Polymarket CEO Shayne Coplan disappointed community expectations at Token2049 in Singapore by failing to announce a token issuance plan despite prior social media speculation. While Coplan expressed bullish sentiment on on-chain financial assets and acknowledged potential for tokens and equity, he stopped short of confirming any launch, drawing dissatisfaction from users anticipating a token release. The letdown reflects a broader cooling in crypto token narratives as projects reassess utility models. CoinGecko data shows fewer than 10% of tokens listed on major exchanges between January 2025 and February 2026 achieved price appreciation. Cross-chain protocol Across is winding down its token in favor of equity conversion, while Centrifuge CEO Bhaji Illuminati warned that tokens may hinder companies seeking institutional capital and clients.