টোকেন বনাম ইক্যুইটি

क्रिप्टो मूल्य का ग्रेट रिब‍‍‍‍ল‍‍‍‍য়ানসিং

dবছরগুলি,আমরা “আউটপ‌উট” (out-of-the-box)গণমাধ‌য়ম:ফাউণড‌ড‌স ‌ব⁠ল‌য⁠ব⁠ব⁠শ্‌য⁠ব⁠জ⁄আগস্⁠হ ⁠ভবিষ্⁠য় ⁠থা

আমি “ওয়াইও” (Howey Test) -এর after, SEC firewalls -এর under, token sales -এর legal risks -এर on-chain value capture -এer real economic moat er upor focus korechi.

##অন-চেইনownership ≠অফ-চেইন control

tokens should own infrastructure—not just promise future gains. Ethereum token today is not stock—it’s rights over protocol upgrades, fee burning via EIP-1559.

NFT tied to off-chain royalties? That’s securities territory—courts won’t accept it.

So here’s my framework:

• On-chain revenue → tokens
• Off-chain operations → shareholders

It resets incentives.

##DAO trap & governance isn’t always needed

DAOs were sold as decentralized saviors—but most are slow, opaque. Voters don’t care. Even when stakes depend on it.

Rule: Humans at the edge. Let code run defaults. Reserve voting for existential risks or treasury decisions.

Wyoming DUNA & BORG — now game-changers. Give tokens legal standing without making every holder a liable partner.

##Why not go full-token?

certain teams want pure on-chain model—no equity, no founders’ salary. Morpho does it right: scarcity + utility + user control from day one.

But beware: need funding early. If looks like FTT (company-backed), regulators pounce fast.

Key difference? Real ownership vs contractual dependency. One gives power; other promises returns based on someone else’s performance.