PUBLIC SALES ARE THE NEW AIRDROPS

Summary from the TLDR Crypto newsletter

Public ICOs have replaced airdrops as the dominant token launch method after airdrop farming turned distribution events into exit liquidity for sybil attackers. Projects are now raising hundreds of millions at pre-launch valuations that still offer retail profitable flips. PUMP raised $600M at $4B FDV while XPL presalers captured 6x returns despite drawdowns, and upcoming launches MegaETH and Monad are raising $50M at $900M FDV and $200M at $2.5B FDV, respectively, with MegaETH oversubscribed 27.8x. This ICO surge redirects capital from existing altcoin holders into new launches, creating a headwind for high-FDV vaporware projects and accelerating dispersion between coins with monetary premium or cashflow versus narrative-driven tokens.