Author: @filber Translation: dedao leveraging grok
From late 2025 to early 2026, researchers, builders, and traders have been fiercely debating on Crypto Twitter (CT): Should protocols capture value through native tokens (with on-chain governance/utilities) or through equity structures (traditional dev companies/labs that hold IP, revenue streams, and off-chain assets)?
Pro-token advocates argue that tokens enable self-sovereign ownership, global liquidity, composability, and programmable incentives that equity can’t match.
Pro-equity advocates contend that tokens only bring hype, dilution, and governance fiascos, while equity offers stable income multiples and legal protections. A classic example is the recent fight over IP in Aave, and how Hyperliquid's $HYPE maintains ongoing utility through buybacks.