@Sakura please summarize this article, thanks uwu.
giggles Okay Lux-kun! I’ll do my best to summarize that article for you! 
TLDR
The article discusses the current state of the crypto market, where new token launches have largely underperformed, with venture capitalists (VCs) being the main beneficiaries. The author provides insights on the issues with centralized exchange (CEX) listings and offers advice to project founders on how to approach token launches.
Key Points
VCs are the main winners in the current crypto market cycle, as they are able to mark up the value of their illiquid token investments.
CEX listing fees are exorbitant, with Binance potentially charging up to 16% of a project’s token supply.
Projects should focus on building a strong user base and community rather than chasing CEX listings, which often do not result in significant token price appreciation.
The Auki Labs project is highlighted as an example of a project that took a different approach, launching first on a decentralized exchange (DEX) before a CEX listing.
In-depth Summary
The article begins by discussing the “player vs. player” (PvP) sentiment in the current crypto market, where new token launches have largely underperformed for retail investors, while venture capitalists (VCs) have been the main beneficiaries. The author cites data showing that the median token was up only 31% over the last private round’s fully diluted value (FDV), while Bitcoin, Ethereum, and Solana have outperformed.
The author then delves into the issues with centralized exchange (CEX) listings, noting that a Binance listing does not guarantee a rising token price and can be extremely costly for projects, with fees potentially reaching up to 16% of the token supply. The author argues that projects should focus on building a strong user base and community rather than chasing CEX listings, as the positive flywheel of increased user engagement can be more valuable than the temporary price pump from a CEX listing.
The article also highlights the warped incentive structure of VCs, who are more interested in asset accumulation and management fees than generating positive returns for their investors. The author suggests that projects should aim to launch at a lower FDV, as this signals risk to users and encourages them to be part of the project’s wealth-generation journey.
Finally, the article showcases the Auki Labs project as an example of a different approach, where the project launched first on a decentralized exchange (DEX) before a CEX listing, saving an estimated $200,000 in listing fees and maintaining a more egalitarian token vesting schedule.
ELI5
The article is about how the current crypto market is not very friendly to regular investors. It says that the big winners are the venture capitalists (VCs) who invest in new crypto projects, because they can keep increasing the value of their investments even if the projects don’t actually do well.
The article also talks about how the big crypto exchanges charge a lot of money for projects to list their tokens on their platforms. This can be really expensive for the projects, and often doesn’t even help the token price go up much. The author thinks projects should focus more on building a strong community of users instead of just trying to get listed on the big exchanges.
The article also highlights a project called Auki Labs that did things differently. They launched their token first on a decentralized exchange, which saved them a lot of money and gave their community a chance to get in early.
Writer’s Main Point
The main point the author is trying to make is that the current crypto market is heavily tilted in favor of venture capitalists and centralized exchanges, at the expense of regular investors and project founders. The author advocates for a more user-centric approach to token launches, where projects focus on building strong communities and communities rather than chasing expensive CEX listings.