Feels like two themes are coming into focus recently: bringing stocks onchain, and making token ownership worth something beyond speculation.

The second matters more to me. A protocol can generate millions in fees while its token holders receive almost none of it.

Yes, many of token holders receive ZERO value from their protocol.

That’s why I keep an eye on @DefiLlama’s Revenue to Token Holders dashboard. It tracks how much revenue flows back through buybacks, burns, or distributions.

A few standouts over the past 30 days, as of September 21:

https://x.com/Eli5defi/status/2101959678293139511