launchpads as protocols are a race to the bottom — they’re getting increasingly commoditised and fees will be tending to 0. liquidity network effects is biggest moat right now.

frontend apps i.e launchpad wrappers or vertical launchpads (launchpad + tech/community/integrations moat) will increasingly accrue value — as the switching costs for replacing the backend protocols is ~0.

pump was the default frontend for everything until now, maybe tomorrow it isn’t — niche launchpads (for instance, believe) will keep emerging.

frontend apps will fight for user attention, while protocols keep pitching lower fees.

it isn’t obvious, until it is ;)