Bell Curve Fixing Crypto’s Broken Token Structures | Roundup
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Dec 19, 2025 The hosts dive into the urgent issues of token vs. equity misalignment in crypto governance. They discuss the Uniswap unification plan and Aave's internal conflicts, exploring different investor perspectives. A breakdown of Circle's acquisition of Axelar reveals communication failures and how they impact tokenholder trust. They propose a 'perfect formula' for aligning incentives and critique the ongoing risks associated with corporate tokens. The conversation underscores the need for transparency and restructuring in the industry.
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Token/Equity Structures Are Broken
- Crypto token/equity structures are broken and causing real investor-founder conflicts.
- Recent Uniswap, Aave and Axelar events expose misaligned value accrual across entities.
Axelar 'Acqui‑hire' Ignited Token Rage
- Circle acquired Interop Labs engineers and IP, not Axelar tokens or the foundation.
- Token holders received no payout, prompting investor outrage and price drops.
Aave Swap Routing Sparked Public Fight
- Aave Labs routed swap revenue to a different service in a protocol upgrade that shifted millions to labs.
- That change ignited public conflict between Aave Labs and Aave DAO over revenue and control.