Like companies that don’t issue dividends or buy back shares, it’s slightly puzzling at first glance where so much value is coming from. Expectation of future profit sharing mechanisms?
If the governance tokens are distributed in a way that actually distributes governance I would expect the tokens holders to be able to coordinate in the future to easily add mechanisms for profit sharing.
If the governance tokens are distributed in a way that actually distributes governance I would expect the tokens holders to be able to coordinate in the future to easily add mechanisms for profit sharing.