ChainThink report, December 11: Hasu, Strategic Director at Flashbots and Strategy Advisor at Lido, posted that "the worst scenario is not token holders who don't care about the project, but those who believe they understand how to run a company and actively interfere. What's infuriating now is that many investors are pressuring startups to conduct buybacks, push unverified incentive mechanisms, and propose governance ideas that erode startup value—resulting in massive value destruction."

If I were launching a venture in the crypto industry today, I would absolutely not recommend issuing tokens before being fully prepared for "going public." Treat tokens like an IPO, and even then, strive to maintain full founder control over the company. Nearly every founder today regrets token issuance, as they were swept up by the wave of seemingly "cheap capital"—but now that cheap capital has revealed its fangs, turning against them.

In the crypto industry, the downsides of "publicization" and losing control over one’s financials are severely underestimated and under-researched. 90% of crypto projects should never have issued tokens.