What are some properties that a token launch should have for you to consider it ethical / values-aligned and not decrease your excitement for the project?

Lots of good answers here, one is missing: 
Transparency around the market making. Many projects are closing obscured deals with market makers, which create tokens market that are artificial. It can include low circulating supply. All these deals details are not public

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I'd go further and say "no allocation to market making firms"; the whole practice feels zero sum and predatory. But if that's not a defensible line because the temptation is too much, pushing for transparency feels reasonable.