While SAFE w token warrants have always been a thing, it has just gone so noticeably mainstream that SAFTs basically no longer exist, and that in itself is a pretty big indicator imo Private markets get their data from public markets, and basically it shows that launching a token is no longer as desirable as it once was and so this feedbacks all the way to the top All this points to the simple conclusion of what I have been saying - equity owned, blockchain enabled biz. The irony is that now exit opps are much harder w/o a token, but the bet is that crypto is still an extremely profitable area for businesses in general (see Tether as the most $ / employee) but has the least amount of talented companies and so you end up w a larger # of asymmetric outcomes on a % basis, like Bridge, Sphere, etc.