Shannon Low and I co-wrote this article based on our observations from investing in web3 projects. You can read more of his writing here. Many web3 protocols and projects offer tokens as the main vehicle for investment in them, and many investors buy and hold tokens for this reason. Protocol tokens (e.g. ETH) typically combine both utility and governance, meaning the same token is used as payment for use of the network, while also granting holders the right to vote on changes to the rules and...