Tokenomics

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/

In a world where the amount of things you can speculate on is ever increasing - it’s more efficient to find the next airdrop than contribute meaningfully to a single project. The result is a depleted treasury and lots of speculators, with no resulting impact on retention/growth.