---
type: claim
domain: internet-finance
description: "Futard.io's first 2 days showed 34 launches but only 2 funded (5.9% success rate), demonstrating that permissionless systems use high failure rates as the quality mechanism — the market filters rather than gatekeepers"
confidence: experimental
source: "Pine Analytics (@PineAnalytics) futard.io launch metrics, Mar 2026"
created: 2026-03-08
related:
- curated-metadao-icos-achieved-higher-committed-capital-than-permissionless-launches-through-pre-launch-validation
reweave_edges:
- curated-metadao-icos-achieved-higher-committed-capital-than-permissionless-launches-through-pre-launch-validation|related|2026-04-19
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- inbox/archive/2024-12-04-futardio-proposal-launch-a-boost-for-usdc-ore.md
- inbox/archive/internet-finance/2025-10-15-futardio-proposal-lets-get-futarded.md
- inbox/archive/2024-11-21-futardio-proposal-should-metadao-create-futardio.md
- inbox/archive/2026-03-03-futardio-launch-the-meme-is-real.md
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- inbox/archive/internet-finance/2026-02-25-futardio-launch-rock-game.md
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- inbox/archive/internet-finance/2026-03-03-futardio-launch-the-meme-is-real.md
---

# Permissionless launch platforms generate high failure rates that function as market-based quality filters because only projects attracting genuine capital survive while failed attempts carry zero reputational cost to the platform

Futard.io's permissionless launch data from its first two days reveals the filtering mechanism: 34 ICOs created by anyone, but only 2 reached funding thresholds (5.9% success rate). This is not a failure of the platform — it's the platform working as designed. The high failure rate IS the quality filter.

In a curated system (traditional VC, centralized launchpads), gatekeepers filter before launch. In a permissionless system, the market filters after launch. The key insight: brand separation (futard.io vs MetaDAO) means failed launches carry zero reputational cost to the parent protocol. The 32 unfunded projects simply expire without damaging MetaDAO's credibility.

This inverts the traditional launch economics. Curated platforms optimize for success rate (fewer launches, higher quality bar, higher reputational stakes per launch). Permissionless platforms optimize for throughput (more launches, market-determined quality, zero reputational coupling). The 34 launches in 2 days versus 6 curated launches in all of Q4 2025 demonstrates the throughput difference.

A behavioral observation from the data: first-mover hesitancy is significant — "people are reluctant to be the first to put money into these raises." Deposits follow momentum once someone else commits. This coordination friction adds a new dimension to the [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] claim.

---

Relevant Notes:
- [[futarchy-governed permissionless launches require brand separation to manage reputational liability because failed projects on a curated platform damage the platforms credibility]] — directly validated by futard.io data
- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — enriched with first-mover hesitancy as new friction dimension
- [[cryptos primary use case is capital formation not payments or store of value because permissionless token issuance solves the fundraising bottleneck that solo founders and small teams face]] — permissionless launches as the mechanism

Topics:
- [[maps/internet finance and decision markets]]