Trove Markets' token sale seems very popular, but upon closer inspection, there are some details worth cautioning about.

Let's start with the most direct question — why launch the token before the mainnet goes live? This sounds very strange. Users don't actually need this token to use the product. So what is the actual use case of the token? The official says it will be bought back from revenue, but the problem is that these revenues don't exist yet. It's like raising funds by promoting the token as a main selling point before the product has actually generated cash flow.

In this model, the token's value support is actually quite weak. Without a real revenue stream as backing, the buyback mechanism becomes just a paper tiger. In this case, the token becomes purely a speculative tool. This is something investors should seriously consider.