This piece is a collaboration between Tina He and Packy McCormick. Tina is the founder of Station, which I was lucky enough to invest in via Not Boring Capital, and the author of one of my favorite Substacks, Fakepixels. All the smart parts are hers. When trying to understand tokens, it’s tempting to draw from what we already know. Sometimes, tokens function like equity in a company, and owning a token is akin to holding a stake in the project’s potential upside. Other times, tokens function ...