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Written by @JeffthedogyoOver the past five years, DeFi has often been dismissed as a “bubble economy” or a “narrative economy.” Triple-digit APRs were common, but they were sustained almost entirely by unsustainable token subsidies. Users chased yield, capital rushed in and rushed out, and TVL was tightly coupled with token price performance. This was the logic of subsidized TVL: traffic could be “bought” with incentives, but without endogenous cash flow, the model was bound to collapse. Howe...