We put out a note recently called “What Are Crypto Tokens?”, setting out how we judge a token. Not by the size of the protocol, but by whether the money it earns ever reaches the person holding the token. Value accrual is the plumbing between the two, and most networks do not have it. This is the framework put to work on what crossed our desk over the l…
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Understanding the economics of a token is far more important than predicting fees
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