Are crypto tokens overpriced when equity owns the real profits?

Delphi Digital analysts have renewed a debate over whether crypto tokens and company equity can share value without creating conflicting claims. Summary Delphi analysts said equity usually captures company profits, limiting the value available to associated tokens. Projects can use vague token-equity boundaries to support valuations exceeding economic rights granted to holders. Buybacks, burns and fee sharing can connect token value to revenue, but execution remains project-specific. During a July 15 roundtable, analyst Ceteris said token market capitalisations should usually remain below the value assigned to the related company because equity holders normally receive most business profits. Delphi released the discussion under the title “Are Crypto Tokens Fundamentally Broken?”. The episode covered Grass, Venice and other projects where a private company operates alongside a publicly traded token. Delphi Digital Roundtable: Why Tokens and Equity Struggle to Coexist During a July 15 Delphi Digital roundtable, analyst Ceteris said that when tokens and equity coexist, token market caps should generally be smaller and market expectations more restrained, because most of a… pic.twitter...