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Velodrome
@velodrome
What do people in DeFi get wrong about issuance (e.g. token emissions and unlocks)? Maybe everything. ๐Ÿงต๐Ÿ‘‡
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Velodrome
@velodrome
The third installment of Dromos' exploration of the MetaDEX just dropped, this time breaking down the nuanced topic of issuance. Some key points from the piece:
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Velodrome
@velodrome
DeFi Has a Problem Understanding Issuance From emissions to block rewards to liquid team allocations, there are many mechanisms for token issuance in DeFi, but the result is always the same: an increase in circulating supply. Why, then, are some forms divisive and others not?
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Velodrome
@velodrome
Dilution by Any Other Name DeFi needs a framework to evaluate issuance and its effects. In other words, a way to honestly and consistently think about *dilution* (i.e. any event that triggers a change in proportional ownership), a near-ubiquitous concept in centralized systems.
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Velodrome
@velodrome
Not All Dilution is Created Equal As a general rule, dilution is positive when it catalyzes growth and maximizes utility by strategically redistributing ownership shares to active, vested stakeholders. Because when the pie grows, everyone benefits.
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