What does a "fair launch" mean when the same players are showing up to mine liquidity, over and over? Fair to whom?
If a vanilla SHA-256 coin is launched and it accrues some modest value, it's a freebie for existing Bitcoin miners. The only real cost is the opportunity of the hashpower, but for them it's a drop in the bucket
Fair launches today in DeFi are a subsidy for whale LPs. A strong launch should bootstrap a new community or extend an existing one, not enrich the same 5 aggro DeFi hedge funds.
The Swerve fork seems like a slam dunk, because many seem to be frustrated with Curve's governance. I get that.
But it's not "fair" in the sense of building a grass-roots token holder set for robust governance. It's "fair" in the sense of risk-adjusted plutocracy... which whales will take risks on unaudited contracts for get private audits, and move funds fast.
An obvious counterpoint is YFI. @AndreCronjeTech and early supporters have built a strong, incentivized early community of doers.
What's the difference between the two? It appears that, somehow, much of the YFI distribution happened before everyone "got it". Believers hold the tokens.
And it's believers that build a community.
So... what does a farm for believers look like?
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