Hey it’s Marc.

For fifteen years, the way to bet on crypto infrastructure was to buy the token.

That was the industry’s founding financial promise, formalized in 2016 as the fat protocol thesis: applications would commoditize, protocols would capture the value, and the token was your claim on the protocol. If the network won, you won.

That deal is dead. Today, I’m going to show you why. 

June should have been the month that promise paid out.

Tokenized equities traded a record $3.86 billion onchain in June, up 145% from May, according to CoinDesk Data.