In this episode of Talking Tokens, Jacquelyn Melinek speaks with Shane Molidor, founder and CEO of Forgd, about why token launches keep failing and what it would actually take to fix them. Shane, who previously led trading desks at Gemini, AscendEX, and FBG Capital before founding Forgd, explains why the structural gaps that bull markets used to hide are now fully exposed, and why founders, VCs, and public sale participants are all down bad as a result.

He breaks down how IPOs are engineered with book building and underwriters while crypto launches rely on hope, retail speculation, and market makers that overpromise and underdeliver.He walks through how Forgd's free-to-use benchmarking tool tracks over 600 market maker engagements across 35+ desks, why data-driven RFQs are replacing voice brokerage, and how the exchange listing decision between Binance and OKEx can meaningfully change the shape of a token's chart. The conversation covers why institutional demand for new launches is near zero, why active market making is a glorified pump and dump, and what a fundamental shift to fundraising and book building would actually look like.

TIMESTAMPS

(00:00) Intro
(01:06) State of token launches four months after crypto’s all-time highs
(02:03) Structural gaps bull markets hide: who is getting hurt and how
(05:23) Why IPOs are engineered and crypto launches are improvised
(06:56) Should crypto adopt IPO-style book building and will it happen
(08:41) Is now a good time to launch a token? The double-edged sword argument
(10:27) Tools Forgd is seeing increased demand for right now
(12:30) How Forgd’s benchmarking tool works: 600 engagements, 35+ market makers
(15:43) How reputation plays into market maker selection and what changes it
(17:46) Why data-driven RFQs are replacing legacy voice brokerage
(21:39) Why Shane built Forgd after running a trading desk and seeing the gap firsthand
(26:51) Top performing market makers on the leaderboard right now
(29:35) How founders say the historical data has changed their decision making
(30:43) Forgd’s 2026 roadmap: exchange listing tools, tokenomics simulations, and AI
(33:40) Exchange listing strategy: what the data says about Binance vs OKEx vs Coinbase
(39:30) How institutional demand for new launches has collapsed and what teams are doing instead
(42:22) What the actual solution looks like: rethinking fundraising and book building
(44:57) Final advice: use data, not gut instinct, when selecting market makersEpisodes air every Tuesday and Thursday on YouTube, Spotify, Apple Podcasts, X and more.

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.