The issues with the Launchpad fundraising method are indeed worth considering. Looking at past issuance records, projects launched through Launchpad often fall below the pre-sale price after official trading begins, which has become a common market pattern.

Even so, we still see major platforms continuing to promote Launchpad products. What is the logic behind this? A reasonable speculation is that the platform itself gains sufficient revenue from this process—whether through trading fees, project service fees, or other forms of partnership revenue.

From the participants' perspective, early subscribers may indeed face high risks, but the revenue models for the platform and project parties are almost unaffected by the final price performance. Under this incentive structure, continuously promoting Launchpad, even with limited success rates, is obviously attractive to the platform.