After spending time watching how capital actually moves through DeFi, one thing keeps showing up: Most outcomes aren’t surprising. They’re rather predictable. Not because people are bad, but because mechanisms do what they’re designed to do. Cheap early supply. Easy access to large allocations. Strong incentives at launch. These mechanics feel attractive. They create momentum. They make things look alive. But they also shape behaviour very early, long before a project has proven anything abou...