variant

New essay from @jchervinsky and I
on tokens vs equity

1/ For years, a hostile SEC forced crypto founders into a broken model: drive all value into equity, not tokens.

The result? Incentive misalignment, ineffective governance, and more legal risk.

In this post, @jessewldn and I explain why that model failed and how to fix it. https://t.co/dSmJdJHB1M

Tokens vs. Equity

onchain value -&gt; tokens
offchain value -&gt; equity

In this piece @jchervinsky and I explain how onchain value can extend to offchain infrastructure (e.g. front-ends)—giving founders flexibility to build full stack and efficiently—from protocols to products, with

Jesse Walden

New essay from @jchervinsky and I
on tokens vs equity 
https://x.com/jessewldn/status/1938241548199592238