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Wu reports that Mike Ippolito, co-founder of Blockworks, stated that due to a lack of legal protection and extremely high potential risks, investors are applying higher discounts to projects adopting a "equity plus token" dual structure. He believes that the dual structure is no longer viable in the current crypto market.
He suggests that project issuers must make a decisive choice between equity and tokens unidirectionally, otherwise they will face a gradual decline like "slow bleeding."