but one thing you’re missing is that people dont know which ones will be money laundered - or attract gobs of capital for unknown reasons - and go up in price wildly. so people play at all levels depending on their risk appetite since the profits from a coin being pumped are so wild.

these things launch with a marketcap in the low thousands, and run to marketcaps in the millions and billions for tens of thousands of % gains. its what retail has always wanted from the IPO market, but instead of waiting decades for every rule to slowly change with no sign of the private sector using those rules, they have the crypto ecosystem now and its been a hit.

as far as financial market innovation goes, the liquidity pool code is pretty novel and an active area of research and competition, a candidate of something to graduate to - or intertwine with - the traditional markets

Bullish's $1.15B in IPO Proceeds Entirely in Stablecoins in Public Market First - https://news.ycombinator.com/item?id=44957496