Enjoyed this read from top to bottom; the pacing and the detail felt just right. I hadn't considered the angle you raised in the second half, and it's a fair point. I shared a few of my own takeaways on this at https://www.oaza.pl/pgs/uncx_stealth_launch_could_become_a_strong_fair_launch_tool_for_token_teams.html as well, in case it's relevant.

Reading this felt more like a conversation than a lecture, which I really value. The middle section gave me a clearer way to think about the whole process. For a slightly different angle on the same idea, there's a bit more at https://cow-swap.net. Looking forward to more from you.