This blog post isnt making arguments about established tokens like Ethereum. Rather, it is criticizing the outrageous valuation of some tokens, like Gnosis, that have not even released a product yet but are valued at over $300m.
EDIT: Also remember that these ICOs are not equity, they're generally pre-orders for functionality on the system. So it's sort of like comparing revenue vs profit.
And when we are talking about pre-selling functionality, we aren't talking about pre-selling a fixed amount of functionality. It's a speculative amount of functionality where you may be able to bet on a prediction market to the tune of $100, or you may be able to bet to the tune of $10,000, and you don't know until you see how successful the platform is.
Your expected return curve there is very closely related to the expected return if you held equity, except a lot worse because you don't even have a claim to any non-Gnosis products that the team builds.