Protocol Performance - moremarket achieved $40 million TVL with a focus on real yield rather than incentive programs [1] - The protocol attracted 3400 users seeking genuine yield instead of speculative tokens [1] - The protocol is positioned as an "anti-points" protocol, attracting real capital inflows [1] Investment & Strategy - Electric Capital backed this Near spinout five months ago [1] - The protocol emphasizes sustainable economics to capture sticky capital, contrasting with protocols that burn treasury on incentives [1] Market Dynamics - The protocol is observing mercenary capital rotating out of incentive-driven platforms [1]

DeFi Incentive Trends - DeFi 行业已从依赖激励措施的阶段过渡 [1][2] - 2022 年 DeFi 领域的 Token 激励总额超过 23 亿美元 [1] - 目前 DeFi 领域的 Token 激励已大幅下降超过 90%，降至每季度 1亿7000 万美元 [1] DEX Performance - DEX 仍然是最大的激励支付方，本季度支出 1亿2900 万美元 [1] Bridge and Liquid Staking Performance - Bridges 和 Liquid Staking 的激励支出总和几乎没有超过 500 万美元 [1] Industry Outlook - DeFi 协议正从补贴增长转向产品与市场的契合以及可持续的经济模式 [2]