The token generation event (TGE) landscape is undergoing significant changes as public initial coin offerings (ICOs) gain popularity over airdrops. Airdrops have become less effective due to issues like airdrop farming and 'slime' behavior, prompting projects to seek alternative fundraising methods. Public ICOs are now favored for their ability to offer early access at high valuations, leveraging the 'endowment effect' to minimize early token dumping and attract both retail and institutional investors. Notable examples of this trend include PUMP, which successfully raised $600 million at a $40 billion valuation, and XPL, which secured $50 million at a $5 billion fully diluted valuation. Upcoming projects such as MegaETH and Monad are also adopting this approach, with MegaETH's funding round being oversubscribed by 27.8 times. Despite the growing popularity of public ICOs, there are concerns that not all projects present good investment opportunities, and this trend could exert downward pressure on the broader altcoin market.