"Not all tokens are created equal， and there is a way to look at token value. There are two key factors that impact token value. One is the intelligence embedded in the token， and the other is how fast does it arrive."

Tokenomics begins with the customer's tolerance for uncertainty， latency， and cost， not with the model menu.

A slow token can be expensive even when compute is cheap， because delay changes the product experience before the invoice arrives.

A fast token can also be wasteful if it carries shallow reasoning， redundant context， or output nobody uses.

A medical triage assistant， a coding agent， and a shopping chatbot do not need the same kind token， even when they all speak fluent English.