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.

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

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