Hot take:

The @compoundfinance or @UniswapProtocol communities never need to activate their respective protocol fees for the tokens to realize their value.

Google Class A
Google Class B
Google Class C

Cashflows are a prior paradigm. Everything is an asset.

Protocol fees ~ feel ~ like a shoehorning behaviour.

Stating it publicly so I’m forced to get to an articulation of the feeling—which I don’t really have yet.

we are simultaneously:

+ grossly underestimating the value of governance
+ trying to hard to put it in places it doesn’t belong

Companies: value extraction
Networks: value creation

Without cashflows, governance is most valuable to the users of the protocol.

old measures don’t apply in new paradigms

but they do blind us to the net new for a long while