Tze Donn Ng’s Token Framework Weighs Belief Against Protocol Cash Flow

Investor Tze Donn Ng’s framework divides tokens between community conviction and links to protocol revenue, offering crypto investors a way to examine token economics without predicting which assets will survive. Ng published the framework Friday, Oct. 30. He calls the first category “belief assets,” whose support comes from collective conviction. His “cash-flow assets” have a visible link between protocol revenue and demand for the token or benefits for holders. The categories and Ng’s classifications are judgments, not a measured test of which assets will last.