Decentralized Finance (Defi)

The idea that token holders can passively extract rent without providing equal value to a protocol is unsustainable. In the long-run, token holders will likely need to be active network participants or assume some of the risk of the system to be viable. 1/

0/ Token incentives are a popular way to distribute ownership to people that provide a useful service But as we've seen, some of these distributions are easy to game and are less effective in hitting their key objectives Here's my framework for thinking about this 👇