„Tokens don’t need to exist“ Why exist stocks ? Do we need the shares to run the company or business ? Probably not. Tokens run economies, like $CRV and $AERO with emissions to attract and maintain liquidity. Also they are governance and revenue share tool for these protocols. I agree that we don’t need a token if there is no revue share or token buyback which accrues value for the token. Equity model and a token is death for the token. But let’s think of tokens in growing markets like stablecoins as “tokenized growth and TAM potential” the token is the only way to participate in IP growth, revenue and product distribution. If we look at the stablecoin market we have 2 huge players: @circle and @tether One is non investable for retail the other has a huge valuation and not the best set up. A market with 40 trillion TAM projected has just a couple of investable projects/companies… let that sink in. @fraxfinance with $FRAX is one of them.