People - Infrastructure or “Infra” as we call it means technology that things are built on top of. Blockchains are infrastructure. Blockchain native tokens are the currency of that blockchain and every token issued on that blockchain is a derivative of that native token. Tokens issued on blockchains and applications built on blockchains are not infrastructure. The tokens are called utility tokens and serve some utility or purpose. They are derivatives that represent something or represent nothing. Crypto Infrastructure tokens Level 1 infra native tokens $BTC - the native token of the Bitcoin blockchain. $SOL - the native token of the Solana blockchain. $SUI - the native token of the SUI blockchain $ETH - the native token of the Ethereum blockchain $2Z - the native token of the Double Zero private high speed blockchain physical network Etc. Level 2 infra native tokens $ZEUS - the native token of the Zeus layer, built on Solana to allow applications to validate native Bitcoin on Solana. $DEEP - the native token of the Deepbook on chain order book layer, built on SUI to allow applications to access cross chain decentralized liquidity and create decentralized markets. $WAL - the native token of the Walrus protocol, a decentralized storage layer built on SUI to allow applications to store and retrieve data on a decentralized database. Etc. These are examples of digital asset infrastructure tokens you can invest in. The Applications and Use Cases, equity and security tokens are built on these infrastructure layers. Summary: They are not application tokens . They are not Meme tokens. They are not utility tokens. They are not equity tokens. They are not security tokens. They are not access tokens. They are infrastructure tokens. IMO: Infrastructure tokens are commodities and will be classified as such allowing them to all be ETF’ed without security registration.