令牌将成为主流形式，但不是融资工具

本文讨论了Web3公司的未来融资路径，价值分配以及股权和代币的整合趋势。

Author: Liu Honglin

作者：刘·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.

许多人问我，我对Web3公司的股权与代币之间的关系有何看法。这个问题听起来像是陈词滥调，但实际上，它与公司的核心资产设计逻辑有关：您如何筹集资金？您如何连接用户？您如何意识到资本？这些问题决定了Web3公司与传统互联网公司之间的根本差异。

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律师希望从三个方面与您讨论：Web3公司的未来融资路径，价值分配以及权益和代币的整合趋势。

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

令牌将成为主流形式，但不是融资工具

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.

这是我对Web3行业的第一个相对明确的判断：将来的发行代币仍将是主流行动，但其定位正在进行根本性的变化 - 它不再用于吸引融资，而是用来激活用户并分发平台增长的价值。

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.

在过去几年中，令牌最常见的用途是什么？答案是融资 - 尤其是当初级市场融资很冷并且合规性道路尚不清楚时，令牌已成为许多初创团队“以回旋处筹集资金”的工具。一旦撰写了白皮书，就进行了空调，并启动了交易所，项目派对和早期投资者将首先发货，用户将接管最后一次。这种“融​​资 - 切割韭菜”的逻辑曾经成为行业中默认方式。

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，这个游戏变得越来越困难。另一方面，监督不断收紧，尤其是在美国，欧洲和香港等主流司法管辖区的代币融资的监督；另一方面，用户正在成熟 - 旧叙述不再有用，“融资意味着财务自由”的梦想变得越来越难以实现。

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.

同时，一条新的路径正在形成：令牌不是项目启动的“芯片”，而是用于平台操作的“工具”。它的功能不再是用于资产交易的证书，而是平台内的“价值共享机制”。这不是融资逻辑，而是营销逻辑。它不是派去兑换资金，而是用于交换用户。

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".

但这并不意味着令牌已成为一个点系统。相反，它扮演着“复合激励工具”的角色，比传统点系统更复杂，更具动力。它可以结合用户行为（例如交易，建议，互动），将NFT结合起来设计分层权利和利益，并指导社区自组织治理。这种“准金融，非安全性”的模棱两可的状态是令牌机制的魅力，这也是不能轻易用“点”一词来概括它的原因。

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".

换句话说，令牌不是“向系统添加点”，而是“在系统中添加一种新的本机激励语言，该语言可以使不同用户的价值贡献循环，定价和匹配”。这是用户参与平台增长的一种方式，也是一种重新定义最初在运营预算中以“循环资产”而消耗的成本的方法。这就是为什么Web3项目不断强调诸如“激励机制”，“流动性”和“价值锚定”等要素时，而不是简单地“奖励点”。

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

股权仍然是Web3公司实现资本的正确方法

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.

第二个判断也非常明确：对于真正想要增长更大，更强大并创造永恒荣耀的绝大多数公司而言，通往资本实现的最终途径仍然是传统的股权渠道。换句话说，当是时候筹集资金，进行股权融资，以及该退出，进行IPO，合并和收购或股权转移时。令牌将不会也不能替代权益的角色。

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?

这很重要。许多项目各方在早期阶段会陷入误解：因为用户可以买卖，可以在交易所列出代币，而且价格可以上涨，可以使用代币来替代股权，甚至是“空的股权，也只能发行代币”？但是您确实需要冷静下来并考虑一下。令牌价格与公司的利润之间有锚关系吗？如果公司做得很好，代币价格肯定会上涨吗？拥有代币的用户是否拥有投票权或股息权利？

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”。令牌和权益是两组逻辑和两个世界。希望使用代币取代股权并期望从玩游戏或汽车上赚钱的硬币是同一水平的幻想。您可以在平台内参与，流通并获得激励措施，但这并不意味着您拥有该平台。

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

公司的真正资产价值和最终资本收益始终写在干燥但有效的资产负债表上。公平代表网络的法律主张