and harvest your project for its incentives, often hogging the lion’s share of the tokens being dished out (before flipping them for a profit shortly after).

This latter outcome is especially bad if these tokens also serve as a voting mechanism in determining the future of your project.

“Eventually, the core team has to begin to shed some power, and would want to do that in a way where that power goes to an aligned community with skin in the game,” Delphi Digital’s director of research Ashwath Balakrishnan told Decrypt. “Eventually, token holders govern how the DAO and protocol move forward.”

There is, however, another potential consequence of clumsily launching a token: Failing to first assess your product-market fit (or, as the biz dev folks call it, PMF).

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Author: Liam J. Kelly

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