Not every project actually needs a token. Yet plenty still issue one—mainly because it's the quickest path to raising capital, not because the product fundamentally requires it. Here's the thing: if value accrual isn't deliberately built into the token mechanics, the market won't be kind. Over time, these tokens get repriced ruthlessly toward zero. The disconnect between why a token was created and what it actually does becomes impossible to ignore.
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Not every project actually needs a token. Yet plenty still issue one—mainly because it's the quickest path to raising capital, not because the product fundamentally requires it. Here's the thing: if value accrual isn't deliberately built into the token mechanics, the market won't be kind. Over time, these tokens get repriced ruthlessly toward zero. The disconnect between why a token was created and what it actually does becomes impossible to ignore.