A token is a barrier. A barrier is a value accrual mechanism. Greater the barrier, greater the accrual. To investors, larger barrier = good. To users, larger barrier = bad. Most products don’t need tokens, but the truth is that crypto is full of investors, not users. Considering the immediate incentive of focusing on investors, rather than users, developers launch tokens with large barriers (value accrual dynamics) that would detract absolutely any real user — which is what their products need to truly expand in the long run. By the time they milk the barrier completely, they get fat and lazy, and inevitably stop building. This is how most projects have ended in this industry. A token is a dangerous thing.