Steven Pack

Altcoins seem to be on the nose.

Look, we don't have a token.

So like in some ways, I'm not the best person to describe it.

We've looked at it.

We have ideas of what a token could look like.

I think ultimately there has to be utility for it, right?

There has to be a reason for it to exist and it has to serve some purpose in the protocol.

And usually for the holder, it needs to provide some economic value to them.

And there are good examples of this, like the sort of, you know, voting escrow tokens that are liquidated to cover bad debts in lending systems, but that generate like some share of fees.

Like those are models, right?

Those are models that have

know proven to be worth something right i think the whole industry is still in price discovery in some way so like you know it can be worth four hundred dollars one day and a hundred dollars you know three months later so i think you know the market isn't perfectly efficient yet but you know there is something there that you know tokens that earn you a share of revenue of a profitable protocol like that that is worth something and so those sort of incentives i think work well um

You know, the ones that don't, where it's just, you get airdropped the token, it has no value.

The only thing you can do with it is sell it.

Like, you know, those don't make any sense.

So we see, like, we get, even though we don't have a token, you can see the airdrop farmers at work, you know, be making these tiny deposits and withdrawing them and moving around and putting them back, like, in the hope that one day there is a token.

I think...

There are models that could work for us, but I'm not ready to talk about them.

We haven't committed either way to doing a token.

But yeah, I think that sort of utility is key.