Unpopular opinion: people in crypto do not understand capital markets basics Token value is a key ingredient for growth. Tokens are a form of currency that protocols can use to drive growth (e.g. salaries, marketing incentives, etc.), and if the currency has no value, the protocol has no fuel. This is one major reason why equity businesses go public - to have the added firepower of a public currency (most importantly, attracting human talent). In the long-term, the only way for a token to sustain value is if it has some form of value capture. Value capture doesn't have to happen today. But it needs to be known that there will be value capture at some point. This is an important signal that too many protocols ignore that at their peril. I agree with @0xMarcB post about the tradeoff of growth vs revenue in a sandbox, but "All else equal" are dangerous words. We live in the real world with pre-existing market structures. And in this real world we live in, market participants assume tokens will never have value accrual. That needs to change otherwise this market will never mature and attract serious institutional capital. That's why it's an important signal to see protocols have value capture mechanisms, even if small and targeted to start @UniswapFND @MakerDAO @aave @compoundfinance There are obvious candidates for who should do this next