X @Token Terminal 📊
Token Terminal 📊·2025-07-09 15:51
RT exponential.fi (@ExponentialDeFi)DeFi has moved on from its mercenary phase.At its peak in 2022, over $2.3B in token incentives were dished out across DeFi, with DEXs, lending, and asset management leading the pack.Today?That number has dropped by over 90%, down to just $170M per quarter.The biggest surprise?DEXs are still the largest incentive payers, spending $129M this quarter, while bridges and liquid staking now barely break $5M combined.This shift is a sign that DeFi protocols are moving from subsi ...