I’ve noticed a growing split among early-stage projects in their token designs. The more pragmatic teams, often scarred by past cycles, are treating tokens primarily as revenue-sharing tools (e.g., buybacks), effectively making them on-chain stock equivalents.

Meanwhile, others are pushing the boundaries, embedding tokens deeply into protocol functionality, with the idea that higher token prices enhance user experience.

While this second approach carries more risk, it would be a loss if tokens were reduced to merely tokenized stocks, missing their potential for unique functionality and innovation.