Crypto tokens are superior to equity. We just forgot how to prove it. Look at $HYPE. Yes, it's valued by revenue like equity. But it also gives trading discounts, pays gas on the L1, and secures the network. All while being globally accessible and trading 24/7 Equity wrapped in some legal structure can't do any of that.* The problem is that evaluating projects on P/S ratios took over and now everyone compares tokens to stocks. Understandable after years of overpromised tokenomics with overhyped roadmaps. But the ceiling for tokens is higher than equity, if projects actually build real utility. L1s are the clear example. That's why evaluating ETH purely on fees is dumb. Aave, Fluid, or Morpho could offer better rates for token stakers (hard to implement, I know, but it's an example). Polymarket could use POLY as a truth oracle instead of relying on UMA. Curve and Velodrome proved even DEXs that don't need a token to function can build real utility around one. Tokenomics innovation needs to come back. *At minimum tokenize the equity. Going fully offchain is just regression.