[Alliance Co-Creation: Tokenization is Forming Two Dominant Models of Equity and Buyback Value Accumulation] According to a report by Jinse Finance, on June 18, Alliance co-founder Imran Khan tweeted that he agrees with Delphi's recent report on the token market. Currently, tokenization is primarily evolving into two forms: 1. Tokens representing equity ownership, 2. Tokens directly achieving value accumulation through buybacks. Token models that fall between these two extremes will eventually gravitate toward one of these poles. Unless revenue and buybacks are programmatically brought on-chain, it will be difficult for tokens to achieve reasonable valuations. Meanwhile, as more companies go public, tokenization can also provide global investors with opportunities to participate on-chain, expanding ownership access beyond traditional capital markets.