➥ Why Incentive-Driven DeFi Will Disappear by 2026 DeFi protocols don't lose users when incentives end, they lose them when risk-adjusted returns revert to their true levels. TVL growth during incentive phases often reflects subsidized participation, not durable usage or
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➥ Why Incentive-Driven DeFi Will Disappear by 2026 DeFi protocols don't lose users when incentives end, they lose them when risk-adjusted returns revert to their true levels. TVL growth during incentive phases often reflects subsidized participation, not durable usage or