TGE's Are Not IPO's

Post-PMF

Probably the optimal time to launch a token. Also the most rare. At this stage you have a product that clearly demonstrates value and the token can serve as a mechanism for rewarding the earliest contributors who helped you find PMF, scale adoption, align future incentives and distribute ownership to participants.

I would probably say the point is to distribute ownership such that existing users are further incentivized to continue using, supporting & evangelizing your project while new people are motivated to try it out.

TGE's are at-best more akin to SPACs.

But I think the simplest reasons for launching a token should be some cocktail of:

• Raise capital


• Distribute ownership


• Signal that decentralization matters


• Align incentives


• Bootstrap some sort of network effect (extremely ambiguous tbf)


• Make your real supporters rich(er)