Yan Liberman says the technically correct answer for when to start returning capital to token holders is much later than anyone in crypto wants to hear.
Public companies only do buybacks and dividends at very late stage, because there's no better use of the capital for growth. The proxy is clear.
In crypto, it happens earlier. Not because the business is better positioned. Because token holders are apprehensive about what they actually own, the link between token and business is sometimes flimsy, so projects are forced to signal confidence through early distributions.
Public companies only do buybacks and dividends at very late stage, because there's no better use of the capital for growth. The proxy is clear.
In crypto, it happens earlier. Not because the business is better positioned. Because token holders are apprehensive about what they actually own, the link between token and business is sometimes flimsy, so projects are forced to signal confidence through early distributions.
FT @YanLiberman @Delphi_Digital
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