The biggest question about the Coinbase x Vector acquisition is, "Who will take the exit upside?" - Coinbase acquired Vector's team and technology. - Tensor Marketplace and TNSR will continue to be operated by the Tensor Foundation. - The acquisition consideration was settled on the equity side, with no direct cash outflow to TNSR holders. - Meanwhile, 100% of fees will go to the TNSR treasury, and measures such as the unclaimed token burn have been announced. In other words, the structure is such that shareholders get the best part of the business sale, while the token side "manages through supply adjustments." While Coinbase wants to sell its own ICO/launch platform, it has set a precedent of not protecting token holders in its own M&A. This may be a bit negative. As an investor, I think we should take a closer look at how tokens are treated during M&A/IPOs, and whether buyback clauses and profit shares are designed in from the start. I also think builders should clearly document in their white papers and governance how they will return value to tokens upon exit.