Rewards Can Mislead 📊
I've seen plenty of DeFi campaigns celebrate massive activity while incentives are running.
But here's the question I'd rather ask:
What happens when the rewards stop?
Space and Time explored this in its October 9 analysis of measuring results after incentive campaigns.
Imagine a DEX running a six-week rewards program.
Trading activity surges during the campaign.
Then the incentives expire.
Did those users actually stay?
Did liquidity remain available?
Did the protocol retain meaningful fee revenue?
For ecosystems like $UNI these are much more useful questions than simply counting transactions during a promotional period.
Space and Time allows developers to examine historical onchain activity alongside campaign records and verify supported calculations using Proof of SQL.
I like this direction because it moves the conversation from impressive-looking campaign numbers toward measurable outcomes.
Rewards can attract activity.
The real test is what remains afterward.
#Altcoin Season#
I've seen plenty of DeFi campaigns celebrate massive activity while incentives are running.
But here's the question I'd rather ask:
What happens when the rewards stop?
Space and Time explored this in its October 9 analysis of measuring results after incentive campaigns.
Imagine a DEX running a six-week rewards program.
Trading activity surges during the campaign.
Then the incentives expire.
Did those users actually stay?
Did liquidity remain available?
Did the protocol retain meaningful fee revenue?
For ecosystems like $UNI these are much more useful questions than simply counting transactions during a promotional period.
Space and Time allows developers to examine historical onchain activity alongside campaign records and verify supported calculations using Proof of SQL.
I like this direction because it moves the conversation from impressive-looking campaign numbers toward measurable outcomes.
Rewards can attract activity.
The real test is what remains afterward.
#Altcoin Season#
