Crypto built half a market.
We're building the other half.

We watched the same cycle play out over and over.

A strong team launches. The chart rips. Capital floods in. Attention moves on, and the people left holding are the protocol, and the long-term believers.

It's tempting to read that as a morality play: greedy insiders, predatory market makers, retail as the mark. The real problem is structural, and almost boring: crypto only built half of a market.

Crypto built the trading stack: the machinery for matching orders, providing liquidity, settling trades, discovering price. It's good, often better than the TradFi version. What it never built is the ownership stack: the machinery that turns holding a token into owning something. In TradFi that machinery is legal, and crypto can't import it, without losing what makes crypto, crypto.

PGT is our first answer, and the first preferred token: a class of instrument that gives holders backed ownership instead of phantom ownership.

The ownership stack is large. The legal apparatus it substitutes for took 150 years to build, piece by piece: priority, seniority, disclosure, etc...

Crypto cannot import that stack. It has to build its own.

Exchequer exists to build it.