This year's angel round results tell an interesting story. Nine out of ten token projects cratered, while nine out of ten equity plays basically doubled. On paper, this might make tokens look bad. But here's the thing—tokens themselves aren't fundamentally worse assets than equity. The real problem? Token launches are a mess. The distribution mechanisms, timing, and execution are broken. Until the industry fixes how projects actually go to market, you'll keep seeing this brutal gap between the two asset classes. It's not a token problem. It's a launch problem.