Crypto Tokens

Most of the "tokenized securities" being hyped are "digital stock certificates", not permission-less decentralized businesses with on-chain cash flows & dividends. The former is a cash grab by under-writers, the latter is the potential 10x disruption (a precursor to full DAOs).

Predictions on tokens & DAOs: - Current governance tokens are trying to bake too much into a single token. Every DAO in the future will have multiple tokens—at least 3 - A DAO or protocol’s NFTs & social tokens will be more valuable than its governance tokens in the future

The Web 3 playbook: using token incentives to bootstrap new networks. 🧵