tokens should be the onchain equivalent of equity voting rights + profit share anything else is just a game to milk retail the reason most of them fail comes down to three things: 1. regulatory barriers: real, valuable startups can’t issue tokens without being treated as securities those that do without real backing often end up as memes (like uni) 2. early-stage risk: early investing is high risk everywhere, not just in crypto. around 99% of startups fail becoming a vc comes with a cost! but retail, used to low-risk post-ipo plays, thinks early crypto funding works the same way. it doesn’t! 3. overvaluation: the first decade of crypto was dominated by tokens valued on monetary premium. L1s, L2s, memes, even defi protocols once faith disappears, they collapse! the new decade is about consumer apps that valued by real cash flow and revenue their rise and fall will finally follow real economics!