I actually disagree with this take. Yes, for an L1 you have to launch your (gas) token the same time as your chain (unless you've built a prior product like Hyperliquid). However, most of the best new tokens over the last couple years have all been projects that proved product market fit before going live, with outstanding metrics and/or revenue to write home about. At some point, teams will have to point to something real to justify the valuation of their token. So yes, you can ride pre-launch hype into short term euphoria, but the crypto markets are much more rationale today than they were a couple years ago. Only the projects that truly build for the longterm will succeed.(cygaar)