More Money, Less Tokens? It’s no surprise that bigger fundraises tend to dominate mindshare - large rounds act as instant signal boosts, drawing in users who (often rightly) expect a juicy airdrop to follow (if there’s a token coming, why would it trade below the latest valuation?) The tradeoff: The bigger the raise, the tighter the token distribution usually gets. Whether it’s sybils or cap table constraints, most high-profile drops end up heavily diluted. Once capital is locked in, there’s rarely room left for a generous community slice. That’s why stories like Hyperliquid and Kaito stand out. Both bootstrapped growth. Both gave back meaningfully. Hyperliquid dropped 30% of supply & was entirely bootstrapped. Kaito raised just $10M, yet still allocated 10% to its community (yes only 3% was actually claimed I know but still). What if: Smaller raises could actually prove to be a competitive edge - giving teams more flexibility to reward early adopters & create those success stories that convert farmers into long term evangelists & attract the next wave of believers? With that lens, a few current projects stand out as ones to watch: - Ethos (~$2M raised) - Abstract (~$11M) - Theoriq ($10M+) - OpenLedger ($8M+) - Mitosis ($7M+) I don't have the answers but I'll be bookmarking this hypothesis for future receipts