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Most crypto tokens are moving toward functioning as protocol equity, serving as claims on future positive cash flows of blockchain-based protocols.
Zach Rynes points out that while the ultimate vision is clear, there are numerous paths that tokens may follow to reach this end-state, similar to the varied scaling solutions pursued by blockchain networks.
The expanding utility of crypto tokens as proxies for protocol equity builds on recent industry momentum, including strategic alliances such as the Robinhood partnership with Chainlink to accelerate tokenization. These developments align with broader efforts toward blockchain interoperability, as underscored by Swift's ongoing collaboration with Chainlink—initiatives that collectively illustrate the multifaceted evolution of digital assets.