In the current cycle, trenchers act as LPs for launchpad tokens until liquidity emerges via retail or institutions. In my view, all launchpad token founders should focus on building for and attracting consumers, especially those outside of crypto. The goal is to bring in net new users and reduce reliance on existing crypto native liquidity. Until then, most onchain apps, including wrappers, lack durable moats. Their only real advantages at the moment are execution speed and the amount of fees earned compared to competitors. If you’re backing launchpad tokens, diligence the launchpad founders and assess whether they understand how to build for consumers and their ability to break beyond crypto native users/liquidity.