According to Jake Chervinsky on Twitter, Miles' analysis highlights that crypto foundations, once the industry standard for governance and compliance, may no longer be necessary as regulatory frameworks evolve and market participants seek more streamlined structures (source: Jake Chervinsky Twitter, June 4, 2025). The discussion is now focused on whether new crypto projects will maintain the traditional two-asset model (token plus equity) or move to a simpler token-only model. This shift could impact liquidity, project valuation, and trading strategies, as token-only models may enhance transparency and align incentives for both investors and users, making them more attractive for active traders and institutional participants (source: https://t.co/iNGkEOYZev).

According to Eleanor Terrett on CryptoAmerica, Miles has emphasized the importance of distinguishing between company-backed tokens and network tokens. In their recent discussion, Miles classified XRP as a network token, a categorization that can influence trading strategies and market perceptions. For further insights, Eleanor recommends reading a16z's comprehensive token taxonomy.