Mason Nystrom sits down with Austin Adams (Doppler Protocol) to explore why token launches are broken, how traditional IPOs died, and what onchain capital markets can fix.

The problem: 20% of all token launches in 2025 traded below their issue price. Traditional IPOs now happen at terminal valuations—OpenAI and SpaceX go public where they used to peak. Amazon IPO'd under $1B and went up 1000x in public markets. Apple went public in their second year. That doesn't happen anymore.

Key Topics:

• Why token launches fail: extractive pricing, poor liquidity, delayed price discovery

• The death of the IPO: companies now go public at $1T+ instead of early-stage

• How Circle's IPO popped 40%+ due to 3-month-old pricing (Genius Act repriced everything)

• One size fits none: why custom capital markets beat cookie-cutter token launchers

• Bundling price discovery with liquidity: the only way to prevent chart disasters

• Why coding stops being the moat (AI can write Solidity/Rust, but can't generate novel ideas)

• Ethereum vs Solana: go where the users are, the chain doesn't matter

• The future: solo unicorns and micro-companies with tokenized equity

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