You'll never hear us claim that the capital @merkl_xyz helps you attract is not mercenary and will stay forever. Whether someone allocates to a position comes down to three things: • the yield, current and projected (points that may convert into an airdrop count here) • the risk they perceive • how passive or active they have to be to hold the position Everyone weighs these differently. I personally optimize hard for passivity when I farm, and I'll give up yield to avoid the mental load. But it always reduces to those three variables. So when someone parks capital in what looks to you like a suboptimal opportunity, it's not loyalty. It's either information asymmetry (they don't know what else exists) or they're simply weighing the curve differently than you are. Which is why I'm skeptical of the idea that an LP network is a moat for retention. If the people in that network are actively looking for opportunities, they are optimizing by definition. That is what mercenary means. "Mercenary" is in fact probably too harsh a word for it and there's nothing wrong with any of this. But everyone in DeFi is mercenary to some degree, and it's better to build with that assumption than to be surprised by it. Which brings me to what we actually optimize for at Merkl. Beyond the infrastructure, letting anyone distribute yield exactly how they want, however custom the logic, the other half of the problem we're solving is discoverability. Because if mercenary capital is the baseline, then the leverage is not in retention. It's in making sure the right people find you in the first place. If your opportunity is genuinely superior on yield, risk, or passivity for some segment of users, the only thing standing between you and that capital is whether those users know it exists. That's the network we've built. Not a network that will hold your position out of loyalty, but a large network of qualified LPs who are aware enough to recognize a real arbitrage when they see one. Mercenary, obviously. That's the point. Mercenaries show up fast when the terms are good.