David

Yeah, I mean, clarity is obviously going to make a huge difference here.

But beyond that, again...

We need to have the infrastructure set up beforehand.

So when it does pass and hopefully it does pass, we'll be in kind of that golden era.

Yeah, everyone always references the founder constraining as like the number one piece, the number one basically counter argument to not just MetaDAO, but Futarki generally, right?

I don't disagree, but one maybe caveat I'll add, it's not like founders are having to approve every single micro decision on MetaDAO.

If they're literally just going to the forum once every few months or once every six months to increase their spending from the treasury and to hit XYZ goal,

I don't think that's a terrible thing.

But the bigger issue I see with, I guess, just launchpads in general is there could be this adverse selection problem where actually the upper echelon founders, the upper echelon projects, they're just going to go raise plenty of capital from VCs and probably not ICO.

So there's kind of that issue where you're left with projects who wouldn't have raised otherwise.

So that's something I do think about.

I'm incredibly bullish on ICOs for a few reasons.

I think one, it just gets the community involved, right?

And especially if your community is, you know, the users of your product, it could drive, you know, volume, TVL, et cetera.

It's actually very high EV to do an ICO.

The bigger challenge is these launchpad or ICO platforms,

They're going to have to continue to do a very good job curating exactly which companies they allow to ICO and at what price these things ICO.

The reason why MetaDAO has really garnered a ton of attention lately is because a lot of the ICOs have done well and a lot of them have traded above the ICO price.

And that creates this flywheel where you get a lot more attention, a lot more liquidity, etc.,

So as long as these platforms continue to do a good job curating better projects to actually ICO and these things trade above the ICO price for the most part, I'm very bullish on ICOs in 2026 and beyond.