#bedrock $BR @Bedrock

The more I look at Bedrock, the more I think people are starting the conversation from the wrong place.

Everyone wants to talk about BR tokenomics. I keep finding myself looking at the fee flows first.

We know some of the revenue sources. uniETH takes a commission from staking rewards, transaction fees and MEV. uniBTC generates fees through redemptions. There may be additional revenue streams as the ecosystem grows. But knowing where revenue comes from is only half the picture.

The part I care about is where it goes next.

A protocol can generate meaningful revenue and still have no direct value flowing back to the token. That is not a criticism. It is just an important distinction that often gets lost when people mix TVL, revenue and token value into the same story.

Whenever I evaluate a token, I try to follow the money step by step. A user pays a fee. The protocol collects it. Then what happens?

For me, that is the question that matters most.

Before building a tokenomics thesis, I want to understand the cash-flow map. Everything else comes after that.