Real protocols illustrate tokenomics tradeoffs — no design is perfect, but history teaches what survives bear markets and what does not.
Bitcoin's halving schedule transitions security from inflation to fees over decades — pure monetary policy with no governance or programmatic utility beyond settlement.
Uniswap activated no fee switch for years — UNI traded on governance over a massive treasury and optional fee routing. The lesson: governance tokens can carry significant value before revenue accrual materializes, but that value is inherently speculative.