increasingly believe that the right time to launch a token is at the start of the project, not the end

design @splits | /wireframe /latenightcrew /event-pass /feud

it can be a marketing/growth engine and gives you a way to reward early contributors

also, launching it later on signals “this is the end, they’re cashing out”

i used to think token = ipo, think now it’s more like token = cap table

Your seed investors in a normal startup can’t sell their equity instantly. It’s not comparable.

i agree with you, and it’s also not comparable to an IPO. i was just painting an analogy.

because early investors can sell? that feels like a problem that can be solved at the contract level

My point is it’s not a good capital structure for building something long-term in most cases

Founders

building @revealcam @alfaca @offmarket @perl | alum South Park Commons | previously cofounder SBLY.com, eng at Stripe | peter-kim.com

You have all the control you want. Just most don’t take control or launch a cap table that resembles your equity cap table which makes 0 sense

You can structure it whatever way you want - even got more flexibility with a token.

Obv stakeholders are different, have different expectations and require different management.

You can structure it whatever way you want - even got more flexibility with a token.

Obv stakeholders are different, have different expectations and require different management.

https://farcaster.xyz/juli/0x600edcbf