Some thoughts on $PAR launch today - First, shoutout to @RealCoreyWilton and Steve for launching $PAR into possibly the worst market timing possible. Fortunately @partnrxyz is a long term endeavor and the vision for $PAR is orders of magnitude where the token is today. Alpha Vaults & Opening Price The $PAR launched used @MeteoraAG 's Alpha Vault product for two reasons: 1) Prevent mercenary ownership in the early stages of a token launch (i.e. snipers) 2) Control the range of UPNL upon launch Most "fair launches" are difficult for long term projects because early buyers are looking for short term gains and aren't actually interested in aligning with the project long term. Alpha Vaults collect SOL from interested parties up front, then swap for the $PAR token at the same time, guaranteeing the same average price for the first ~1,500 SOL worth of buyers. The expected average market cap for these buyers was ~$3M and the expected opening market cap after vault buyers was ~$6M. This strategy makes it less attractive for snipers to participate since price of the token is relatively high to snipe and also prevents early participants from having extremely low cost basis and high UPNL immediately post launch. By doing so, open market buyers can feel more comfortable participating since they know that they aren't playing a game of hot potato with insiders and snipers. Liquidity & Long Term Sustainability Another important aspect of long term sustainability is liquidity for tokens. Many on-chain launches have very low liquidity to market cap ratios (often 10% or less). $PAR currently has a 33% liquidity to market cap ratio and the go forward plan for liquidity management is: 1) Use the Alpha Vault SOL to provide buy side liquidity in the pools 2) Work with liquidity providers to optimize approx. 300M $PAR tokens 3) Permanently lock 300M $PAR tokens (or if less $PAR due to trading activity, the resulting amounts of $PAR and SOL) in Meteora Conclusion: Tokens & Product Tokens are product, as much as the project's product is product. The product roadmap (and what is live today) for @partnrxyz is incredibly packed and I could not be more bullish on the prospects of consumer crypto x consumer ai. The $PAR launch may not have been the most flashy out of the gates (much of it due to the uncontrollable and unexpected timing of broader SOL ecosystem sentiment and headlines), but ultimately the right steps were taken to build the foundation of a strong token product for $PAR. The $PAR launch prevented heavy mercenary ownership with unresolved UPNL that makes it impossible for long term participants to get involved. This is the foundation that allows for growth as products ship and markets turn. Onwards!