CoinFund's Pakman Says Crypto Hasn't Solved Native Token Value Problem

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According to The Block, David Pakman, managing partner at venture capital firm CoinFund, said on Tuesday that the crypto industry has failed to solve a fundamental tokenomics challenge: creating native tokens whose value is tied to the long-term success of underlying networks. Speaking on The Block's The Starting Block podcast, Pakman noted that most crypto tokens trade primarily on narratives rather than network economic performance, creating uncertainty for contributors deciding between immediate compensation and long-term token exposure. Pakman suggested projects could address this by paying contributors in stablecoins instead, allowing networks to attract participants less willing to bet on long-term native token appreciation. He acknowledged that while his early participation in Ethereum mining benefited from holding ether as its value grew, most projects have failed to produce similar returns, leaving contributors with tokens that lost significant value.
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