@phil
What if the right way to think about project coins isn't as equity but as bonds?
Obviously the infrastructure needs to exist, but I haven't seen anyone talking about this analogy. Equity investors are loathe to dilute ownership, but perhaps this is the right path forward for projects that raise $ via tokens.
https://www.reuters.com/technology/telegram-secures-330-million-bond-sales-2024-03-18/
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