Umbra is about to launch, and I want to remind you of something.

The mechanism of the MetaDAO launchpad is quite special, using a "freely determined cap" design.

For example, Umbra has set an initial cap of $750,000. If the final subscription reaches $1.5 million, the team can choose to:

1. Accept everything, and the tokens will be diluted proportionally.

2. Refund the excess amount, maintaining the original price.

The biggest issue with this mechanism is the uncertainty in pricing; you might think you are buying at price X, but it could ultimately become 2X. This poses an implicit risk for retail investors.

My strategy is to observe the subscription situation on the first day. If the subscription multiple is too high, it’s basically advisable to give up.

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