🦁 Are AXL token holders fooled? The dangers of a token-equity separation structure This is my personal opinion on BQ's comment. - The Axelar core team has been acquired by Circle, and certain technologies have been transferred. The project itself will remain open source and will be transferred to another organization (CommonPreFix). - The core team secured an equity exit and new jobs, but $AXL token holders are left with only a product without a core team. - Unlike token-for-token M&A transactions (LayerZero-Stargate, Klaytn-Finschia), this case involved only the transfer of the team's equity and the abandonment of the tokens. This demonstrates that tokens have no value if they are not the core of the project. - The elimination of regulatory risk has made it possible to return a portion of project profits to token holders through buybacks and other means. Without a connection, such cases are more likely to occur. - Tokens that have no revenue and cannot even create a link are destined to lose their value.