.@RebateLaunch gives a launcher five decisions. The one nobody talks about is where the payouts go. A launch can route its holder share to holders - permanently - or to the creator, who can switch it to holders later but never back again. That asymmetry is the whole point. A creator who wants to fund themselves early can do it in the open, and the moment they hand it over it cannot be taken back. No quiet edit three weeks in, no "we have decided to adjust the split". Same logic runs through the rest of the launch: bonus, payout and fee rates freeze at creation, supply is fixed at 1B, and the treasury that funds bonus tokens has no withdraw function. Trust is usually a promise about behaviour. Here it is a constraint on code. It also tells you something before you buy: where a launch sends its money, and whether that can change. Pick the destination once, then live with it.