putting traders and investors together in a single financing event is always going to be pretty weird some solid % of people buying an ICO for a liquid token two-weeks pre-TGE are naturally going to just be traders giving people willing to lock a much lower val to distinguish traders and investors is probably a pretty good way to distinguish this, the problem is that in crypto even a huge delta between liquid price and illiquid price can still feel unfairly high risk to the lockers, considering how faddy and volatile and rug-prone tokens are overall and how high many TGE vals still look in the cool light of morning the market will hopefully figure this stuff out as more and more ICOs are done for more and more different kinds of projects and we see how they perform over 1-year+ time horizons