Early ERC-20 thinking was about access.
Current ERC-20 thinking is about survival.
Tokens that ignore governance friction stall.
Tokens that ignore compliance get delisted.
Tokens that ignore liquidity dynamics get gamed.
The structural failure wasn’t the standard.
It was assuming neutrality in a non-neutral system.
ERC-20 is no longer a shortcut.
It’s a responsibility layer.
Design accordingly, or don’t be surprised when the market corrects you.