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The default utility token is:
  • Freely tradable
  • Non-equity
  • Non-dividend
  • Not backed by issuer assets
But it gains value from:
  • Access to equity conversion
  • Arbitrage between LP price and NAV
  • Scarcity (locked tokens tighten supply)
  • Entry/exit fees
  • Incentive mechanisms
It behaves like:
  • A call option on equity
  • A utility access right
  • A speculative asset
  • A gateway to NAV-driven value

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Value Loop

  • If LP price < NAV → arbitrage users buy and enter ELE
  • If LP price > NAV → equity holders exit and sell into market
  • This pushes market price toward NAV (not guaranteed but incentivized)