Launching a token successfully is more science than art — at least according to Shane Molidor, founder of Forgd, a platform dedicated to helping crypto projects design and launch their native tokens more effectively.
“Launching a token today is easier than ever, especially with platforms like pump.fun,” Molidor told CoinDesk, referencing the Solana-based launchpad popular among memecoin creators. “But creating a utility token that actually performs well is tougher than ever, since the pool of retail and institutional investors’ attention is limited.”
Molidor explained that while everyone ultimately wants positive returns, a finite capital pool leads to constant turnover and churn in the market.
Forgd offers free software that assists blockchain projects in designing tokenomics, coordinating with market makers, navigating exchange listings, and setting their valuation at launch. After the token goes live, projects can continue leveraging Forgd’s analytics to track market maker activity, monitor token unlock schedules, and optimize demand drivers.
Beyond software, Forgd provides advisory services to guide larger projects from conception to launch. Recently, it introduced a portal enabling token advisory firms to manage their portfolios, while market makers gain access to transparent deal flow and performance tracking.
To date, more than 1,500 projects have used Forgd’s platform, with roughly half experimenting for research and education. Serious “blue chip” projects — those raising substantial venture capital and listing tokens with notional values above $100 million on major centralized exchanges — often combine Forgd’s tools with specialized advisory support, either from Forgd or competitors.
Molidor emphasized that many top 100 market cap tokens have launched via Forgd, though he declined to name specifics. His goal is to “standardize and bring transparency to the go-to-market process,” noting that it’s unusual to expect protocol developers to master the complexities of market microstructure.
Data-Driven Launch Strategies
Forgd’s approach is rooted in rigorous data analysis. The team reviews recent launches to identify high performers and evaluates their token distribution, emission schedules, launch valuations, price trends, market caps, and trading volumes.
They also assess market makers’ roles — their share of order books, how they make and fill orders, and how tightly spreads are maintained. This lets projects select market makers based on proven performance rather than guesswork.
Markets evolve quickly, so Forgd continually updates its database with every major new launch. While primarily working with crypto-native firms, the company is also engaging sophisticated institutional players interested in token launches.
Fixing an Unsustainable Model
Molidor argues that the current token launch model—where assets hit multi-billion dollar valuations soon after launch, paired with hyperinflationary emissions over years—is unsustainable. Demand typically spikes early, then fades as investor attention shifts.
He also revealed a common problem: “In big launches, opening prices and price spikes are often artificially engineered by exchanges or market makers, with projects having little control.”
More often, projects fail to properly align incentives with strategic partners like market makers, who might be motivated to push prices sharply up in the short term, potentially harming long-term token health.
Sustainable demand in the secondary market is crucial. Unlike traditional IPOs, where underwriters guarantee institutional demand during book building, tokens rely mostly on retail speculation post-launch.
Molidor envisions new deal structures where institutions can invest only a portion upfront, with remaining capital allocated to the secondary market to stabilize demand. He also anticipates on-chain mechanisms—perhaps offering yield in tokens or stablecoins—to incentivize continuous buy-side interest after launch.
“Just as DeFi summer transformed liquidity provision, we may soon see innovations that embed demand incentives directly on-chain, lowering institutions’ cost basis and supporting token longevity,” he said.
