Why token launches fail: extractive pricing, poor liquidity, delayed price discovery. @aadams of @dopplerprotocol joins our Stateful podcast, hosted by @masonnystrom. In this episode, they discuss onchain capital markets and fixing token launches and IPOs: - 20% of 2025 token launches traded below issue price - Custom onchain markets: bundle price discovery and liquidity, launch in minutes - Coding moat is over. AI writes Solidity/Rust - Solo unicorns, micro-companies, permissionless experimentation 01:42 Custom Capital Markets Onchain 04:18 One Size Fits None: Why Token Launches Fail 07:26 Best Practices for TGEs 08:34 Deep Liquidity Pools vs. ICO Fundraising 10:23 Price Discovery: The Circle IPO Case Study 13:21 IPOs in the 70s vs. Today: What Changed? 16:57 On Chain Capital Formation: The Future of IPOs 20:29 Ethereum vs. Solana: Go Where Users Are 24:25 Context Is the New Moat: AI & Coding 27:59 What Asset Do You Wish Was Tokenized? 29:45 Founder Advice: One Good Thought a Month 31:21 Rethinking L2s & the Revenue Debate(Pantera Capital)