Merkl ran 1,726 incentive campaigns in September. The platform has become incredibly dominant in DeFi incentives, and even though protocols aren't spending as aggressively as they used to, the market is still massive. Just look at September: > 1,726 campaigns > $19M distributed > $228M annualized at that pace And I don't think incentives are going anywhere. Traditional businesses have always used incentives to acquire customers and drive growth. DeFi is no different. The real question is whether those incentives create sustainable activity or just attract mercenary capital. Understanding that difference is something I'm actively working on at @roycoprotocol. I'd actually love to connect with people who specialize in incentive design and optimization. If that's your area, I'd be really interested in learning from you.