By Tomasz Tunguz, venture capitalist at Redpoint

Unlike equity-only startups, crypto startups maintain two capitalisation tables. The first is the equity cap table, just the same as non-crypto startup. The second is the token cap table: who owns how many tokens. In the early days of crypto, the convention for the genesis token distribution[1] was 80/20 community/insiders. Employees, investors, and the foundations…

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