Are Crypto Tokens Fundamentally Broken?

This week on Hivemind, the team debates one of the biggest structural questions in crypto: can tokens and equity coexist, or do they inevitably create misaligned incentives? Using recent examples like Venice and Grass, they explore why value capture has become one of the most important topics in the industry. The conversation also covers the current state of crypto markets, Hyperliquid and Synapse, Robinhood's on-chain ambitions, AI infrastructure, open-source models, and why the long-term A...