Met with a large scale, tier 1 research team yesterday. Here's how they are thinking about the token equity dynamic...

...to be completely honest and blunt, they are still trying to figure it out just like everyone else. There is no clear solution right now. Its a massive question mark for the entire industry and no one has the solid answer.

This is due to perverse incentives to *come up* with a solution (ie. the gig is up), regulatory opaqueness, and truly a lack of deep thought around this up until recently.

I expect this to change in the first half of this year.