Protocols without a token will eventually die.
For a protocol to be aligned with its network participants, grow and maintain adoption long-term, there needs to be a way to share value with the network.
A token is the best way of doing this.
Updates since this piece:
- The Value of onchain US Treasuries is now > $1 Billion
- Franklin Templeton ($FOBXX) is the largest issuer making up 36% of the market & BlackRock's $BUIDL comes in 2nd making up 27%
- HSBC just announced a tokenized gold offering for their HK clients powered by Orion, a private blockchain
This is an exciting moment! This is the second token merger I'm aware of (First being Rari Capital and Fei 3 years ago)
I think we'll see a lot more token mergers to come.
Projects can concentrate liquidity, talent and tech to have a real chance at competing with trad companies
https://shorturl.at/kySX5
