**Output:** Alliance Co-founder: Tokenization Is Forming Two Dominant Models of Equity and Buyback Value Accumulation

Odaily reported that Imran Khan posted on X, expressing agreement with Delphi's recent report on the token market. Currently, tokenization is primarily evolving into two forms: tokens representing equity ownership, and tokens that directly accumulate value through buybacks. Token models falling between these two poles will ultimately converge toward these extremes. Unless revenue and buybacks are programmatically placed on-chain, tokens will find it difficult to achieve reasonable valuations. As more companies go public, tokenization can also provide global investors with on-chain participation opportunities, expanding access to ownership beyond traditional capital markets.