Most token launches don't fail at launch. They fail 6 months before it, when teams choose a market maker based on reputation instead of performance data. Once liquidity looks fragile on day one, recovery is almost impossible. Forgd built a dataset across 500+ token projects and 35+ market-making firms to prove exactly why, and what separates launches that hold from ones that collapse. We sat down with Scott Byron, Managing Director at @Forgd_, to get into all of it. 00:00 Intro: Scott Byron, Managing Director at Forgd 01:22 What Forgd is and the problem it solves 03:33 Why market maker data has been a black box 06:42 The two engagement structures every founder needs to know 10:16 Why 2025 was brutal for altcoin launches 14:05 Why failed launches almost never recover 21:35 How to spot fragile liquidity at launch 27:20 CEX vs DEX: why you need both 34:24 What it takes to succeed in 2026 38:09 Forgd's market maker leaderboard