Historically, financial infrastructures are often owned by small consortia of banks and institutions. That model is better than single ownership, but it still locks out smaller entrants, and often misaligns incentives with end users. Today, a friend I hadn’t spoken to since kindergarten reached out to tell me he bought some Morpho tokens and now owns a piece of the network. That’s what’s powerful about tokens: they’re open and accessible by default. They allow web3-native financial infrastructure to distribute ownership far more broadly, without cartels or gatekeepers, enabling truly neutral internet protocols to power the financial markets of the future.