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2026 starts with this post!Gate 2025 Year-End Gala Square TOP50 List Announced!
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Projects launched DAOs and promised value accrual to token once protocol is profitable.
But when protocol is profitable, suddenly equity gets the upside.
As for tokenless projects like Kalshi, Polymarket, why launch token and give 60% - 70% of the tokens (and revenue) away when you can keep larger share to yourself via equity.
Incentives are broken in crypto.