Not all tokens are created equal. Understanding this is a token investor's foundational edge. While metrics do tell a story (a growth one), there are loads of nuances with tokens that a normal investor will inaccurately be able to price or underwrite (signalling, value accrual, incentives, flows). For instance, grading a token that prioritizes growth over buybacks as AAA, may not be the right move, and at the same time, grading a token that prioritizes buybacks over growth as AAA, may not be the right move either. There's tons of nuance involved with tokens, and we as crypto native investors have put in the time, lost capital, and onchain activity to be able to generate an edge with token picking, that some may not be able to generate. Not all tokens are created equal.