Ryan

There's two topics here, tokens and how investable they are, and also ICOs, since people seem to be investing in tokens regardless.

Tokens, do they still suck in 2026?

I think we all know the importance of this conversation.

We're watching the Aave story unfold and hopefully come to a solution between the misalignment between the DAO and the labs.

We're watching the unification happen.

And we're watching the Uniswap labs go under the foundation, which is therefore under the token, which is also good to see.

This is a fundamental pillar that we need.

We need to have investable assets.

Our assets need to be competitive with traditional securities in terms of their investability.

Do you think that we solve this problem this year?

I don't know if you have any idea as to like the mechanism as how tokens and equity find alignment or how tokens become equivalent to equity.

Or are you just kind of saying the lawyers are going to figure it out.

The whole industry is trying to solve this problem.

The market is going to find a solution and it's going to take 2026 to find that solution.

Maybe that.

Do you have any opinions as to how this actually happens?

You're just saying that this will happen.

What do you think about MetaDAO?

I'm watching MetaDAO with interest and it seems to be growing in attention.

Founders, I'd be worried about the level of constraints there.