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.
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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 👇