If Phantom launches a token after Issuance and before Jan 1, 2027, then the market resolves to Yes. A token launch requires ALL of the following: a fungible token deployed on a blockchain network, officially announced by the project as their token, transferability between wallet addresses, real economic value (not testnet), a liquidity pool with real value, and distribution through public sale, private sale, airdrop, liquidity provision, or exchange listing. This includes ICOs, TGEs, airdrops, fair launches, migrations from testnet to mainnet, token swaps, and governance/utility tokens that become transferable with market value. NOT included: future launch announcements without deployment, non-transferable tokens or points, testnet tokens, fully locked tokens, NFTs, soulbound tokens, internal ecosystem tokens, wrapped tokens of existing assets, unactivated contracts, or points that will convert after the deadline. This market will close and expire early if the token launch occurs.