good
@thenarrator
prediction markets, perps and brain dumping / research @schemacap, building @rallypadfun
가입 September 2016
3.7K 팔로잉 중 100.8K 팬
we called protocol-owned liquidity defi 2.0 last cycle
the real version is protocols becoming onchain capital allocators
> fees build a treasury
> the treasury holds productive assets
> those assets become collateral
borrowed capital funds liquidity and growth without printing another reward token
the uncomfortable question is whether tokenholders actually own that balance sheet or are just spectators with governance rights
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