DeFi ripping 38% since August on policy shift bets. The game's changing - tokens are finally capturing real protocol revenue instead of just governance theater.
Mature protocols pivoting to actual fee distributions:
$UNI revenue burning incoming
$JUP getting 50% allocation
$ENA buybacks starting
This is what separates ponzinomics from real businesses. Revenue accrual to token holders = the narrative that actually matters in 2025.
Protocols that can't show value flow to holders are getting left behind. Simple as that.
Mature protocols pivoting to actual fee distributions:
$UNI revenue burning incoming
$JUP getting 50% allocation
$ENA buybacks starting
This is what separates ponzinomics from real businesses. Revenue accrual to token holders = the narrative that actually matters in 2025.
Protocols that can't show value flow to holders are getting left behind. Simple as that.