What are some properties that a token launch should have for you to consider it ethical / values-aligned and not decrease your excitement for the project?

Why are the ethics around a token launch diametrical opposed to the ethics of equity financing for startups? At startups it is always 100% cap table, all shares locked for years.

Can there be a middle ground?

Fullstack Dev, Economist, strong proponent of reserve tokens.

Token projects feel inherently far more community driven than the average startup?

Yes, true, and that is great. Here is the point: The difference applies only to the composition of external investors. The share of revenue that flows out of a company is way larger than in tradition equity financing.

(Chronological)
Traditional: Revenue - Investment = Profit
Token: Revenue - Profit = Investment

So tokenized crypto companies seem to have less share of the revenue to reinvest, and to pay staff etc.