Tokens/sec lied to me. Same 30 tasks, 4x DGX Spark: DeepSeek-V4.1-Flash: 61 tok/s, thinks 39k tokens → 671 s GLM-5.3-Flash NVFP4 (effort high): 37 tok/s, thinks 5k tokens → 324 s Same answers. GLM done 2.1x sooner. At effort max GLM thinks like DeepSeek and loses. Agentic coding (6 repo tasks via OpenCode): DeepSeek 172 s, GLM 243 s. Little thinking there, raw speed wins. Rule: GLM on high for chat, DeepSeek for tool loops. Full numbers, launcher, harness:

Tokens paired with strong bullish assets, with trading fees in those strong bullish assets going to token holders in perpetuity creates the incentive to hold, and is a better model, not simply a meta. Imagine if last cycle everyone that had bought WIF earned a constant stream of SOL yield before SOL went 3-4x. How much higher would WIF have gone as well? The model creates more winners through longer holding times, reduces losses and risk through yield, and harnesses speculation to create buying pressure for other valuable assets onchain, alongside bootstrapping volume for new tokenized assets. This makes degenerate speculation more productive and useful. Food for thought.

"Tokens backed by real company shares, with a legally enforceable claim." Our founder, Malisha, on the framework behind equity backed tokens: "We have put together the whole legal framework where tokens are actually backed by real company equity, real company shares, and the token holders have a legally enforceable economic claim in case of a liquidity event. So how it works is that there is an operating company. A regular company, can be incorporated more or less anywhere, that runs operations, holds the intellectual property, accrues value, generates revenue, grows. Just a normal company. Then there is an SPV, a special purpose vehicle in Cayman Islands, that holds shares in that operating company. Its only purpose is to execute something called deed poll, which is a legally binding document from SPV to token holders. So let's say a company gets sold. The SPV is on the cap table, so owns share of the company, and then automatically gets proceedings of that sale. Then through deed poll, token holders actually claim their share from the SPV itself." – @imprfekt

Tokens aren't dead, but we need better disclosure standards. @santiagoroel says better disclosure standards could give investors the confidence to put substantially more capital onchain.

Tokens d̶o̶n̶'̶t̶ capture value. • Hyperliquid: 97%+ of fees go to buybacks ($2B and counting) • Pump: Burned 36% of supply, locked 50% of revenue into burns • Uniswap: Burned 107M UNI, fee switch on • Aave: Automated buybacks • Aptos: Hard-capped supply, 10x'd fees, burns them • Solana: Current proposal to 12-14x the fee burn The market hasn't repriced this yet.

Tokens are a better structure for equity. Why? 1. Revenue is onchain by default 2. Data is real time (!) 3. Easier to report to regulators 4. Token wrapper is programmable Win win for investors, issuers, and regulators. Make tokens great again.

Tokens Clash wrapped strong. ⚽️⚔️ 66.4% of wallets landed at least one win. 👀 Did you make the cut? Big shoutout to @fourdotmemezh @GoPlusSecurity @DeAgentAI @puffer_finance @lista_dao. And something bigger is already in motion.

Tokens launched on Based Alpha are now available on (@RelayProtocol) You can now buy tokens launched on Based Alpha on Robinhood, from 85+ chains including Ethereum, Solana, Base, and Hyperliquid. Stay Based.

Tokens launched on Based Alpha are now supported on @KyberNetwork Trading terminals that are integrated with Kyber can now access tokens that are launched through Based Alpha on @RobinhoodCrypto Stay Based.