The end-state for most crypto tokens is to become protocol equity A digital asset that serves as a claim on the future positive cash flows of a blockchain-based protocol However, much like with scaling chains, while the end goal is clear, there are many different paths toward this end state - Companies tokenizing their traditional equity chain - Token-to-equity exchange + token buyout programs - Equity-like value distributions via token buybacks & staking rewards - Investor Relations platforms and regular financial disclosure reports All industry trends that I expect to accelerate as this asset class matures and begins to take in more TradFi capital This is healthy Not every protocol will succeed and become cash flow positive, but those that do, present the largest opportunity for token investors No ponzinomics or mental gymnastics required(Zach Rynes | CLG)