Fascinated with the puzzle that is modern society via hako.systems

Reminder: the vast majority of users don't care about decentralization.

Developers do! And a minority of ideologically principled users care.

But the much bigger market is solving user problems. And if you have enough users, developers will be willing to tolerate your centralization.

That was probably Uniswap’s thinking when they decided not to launch a token in the early days. At that time, there was a strong debate about the lack of real value behind governance tokens. But when more than half of the capital migrated to Sushiswap during DeFi Summer, those theories had to be revisited — and Uniswap eventually launched a token.

The reality is that without a governance token, it’s extremely difficult to finance growth and scale in the long run.