The biggest problem of all the new launches in crypto is that they ship token first, product later. In real businesses it’s the opposite - product -> traction -> raise - because you can’t IPO on day one. Crypto flipped that order: •raise at insane valuations •launch a token with no PMF •use “community” as exit liquidity •ship the product when the chart is already dead That’s why most TGEs underperform. It’s not “bad marketing” - it’s a broken sequence. The only launches worth paying attention to in 2026 are the ones that do it the opposite way: •real product •real daily users •real revenue •then a token as a scaling tool, not a funding tool HYPE is the perfect example of this very rare model. Tria is another one of the rare exceptions. They built the thing first - a neobank people actually use daily - scaled to top 2 in just 5 months (paymentscan), and they’re already revenue-positive before TGE. That’s what you want: PMF first, token second, that’s the tokens you can buy after tge.(𝗰𝘆𝗰𝗹𝗼𝗽)