question: should a governance token (aka, the right to determine how a platform operates) be worth more or less than the platform itself?
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Replying to
What do you mean by "how much the platform itself is worth"?
Is that in a hypothetical world where the governance token doesn't exist?
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Uni, for example. Last I checked, the token is used for governance but there is no financial incentive for owning it like there would be in an equity (no right to revenue or assets, this may have changed).
We can value uniswap like a company, judged by revenue, PE multiplier...
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Replying to
what if, hypothetically speaking, UNI holders were to vote to take all (currently non-existent) revenue on Uniswap and pay it out as airdrops on UNI holders?
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That's the crux of the question I suppose. Because the governance without revenue seems like it should be worth less than the platform, but if the governance has the right to do this, it should be worth more. At what point does that scale tip?
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