good(@thenarrator):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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good@thenarrator

2026.09.25 00:01

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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