Historical Examples
Ethena captures the only two large scale sustainable sources of revenue in crypto
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Ethena captures the only two large scale sustainable sources of revenue in crypto
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It is important for us to consider how sustainable the generated protocol revenue really is. To do this, we can review the historic implied income that the protocol would have earned in various market conditions on an annualized basis. While the yields across DeFi are often self-referential and endogenous to the system, the protocol income is unique in that both components are exogenous to the protocol.
