Tokens that are integral to the user experience, including the operation of the product or protocol. For example, ETH, Ethereum’s native token, is used to secure the network and for transaction fees and, more broadly, as a form of internet currency in applications native to the ecosystem. In the middle of the spectrum are projects that are trying to progressively decentralize, with the goal of letting users own and control the products and protocols they use (e.g. Uniswap). There are also economic experiments that utilize ownership as a bootstrapping or scaling mechanism (like DIMO), and tokens that act as quasi-equities/stakes, used for fundraising or profit sharing, but without any investor rights (like Constitutional DAOs). At the extreme end of the spectrum, some token designs are so centralized that they can be easily exploited by issuers—a design flaw that introduces a single point of failure. FTX’s FTT token falls into the last type.