6 lines
No EOL
700 B
Markdown
6 lines
No EOL
700 B
Markdown
```markdown
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### Additional Evidence (challenge)
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*Source: [[2026-03-19-pineanalytics-p2p-metadao-ico-analysis]] | Added: 2026-03-20*
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P2P.me's 50% liquid float at TGE creates systematic liquidation risk despite high AMM fees. Pine identifies this as replicating FairScale's structural vulnerability: high initial float enables external liquidation capital to enter before community consensus on long-term value forms. The implicit put option dynamic (identified in FairScale analysis) suggests high fees may be an insufficient deterrent when float is large enough to attract coordinated selling pressure. P2P.me has made no apparent governance design changes to address this post-FairScale lesson.
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