Why welfare never gets cut for early players?

Because the ones making decisions ARE those early players.

No one willingly shares their alpha or dilutes their bag. Simple as that.

This is why legacy DeFi protocols keep extracting value while retail gets rekt. The insiders already positioned, secured their vesting, and now they're the gatekeepers.

Same pattern everywhere - DAOs, airdrops, governance. Early whales vote to protect their own interests. New entrants? You're exit liquidity.

The game was rigged from the start. Adapt or get farmed.