Projects launched DAOs and promised value accrual to token once protocol is profitable.
But when protocol is profitable, suddenly equity gets the upside.
As for tokenless projects like Kalshi, Polymarket, why launch token and give 60% - 70% of the tokens (and revenue) away when you can keep larger share to yourself via equity.
Incentives are broken in crypto.

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The three major driving factors behind Bitcoin's four-year cycle have significantly weakened in influence. The entry of institutional investors and improved regulation are propelling the market into a decade-long continuation phase. Investors need to be cautious…
The article, "Bitcoin's Four-Year Cycle is Dead! Bitwise CFO: The Crypto Market Enters a BlockTempo-Long War," was originally published on BlockTempo, the most influential blockchain ABMedia media.