Investing in crypto is investing in incentives

Key Points

1. Investors in crypto assets like PUMP and GRASS do not own the underlying protocols but rather the incentives tied to them.

2. Pump.fun's $2 billion cash pile is a focal point for PUMP token holders, but the founders control the funds, raising questions about investor claims.

3. Grass, an AI project, generates undisclosed revenue, making it difficult for analysts to value the project accurately.

4. Maple Finance offers a contrast, with MAPLE token holders having direct voting rights on revenue distribution, resembling traditional ownership.

5. The article suggests that crypto investors often overlook the lack of rights and transparency in many projects, leading to potentially overvalued tokens.