Which Comes First: DeFi Utility or Yield?


Compound, a DeFi lending market, recently released a Q3 report, a first within the industry. The report highlighted that when token incentives were factored in, protocol earnings were negative. Compound has essentially been trading equity to rent liquidity that may or may not be sticky when it eventually decides to stop emitting COMP in coming years, as per the Compound governance model.


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