# kaal:claim:4015908-020

**Claim.** Without significant marketing a fair launch token is less likely to reach a diverse set of market participants, and projects reaching only a few hundred investors with small million dollar market caps are much more prone to abuse and manipulation.

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

**Holds when.**

- token launches with limited marketing reach

**Source quote.**

> Without significant marketing of the project, it is less likely the token will reach a diverse set of market participants. Projects that only reach a few hundred investors and only small million-dollar market caps are much more prone to abuse and manipulation.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), III.2.c(5)(b) Public Marketing Permissions, page 10

**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

**Failure mode.** Thin market manipulation risk  (family: liquidity-and-market-structure-failure)

**Topics.** economics, defi

**Keywords.** marketing, market-depth, manipulation, fair-launch, liquidity

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