# kaal:claim:4015908-014

**Claim.** The larger the market capitalization controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market.

**Type.** mechanism  **Support.** argued

**Holds when.**

- DAO governance over project liquidity

**Source quote.**

> The larger the market capitalization that is controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), III.2.c(2) Liquidity, page 9

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Topics.** dao, governance-design, defi, economics

**Keywords.** dao-governance, liquidity, whales, manipulation, market-cap

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.