🚀 Crypto is facing a “ Token identity crisis” - It's becoming increasingly difficult to answer the question: what is a Token ? - Is it stock, management rights, or just a marketing tool? On one hand, equity is moving on-chain. Companies like Securitize are bringing shares and IPOs onto the blockchain. On the other hand, Token are increasingly resembling stocks, with models like MetaDAO's ownership coin or Uniswap's fee switch. But there's another model that's less talked about: Token used to attract users (CAC – Customer Acquisition Cost). These Token don't represent ownership or governance, but simply tokenized marketing costs. This is quite common in the traditional startup world. PayPal once spent over $60 million in VC funding solely on rewards, promotions, and initial user expansion. The CAC Token does something similar, but instead of burning cash, the project Token Issuance to buy growth. 📌 The distribution method is also very similar to growth marketing: - Early users receive big rewards - Rewards decrease over time. Once the network effect is established, a large incentive is no longer needed. Worldcoin is the clearest example. The project distributed over 500 million WLD just to onboard users, and in return, the World App continued to grow strongly in terms of users. As the legal framework becomes clearer and more equity-backed companies experiment with Token for crypto products, the CAC Token model could become the mainstream approach: Token not for "storytelling," but for funding large-scale distribution. Therefore, the “ Token identity crisis” isn't necessarily a negative sign. It shows that crypto is maturing, and Token are finally being designed for practical functionality, rather than being forced to be “everything at once.” Source: Delphi Digital