This essay from shough.eth, the COO of Variant Fund, explores a hybrid token model that assigns different forms of ownership based on the value contributed by users, founders, and investors uniquely. He argues that users have to come and stay for the product. Ownership should be an enhancing part of their experience rather than the whole of it. A hybrid model is not the best model for bootstrapping new users because there is no expectation of outsized future profit, it does not excite the same type of greed. However, in the long run, a hybrid model is likely more sustainable and does a better job of keeping protocols governed and owned by their users.