# The Economics of X-to-Earn

*Trinity Morphy wonders if X-to-Earn ReFi projects can survive over the long haul.*

By [The CARBON Copy Newsletter](https://paragraph.com/@carboncopy) · 2025-04-15

climate, refi, blockchain, finance, web3, cryptocurrency

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Do something, get rewarded. It's one of the more popular use cases to emerge from the crypto industry over the years. What crypto does is make it viable to send micro-payments to individuals. You don't need Amazon-level scale to avoid bank transfer fees. Add in the option for users to convert their reward to fiat currency via exchanges and you have yourself a powerful user acquisition tool.

But there is a fundamental problem:

How to ensure that there is enough revenue to continuously pay the rewards?

While this isn't an issue for some crypto projects, it has become a major thorn in the side of ReFi projects using the X-to-Earn model. When the desired outcome is impact, revenue can be hard to come by. Users are not paying customers, after all, but beneficiaries. So where's the revenue supposed to come from?

Our Trinity Morphy tried to find out.

Read the article 👇

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A Deep Dive into the Economics of ReFi X-to-Earn Projects | CARBON Copy
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Trinity Morphy explores the X-to-Earn concept, its potential for financial and impact sustainability, and possible revenue models.

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*Originally published on [The CARBON Copy Newsletter](https://paragraph.com/@carboncopy/the-economics-of-x-to-earn)*
