The @KaitoAI sale refund is a line in the sand for #launchpads and #tokenomics When vesting shifts post sale, the platform must eat the trust cost. Offering refund and bonus priced that cost and 81% took it. That is data Expect the next cycle to move to: • lower FDV at TGE • explicit refund rails • clearer unlock calendars • stricter exchange coordination $BILL holders got optionality. Will others copy this in #crypto and #ai or risk churn