Market Trend - Launchpad projects are starting to offer investors optional refunds at TGE [1] - Anichess announced optional refunds for their Kaito Capital Launchpad sale [2] Investment Strategy - Offering optional refunds is a good move if there is minimal conviction and late-stage funding rounds are not seen as exit liquidity opportunities [3]

Investment Allocation - The document inquires about fund allocation to the initial two Kaito Capital Launchpad projects [1]