# kaal:claim:4015908-028

**Claim.** Whale purchases that soak up token supply at the earliest possible time in a launch are the key problem fair launch platforms address, because they can be the origin of significant centralization that harms the project for the entirety of its active market engagement.

**Type.** failure  **Support.** argued

**Holds when.**

- whales able to buy large amounts at the earliest moment of a launch

**Source quote.**

> of whale token purchases that soak up supply at the earliest possible time in the token launch. Such whale purchases can be the origin of significant centralization of a token launch that may harm the project for the entirely of its active market engagement.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), IV. Fair Launch Protocols, page 13

**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.** Early whale supply capture  (family: plutocratic-capture)

**Topics.** decentralization, tokenomics, economics

**Keywords.** whales, centralization, token-supply, fair-launch, market-manipulation

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