Haseeb Qureshi

Same thing with Uniswap, right?

If you own Uniswap, you get a piece of the fees if you own some unit token.

So different tokens represent different things.

If, on the other hand, you invest into Digix or USDG, right?

Okay, well, now you're investing into gold.

It's a token, but the token, what is the token a handle on?

It's a handle on a real asset or a commodity.

And so, therefore, you're really investing in the gold, even though it's a token.

So token is just the wrapper.

It doesn't necessarily imply what the underlying valuable asset is or does.

That's very confusing.

Maybe, maybe, maybe not.

One can imagine, for example, let's say the Polymarket IPOs.

What are they IPOing?

They also have a token.

What are they IPOing?

Well, you can imagine that the IPO, their US regulated business,

which is off-chain, but then they have a token that represents their on-chain offshore business, which is not available to Americans.

So Americans can trade on the U.S.

regulated exchange, which has CFTC license, it's surveilled.