Treasury discipline before TGE is the primary defense.

Secure sufficient stable runway prior to launch — ideally 12+ months of operational expenses — so core burn is not dependent on token price performance. Separate operating capital from liquidity and strategic reserves, and stress-test budgets under downside price scenarios.

If operating expenses require routine token sales to survive, the market will detect it. Forced selling introduces structural overhang.

The objective is simple: launch from a position where token sales are strategic — not necessary. Pre-TGE treasury planning determines whether you control supply, or supply controls you.