"The treasury’s ownership is typically dictated by the equity cap table and distributed pro-rata across the equity cap table."

"First, the community allocation dominates the token cap table. The community tokens incentivize network participants (validators/stakers) to jumpstart network effects."

"Second, crypto cap tables contain a new element not found in classic equity cap tables: the treasury."

"The treasury captures tokens from the foundation’s efforts to participate in the community: running validators or stakers."

"Most deals are bespoke. Investor token ownership rights may take the form of a warrant in which equity investors have the right, but not the obligation, to purchase tokens at a discounted price to market in an early round."