A TGE is essentially launching a project before it's even halfway matured—release it right after the founding team gets things barely off the ground.

No wonder we keep seeing spectacular failures. Think about it: if Facebook had gone public during the Facemash phase, before the product was remotely ready for mainstream adoption. That's essentially what happens when projects rush their token generation events without sufficient development, market validation, or sustainable fundamentals in place. The mismatch between token release timing and actual product-market fit creates the perfect storm for value destruction.