I'm surprised we've yet to see more interesting models of onchain venture. It's been onchain versions of traditional rounds.

How about a round that's streamed to the company as burn occurs?

What about a seed round structured via liquidity pool dynamics?

What about a SPV platform that provides vehicles with a token?

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IMO companies that have PMF should be experimenting with these types of models.

Any company / project pre pmf should focus on product before equity structure. 

Dupe is kinda cool where they burn tokens anytime their product gets used, which I think is directionally correct.

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Not talking about this from the perspective of companies, but from the perspective of investors and platforms like Echo. 

Each company should decide what it needs and when it needs it.

As an aside: in many cases you can reach PMF without raising – in this case I agree with you. 

Otherwise, the blanket statement that "companies should focus on product before equity" is incorrect - many companies die because they don't think about structure early enough.