The truth about the Launchpad track is that it's just this simple—except for pump.fun, no one cares about the flashy stuff that other platforms are doing.

What does it matter if the fees are even lower? Does it matter which chain it's on? What’s the point of packaging some mission and vision? The market has already provided the answer. Pump is the absolute winner in this track, just like the position of a certain platform in the NFT market back in the day—if it weren't so underwhelming.

Which ones are still doing launchpads now? It's basically another version of the "latecomer dilemma." The truly talented teams are still competing in this space, and to be honest, it's quite wasteful. The market landscape is set, and there's not much essential difference between the second and tenth places.