Token holders of PUMP are anxiously waiting for the return of funds sent to Pump.fun, which allegedly has a $2 billion cash reserve. However, they hold no formal claim to this cash, raising concerns about misaligned incentives between the token holders and the company's founders. While investors expect revenues to support their token's value, the company uses its cash to buy back tokens, which might benefit insiders more than regular holders. This scenario reflects broader issues in crypto investing where token holders lack legal and transparency protections compared to stockholders. For instance, projects like Grass demonstrate this opacity, revealing little about their revenues and business direction, leaving investors in the dark. Meanwhile, holders of the MAPLE token have a better model where they can decide on revenue sharing, aligning interests more closely with traditional equity investments. The article suggests that crypto investors might need to reassess their approaches and start paying more attention to the alignment of incentives within blockchain projects.

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