ARTHUR HAYES: PVP

Summary from the TLDR Crypto newsletter

Recent crypto token launches have underperformed for retail investors. Data shows that listing on CEXs does not guarantee price appreciation despite high listing fees. Projects have been launching at inflated valuations, benefitting VCs but harming retail investors. Founders should prioritize lower initial valuations and user growth to create a stronger and more aligned community. A DEX-first approach with gradual CEX adoption is one option to create value for users and token holders before VCs.