Balaji, former CTO of Coinbase, posted on x that many startups may try to raise funds in the future by issuing tokens as clear crypto equity. He pointed out that from a technical perspective, representing equity on the blockchain has clear advantages, and investors can hold it through wallets, query pricing through APIs, and track it on a blockchain browser. At the same time, founders can more conveniently 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.