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A New Mental Model for Defi Treasuries

The Defi bull market, started by COMP liquidity mining in Summer 2020, has turned many Defi protocols into rapidly growing revenue monsters. You would assume that this puts them in a comfortable financial position, and a superficial look at DAO treasuries seems to confirm that. For example, OpenOrgs.info suggests that the top Defi protocols are sitting on many hundreds of millions or – in Uniswap’s case – even billions of dollars.