1 Comment

I think this is an accurate take on the "restructuring incentives" concept that comes up a lot in crypto/defi. More broadly and more directly incentivizing participation is an amplification of the trends that social media helped bring about.

What stands out to me is how this contributes further to the cyclical aspect of the space. Participation results in rewards, rewards result in a further ability to participate via other means, participation results in rewards...seems the churn in Defi, fueled by speculation and real activity, is so strong that there are always potential profits to be made, which means more and more participation and growth. The incentive system is a self-propelling process.

Expand full comment