Securitize went public via a SPAC and immediately tokenized its stock to trade onchain. I wrote on my blog that I wouldn't farm it, despite Securitize being the No. 1 RWA platform with $4B in distributed value vs Ondo's $3.7B in 2nd place. (though BUIDL alone is $2.2B, and my main interest is tokenized stocks, where Securitize ranks 3rd) No token means nothing to farm, but tokenizing the equity right after the IPO makes it a more interesting play. GLXY went a similar way. No token also means clear ownership and none of the token<>equity dilemma that VVV suffers from now. But a token is an amazing fundraising tool and, what matters to me, a way to reward loyal users. VVV had a juicy airdrop for early users (thanks for that), but post TGE the token is a nuisance: e-begooors keep complaining and the team burns energy on them. What we're seeing now is another path: - Backpack airdropped BP but gives equity access to anyone staking the token for a year - Kast invited its most active users to receive equity instead of points So there's a way to reward users with equity. Securitize just didn't do it. After years of zero tokenomics innovation, new models are emerging that balance the token (fundraising, rewards, utility) with equity (ownership). Not an easy balance to strike. I wouldn't be surprised if investors end up preferring one asset only. Ownership tokens, MetaDAO style. Or tokenized equity. I still like tokens though. The airdrop is still the purest early-user reward, even when the real value sits in the equity.(Ignas | DeFi)