It turns out that the majority of long-term crypto users soon realize that the most lucrative yields are often received initially and the reasoning later. At one point or another, most people will cease questioning how good the number would appear but question the length of time it can be held. That change of mind is silent, though it is increasing in frequency.
The problematic element behind this is that for a long time most of crypto yield has been cosmetic, not operational. Systems were not designed to generate rewards but added on top in order to encourage activity. When the incentives become dry, the yield disappeared and nothing fundamental had been altered beneath the asset.
A more modern design approach does not regard yield as a bonus as much as plumbing. The system does not charge users to show up, instead it moves real economic activity through the asset itself. One may consider simply a toll road and a rebate coupon. One of them is financed through traffic; the other, through a marketing budget.
This is significant in the current times since capital is increasingly choosy. Both the users and the institutions are beginning to appreciate stability instead of exuberance. Yield which grows out of form, not subsidy, is more likely to grow older.
As usual, it is the origin of returns that matter more than their perspective. Virtuous silence is worthy of attention. DYOR.
