令牌將成為主流形式，但不是融資工具

本文討論了Web3公司的未來融資路徑，價值分配以及股權和代幣的整合趨勢。

Author: Liu Honglin

作者：劉·洪林（Liu Honglin）

Many people ask me what I think about the relationship between the equity and tokens of Web3 companies. This question may sound like a cliché, but in fact, it is related to the core asset design logic of a company: how do you raise funds? How do you connect users? How do you realize capital? These questions determine the fundamental difference between Web3 companies and traditional Internet companies.

許多人問我，我對Web3公司的股權與代幣之間的關係有何看法。這個問題聽起來像是陳詞濫調，但實際上，它與公司的核心資產設計邏輯有關：您如何籌集資金？您如何連接用戶？您如何意識到資本？這些問題決定了Web3公司與傳統互聯網公司之間的根本差異。

In this article, Lawyer Honglin would like to discuss with you from three aspects: the future financing path of Web3 companies, value distribution, and the integration trend of equity and Tokens.

在本文中，Honglin律師希望從三個方面與您討論：Web3公司的未來融資路徑，價值分配以及權益和代幣的整合趨勢。

Token will become the mainstream form, but not a financing tool

令牌將成為主流形式，但不是融資工具

This is my first relatively clear judgment on the Web3 industry: the issuance of tokens will still be the mainstream action in the future, but its positioning is undergoing a fundamental change - it is no longer used to attract financing, but to activate users and distribute the value of platform growth.

這是我對Web3行業的第一個相對明確的判斷：將來的發行代幣仍將是主流行動，但其定位正在進行根本性的變化 - 它不再用於吸引融資，而是用來激活用戶並分發平台增長的價值。

What has been the most common use of tokens in the past few years? The answer is financing - especially when primary market financing is cold and the compliance path is unclear, tokens have become a tool for many startup teams to "raise funds in a roundabout way". Once the white paper is written, the airdrop is carried out, and the exchange is launched, the project party and early investors will ship first, and users will take over last. This logic of "financing-issuing-cutting leeks" has once become the default way of playing in the industry.

在過去幾年中，令牌最常見的用途是什麼？答案是融資 - 尤其是當初級市場融資很冷並且合規性道路尚不清楚時，令牌已成為許多初創團隊“以迴旋處籌集資金”的工具。一旦撰寫了白皮書，就進行了空調，並啟動了交易所，項目派對和早期投資者將首先發貨，用戶將接管最後一次。這種“融​​資 - 切割韭菜”的邏輯曾經成為行業中默認方式。

But today, this game is becoming increasingly difficult. On the other hand, the supervision is constantly tightening, especially the supervision of token financing in mainstream jurisdictions such as the United States, Europe, and Hong Kong is gradually tightening; on the other hand, users are maturing - the old narrative is no longer useful, and the dream of "financing means financial freedom" is becoming increasingly difficult to realize.

但是今天，這個遊戲變得越來越困難。另一方面，監督不斷收緊，尤其是在美國，歐洲和香港等主流司法管轄區的代幣融資的監督；另一方面，用戶正在成熟 - 舊敘述不再有用，“融資意味著財務自由”的夢想變得越來越難以實現。

At the same time, a new path is taking shape: Token is not a "chip" for project launch, but a "tool" for platform operation. Its function is no longer a certificate for asset trading, but more like a "value sharing mechanism" within the platform. It is not a financing logic, but a marketing logic. It is not sent to exchange money, but to exchange users.

同時，一條新的路徑正在形成：令牌不是項目啟動的“芯片”，而是用於平台操作的“工具”。它的功能不再是用於資產交易的證書，而是平台內的“價值共享機制”。這不是融資邏輯，而是營銷邏輯。它不是派去兌換資金，而是用於交換用戶。

But this does not mean that Token has "become" a points system. On the contrary, it plays the role of a "compound incentive tool" that is more complex and more motivating than the traditional points system. It can bind user behaviors (such as transactions, recommendations, interactions), combine NFTs to design layered rights and interests, and guide community self-organization governance. This ambiguous state of "quasi-finance, non-securities" is the charm of the Token mechanism, and it is also the reason why it cannot be easily summarized by the word "points".

但這並不意味著令牌已成為一個點系統。相反，它扮演著“複合激勵工具”的角色，比傳統點系統更複雜，更具動力。它可以結合用戶行為（例如交易，建議，互動），將NFT結合起來設計分層權利和利益，並指導社區自組織治理。這種“準金融，非安全性”的模棱兩可的狀態是令牌機制的魅力，這也是不能輕易用“點”一詞來概括它的原因。

In other words, Token is not "adding points to the system", but "adding a new native incentive language to the system that can circulate, price, and match the value contributions of different users". It is a way for users to participate in the growth of the platform, and a means to redefine the costs that were originally consumed in the operating budget as "circulating assets". This is why Web3 projects constantly emphasize elements such as "incentive mechanism", "liquidity", and "value anchoring" when designing the Token economic model, rather than simply "reward points".

換句話說，令牌不是“向系統添加點”，而是“在系統中添加一種新的本機激勵語言，該語言可以使不同用戶的價值貢獻循環，定價和匹配”。這是用戶參與平台增長的一種方式，也是一種重新定義最初在運營預算中以“循環資產”而消耗的成本的方法。這就是為什麼Web3項目不斷強調諸如“激勵機制”，“流動性”和“價值錨定”等要素時，而不是簡單地“獎勵點”。

Equity is still the right way for Web3 companies to realize capital

股權仍然是Web3公司實現資本的正確方法

The second judgment is also very clear: for the vast majority of companies that really want to grow bigger and stronger and create everlasting glory, the ultimate path to capital realization is still the traditional equity channel. In other words, when it is time to raise funds, take equity financing, and when it is time to exit, go through IPO, mergers and acquisitions, or equity transfers. Tokens will not and cannot replace this role of equity.

第二個判斷也非常明確：對於真正想要增長更大，更強大並創造永恆榮耀的絕大多數公司而言，通往資本實現的最終途徑仍然是傳統的股權渠道。換句話說，當是時候籌集資金，進行股權融資，以及該退出，進行IPO，合併和收購或股權轉移時。令牌將不會也不能替代權益的角色。

This is very important. Many project parties will fall into a misunderstanding in the early stage: since tokens can be listed on exchanges, since users can buy and sell, and prices can rise, can tokens be used to replace equity, or even "empty equity and only issue tokens"? But you really need to calm down and think about it. Is there an anchor relationship between the token price and the company's profits? If the company does well, will the token price definitely rise? Do users who hold tokens have voting rights or dividend rights in the company?

這很重要。許多項目各方在早期階段會陷入誤解：因為用戶可以買賣，可以在交易所列出代幣，而且價格可以上漲，可以使用代幣來替代股權，甚至是“空的股權，也只能發行代幣”？但是您確實需要冷靜下來並考慮一下。令牌價格與公司的利潤之間有錨關係嗎？如果公司做得很好，代幣價格肯定會上漲嗎？擁有代幣的用戶是否擁有投票權或股息權利？

The answer is basically "no". Tokens and equity are two sets of logic and two worlds. Expecting to use tokens to replace equity and expecting to earn coins from playing games to buy a house or a car are fantasies on the same level. You can participate, circulate, and get incentives within the platform, but this does not mean you own the platform.

答案基本上是“否”。令牌和權益是兩組邏輯和兩個世界。希望使用代幣取代股權並期望從玩遊戲或汽車上賺錢的硬幣是同一水平的幻想。您可以在平台內參與，流通並獲得激勵措施，但這並不意味著您擁有該平台。

The true asset value and final capital gains of a company are always written on that dry but effective balance sheet. Equity represents the legal claim to the net

公司的真正資產價值和最終資本收益始終寫在乾燥但有效的資產負債表上。公平代表網絡的法律主張