The liquidation preference also bites you more as a founder because you are further away from not being affected by it. I am not sure about this but I can imag

The liquidation preference also bites you more as a founder because you are further away from not being affected by it. I am not sure about this but I can imagine the down round VCs also want the same exit valuation guarantee, i.e. if first round got 1x liquidation preference at $8M valuation the down round VCs in a $6M round might ask for 1.33x liquidation preference.