Odaily News Balaji, former CTO of Coinbase, wrote on x that many startups may try to raise funds by issuing tokens as explicit crypto equity in the future. He pointed out that from a technical point of view, representing equity on the blockchain has obvious advantages, and investors can hold it through wallets, query pricing through APIs, and track it on blockchain browsers. At the same time, founders can more easily perform operations such as dividend distribution, repurchase and vesting plan management. At the same time, he suggested that founders should implement mechanisms such as lock-up periods and forced sale rights to ensure that the long-term interests of investors and founders are aligned.