i agree. the equity + token combo is a structural drag that is negative for the industry and just really bad for the retail that doesn't get to "double dip".
it’s actually rare to find founders who’ve only sold tokens. most end up structuring rounds with a SAFE + token warrant precisely because selling tokens outright is a regulatory grey zone in most jurisdictions.
and even in the few cases where teams do go token-only, the alignment that’s supposed to come with it often doesn’t. value accrual can be messy and protocol revenue doesn’t always find its way back to holders, and for many projects, the link between protocol usage and token upside is still more narrative than mechanism.
token-based companies that do build real alignment like the ones mentioned (HYPE, LINK, PUMP) deserve credit.
internet capital markets.
Crypto companies selling both equity and tokens to investors is the single biggest unforced error holding the industry back as an investable asset class
You end up with an irreconcilable conflict of interest and misaligned incentives between equity holders and token holders
Not a coincidence that the crypto projects establishing token buyback programs with protocol revenue (HYPE, PUMP, LINK) have not sold equity to investors
Neither HYPE or LINK raised VC funds either, which is where much of this conflict of interest pressure comes from
But clearly this is a problem for a lot of tokens out there, so what do?
Short term: If you’re a crypto company, don’t double dip, it’s a self-own. Either sell equity and eventually go public, or treat your token as pseudo equity for the protocol that captures value
Long term: We need to establish a regulatory regime that allows for the issuance of ‘protocol equity’ style tokens with enforceable investor protections and clear revenue rights
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