A protocol that is 25% owned by VCs, with $100m tvl, but $95m is rented from market makers who are secretly being paid 15% apy under the table
Or
A protocol with $5m tvl, 0% VC ownership, $0 rented tvl, and $0 upkeep costs?
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What's more valuable?
A protocol that is 25% owned by VCs, with $100m tvl, but $95m is rented from market makers who are secretly being paid 15% apy under the table
Or
A protocol with $5m tvl, 0% VC ownership, $0 rented tvl, and $0 upkeep costs?