There's an interesting shift happening—collaboration strategies in token launches are getting unfairly criticized lately. But here's the reality: participating through spot holdings is arguably one of the cleanest risk models available. Why? Because the downside protection is built in. If the project underperforms or the ICO doesn't generate the expected momentum, spot holders aren't bearing the liquidation risk that leverage positions face. Your capital stays anchored. The structural advantage here is often overlooked in bear market sentiment, but it fundamentally changes the risk-reward calculus compared to other participation methods.