The small teams are going crazy over Launchpad, the more they do, the more it gets diluted. Mid-to-large projects, in the end, all turn to Perp perpetual contracts. At the end of the day, issuing tokens and trading is still the clearest and most profitable business model. But when too many people get into it, the value gets diluted. Polymarket Perps are fully open, but it seems like no one’s really buying in.