Can a Token Be Both a Fee-Sharing and a Utility Token Simultaneously?

Yes, a token can be designed to be both. For instance, a token might be required to pay for transaction fees (utility) while also granting the holder a right to a portion of the protocol's surplus revenue (fee-sharing).

This hybrid design aims to capture value from both consumption demand and investment demand. However, the fee-sharing aspect significantly increases the regulatory risk of being classified as a security, requiring careful structuring.