Most likely, several exchanges will have to wait until the PUMP goes live for trading before returning the U that was pre sold last night. If the user withdraws the U now, they will definitely withdraw it, triggering a large amount of redemption from the exchange. If it is possible to trade, he can refund the U, or let your U be displayed as available on the exchange, but still cannot withdraw. To trigger you to generate trading PUMP, so that the huge amount of U recharged by users last night also stays on the exchange, continuing to inject blood into the exchange. What choice would you make from the perspective of an exchange?