$OCT has been one of the best-performing assets in crypto over the past month. The final clearing price on its @UniswapAuctions was $0.025. Since then, it has rallied nearly 450% to $0.137! While this performance is undoubtedly a reflection of what @octra has built, it is also a byproduct of how the token was launched. Investors are increasingly being asked to underwrite end-state valuations, and the results have generally been poor. Higher launch valuations have consistently produced worse investor outcomes. Octra took the opposite approach as OCT launched at a $25M FDV with no day-one CEX listings and no token allocations reserved for exchanges or market makers. Unlike many recent token launches, investors weren't being asked to underwrite a future where adoption, ecosystem growth, and product-market fit had already been achieved. Whether Octra ultimately succeeds remains to be seen, but its launch structure is a welcome departure from the industry's recent playbook.