Token economics matter—especially when you're looking at a 69M FDV against just 15.9M float. That ratio creates real depth challenges on day one. Slippage and price discovery get messy when liquidity is tight.

Here's the play: if you're holding governance tokens, the phase 2 allocation typically offers better pricing than waiting for public rounds. Speaking of public—the 2% allocation with a 1k cap per wallet keeps retail participation modest. Don't chase the public drop. Let the on-chain Solana liquidity pool establish itself first. Early execution usually punishes the impatient.