I'm just gonna say this much about the Aave situation, something I have repeated in many other contexs: token/equity dual structures are fundamentally unworkable. Not just hard to structure, but fundamentally broken. Investing in businesses inherently requires trust in the projects management, in spite of legal rules that may officially exist on paper, those management have in practice an unlimited mandate to run the business into the ground. But once you add in the adverse incentives from equity sidecars, the difficulty flips to impossible. Of course in the cases where token-equity structures exist, they evolved this way for a reason - usually to survive in an extremely hostile regulatory environment that made the people working on these protocols heroes to begin with. We shouldn't forget that. During these times, the mismatch was worth it just to survive as a fringe asset. Many sophisticated investors who bought tokens in the 2019-2024 era did so not because they thought the equity + "worthless governance token" structures were acceptable but rather that we would move past them once that is remotely possible. As a long-time investor in Aave, I hope all parties can come to the table and design a solution that aligns everything either under a singular token or equity structure, similar to Uniswap's UNIfication proposal. Given the importance of governing Aave's smart contracts, 99% that should be the token.