Jake Chervinsky, Chief Legal Officer at Variant Fund, highlighted the evolving dynamics of token and equity value capture in the cryptocurrency sector. He emphasized that tokens should primarily reflect on-chain value, while equity is better suited for capturing off-chain value. Chervinsky underscored the importance of clear token design, suggesting that the design space for token value capture is broader than that of traditional equity. Chervinsky also pointed out that recent regulatory changes are creating new opportunities for integrating token and equity models within crypto projects. This evolution in regulatory frameworks is paving the way for innovative approaches to value capture, potentially enhancing the synergy between on-chain and off-chain assets.