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I. Background: How the Pre-Market Ecosystem Came Into Being

Panama City, 19 December, 2025 – By the end of 2022, the crypto market had clearly rolled over into a downtrend. Risk appetite faded, primary market fundraising dried up, and both deal count and total capital raised fell sharply. For many projects, this meant tighter funding, slower user growth, and more difficulty getting meaningful on-chain data. As token issuance cycles dragged out, teams started looking for ways to survive without immediately launching a token, experimenting with non-token revenue models and points-to-airdrop schemes. These structures were used to keep the lights on and, just as importantly, to maintain community engagement and key metrics.