Real Value Is in Distribution, Not Tokens

What this episode covers

In this conversation with host Sri Misra, Arthur Breitman, Co-Founder, Tezos uses a brilliant metaphor to explain why most crypto tokens, even well-designed ones like Uniswap, struggle with value capture. The contract is commodity; distribution is proprietary.Key insights:👉Why Uniswap's front-end captures more value than its token👉 The "toll booth in an open field" problem👉Why deployed contracts are commodities👉Distribution vs. protocol valueThis is essential viewing for anyone building tokenomics.Watch the full conversation: unhashed.co/arthur

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This episode was published on December 19, 2025.

What is this episode about?

In this conversation with host Sri Misra, Arthur Breitman, Co-Founder, Tezos uses a brilliant metaphor to explain why most crypto tokens, even well-designed ones like Uniswap, struggle with value capture. The contract is commodity; distribution is...

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