Using the proposed approach, nine different-by-design value capturing mechanisms were identified: value transfer*(1), work “staking” token(2), protocol consensus token(3), dividend(4), backing by another asset(s)(5), discount token(6), internal product governance(7), meta-governance(8)**, and hedonic value(9)

Protocols can still charge fees. They shouldn’t lose money. They can become incredibly, incredibly valuable (see: Bitcoin, Ethereum, Uniswap, and on and on). But if they charge fees that are too high, they’ll lose. As Burniske put it, “Any unnecessary extraction from the process of exchange is a tax that will ultimately be weeded out by copy-paste... See more