টোকেন বনাম ইক্যুইটি

মূল বিভাজন: অন-চেইন vs.অফ-চেইন মূল্য

টোকেনগুলি সিকিউরিটি nও—এগুলি প্রটোকলের runtime-এর অধিকার। ETH-ভিত্তিক টোকেন holding-এ, Profit-এর share-এর instead, Protocols’ access ownership।

SEC ‘economic expectation’-কে ‘legal control’-এর sath confuse kore—but EIP-1559 te fee burn investment na, utility use। Uniswap/Aave te interact korar jonno permission dorkar lagbe na.

Governance: Less Is More

DAOs fail jabot upgrade-e mass voting. Real efficiency minimal governance theke ashe—trusted team ke delegate change, token holder er haat-e veto power retain kora.

Morpho r similar projects prove: automation default, human at edge emergency. Shareholder approval lagbe na—shudhu on-chain accountability.

The DUNA Shift

Future belongs to DUNA (Decentralized Autonomous Nonprofit Association): equity structure binā, dividend nai, boardroom nai.

Revenue treasury-e inflates fee—token holders snapshot vote diye approve—not corporate board.

FTT Danger: Backed Tokens Are Securities Disguised as Tokens

FTT-style tokens tokens nai—they’re off-chain cash flow er promise. Company die hole asset o die.

Decentralization nai—dependence innovation e disguise kore. True token kono one’s success er upor depende na—ownership outright—even jodi protokol tomorrow run na kore.

The Path Forward Isn’t Binary—it’s Architectural

We don’t need to choose between token or equity—we need to design systems where ownership is native to the chain. No middle ground exists where value leaks back into private accounts. The future belongs to those who build protocols that outlive their creators.