Polymarket has a very challenging decision to make regarding its future token launch. What is better: equity or tokens? And what is a GOOD token? I think Polymarket could offer many ways to give back to POLY token holders: fee discounts, revenue sharing, staking, and more. But the best thing would be continuous token buy backs funded by fee revenue, making POLY as close to an an equity-like asset as possible. Hyperliquid already implemented a protocol-level value accrual mechanism like that. Their so called Assistance Fund continuously buys back tokens on the open market in a fully automated way. Importantly, Hyperliquid's buyback mechanism transfers value generated by the protocol's underlying business into demand for an already existing asset: HYPE. This mechanism closely resembles a corporate share buyback program. HYPE does not represent legal equity ownership, just as POLY won't. But with a capital allocation mechanism like Hyperliquid, it's about as close as a token can get. Polymarket has always been a company giving back to its users. So I would be surprised if Polymarket launches a token with no intrinsic value, turning POLY holders into bag holders of worthless tokens, giving investors a way to exit. That would really surprise me. Equity will always be king, but tokens can be good too. If you do it right. I would love to also own Polymarket equity one day. (IPO?). I tried my best to get equity now. I asked major shareholder Bosaurum (5%) many times, and he refuses to sell, probably because he thinks it's worth $100B? When will they launch the token? Decent chance it will be in Q4 2026, but 2028 is possible too.